Meesho vs Aequs IPO on 5 December 2025: GMP, Subscription Status, Key Financials and Which IPO Looks Stronger for Listing Gains

As the primary market heads into a blockbuster Friday, two of the most talked‑about mainboard issues — Meesho IPO and Aequs IPO — are in their final bidding hours on 5 December 2025. Both are drawing heavy investor interest, commanding strong grey market premiums (GMPs) and double‑digit subscription multiples, but they sit in very different sectors and risk buckets. ^[1]

Here’s a detailed, SEO‑friendly breakdown of Meesho vs Aequs IPO as of 5 December 2025, pulling together the latest subscription data, GMP trends and financials — plus how Hindi business coverage (Dainik Jagran, Jansatta, Live Hindustan) is framing the “which IPO is better?” debate. ^[2]

1. Meesho vs Aequs IPO: Market snapshot on 5 December 2025

Subscription status (live data as of Friday morning)

From exchange data collated by IPO trackers and business media:

Meesho IPO
- Overall subscription: around 10× by late morning on Day 3. ^[3]
- Category‑wise (approximate):
  - QIBs: ~7.4×
  - Non‑institutional / HNIs: ~14.6×
  - Retail: ~11.3× ^[4]
Aequs IPO
- Overall subscription: ~16× by mid‑morning on Day 3. ^[5]
- Category‑wise (approximate):
  - QIBs: 0.7–0.8× (still building)
  - Non‑institutional / HNIs: ~28×
  - Retail: ~42×
  - Employees: ~18× ^[6]

So, Meesho shows stronger institutional traction, while Aequs is a retail + HNI favourite so far.

Grey Market Premium (GMP) today

Estimates from grey‑market trackers and live coverage:

Meesho GMP today (5 December 2025)
- Quoted around ₹45–₹50 per share, implying ~40–45% expected listing gain over the upper band of ₹111, based on multiple trackers and live blogs. ^[7]
Aequs GMP today
- Hovering roughly in the ₹40–₹47 range, typically ~33–38% over the upper band of ₹124, depending on the source and time of day. ^[8]

Hindi outlets like Dainik Jagran have highlighted that, on 4 December, Meesho’s GMP implied about 40% potential gains, versus roughly 35% for Aequs, while cautioning that GMP is only a sentiment indicator and should never be the sole basis for investing. ^[9]

2. Meesho IPO 2025: GMP, subscription and fundamentals

Issue structure and key dates

From the RHP and broker/IPO portals: ^[10]

IPO dates: 3–5 December 2025
Price band: ₹105–111 per share
Face value: ₹1 per share
Lot size:135 shares (min retail application ~₹14,175–₹14,985)
Issue size:₹5,421.20 crore
- Fresh issue: ₹4,250 crore
- OFS: ₹1,171.20 crore
Allotment date (tentative): 8 December 2025
Listing date (tentative): 10 December 2025 on NSE & BSE ^[11]

Ahead of the issue, Meesho raised about ₹2,440 crore from 125 anchor investors, including global giants such as BlackRock and Fidelity, and major Indian mutual funds. ^[12]

At the upper band, the IPO values Meesho at roughly ₹50,000 crore (around $5.6 billion) and ~5.3× FY25 price‑to‑sales, according to brokerage estimates. ^[13]

Business model: India’s “value e‑commerce” play

Meesho is a value‑focused e‑commerce marketplace that connects small sellers with mass‑market consumers, especially in Tier‑2, Tier‑3 and smaller towns. It built its brand on ultra‑affordable products, social‑commerce driven discovery (WhatsApp, Instagram, etc.) and a zero‑commission model, making it easier for micro‑entrepreneurs to sell online. ^[14]

Key operating metrics:

Around 199–213 million annual transacting users and roughly 1.8–2 billion orders in the last twelve months, as of mid‑2025. ^[15]
Strong presence in fashion, home & kitchen, and beauty/personal care, in the low‑ticket “value” segment rather than premium categories. ^[16]
A logistics platform (Valmo) that partners with multiple delivery providers to keep last‑mile costs low. ^[17]

Financial performance

Restated consolidated figures from Meesho’s RHP‑based analyses: ^[18]

Revenue / total income growth
- FY23: ~₹5,898–5,898 crore
- FY24: ~₹7,859 crore
- FY25: ~₹9,900.9 crore
- H1 FY26: ₹5,857.7 crore (up ~29% YoY)
That’s roughly 28–30% CAGR in FY23–25, and growth remains robust in FY26 so far.
Profitability
- FY23 PAT: –₹1,671.9 crore
- FY24 PAT: –₹327.6 crore
- FY25 PAT: –₹3,941.7 crore (loss inflated by large exceptional items and re‑domiciling costs)
- H1 FY26 PAT: –₹700.7 crore
EBITDA remains negative, though losses have narrowed over time excluding one‑offs. Contribution margin has improved from ~2.9% in FY23 to ~4.95% in FY25, and Meesho reported positive free cash flow of ~₹351 crore in FY25 after ₹304 crore in FY24. ^[19]

Broker and media commentary frequently flag a sharp mismatch between strong growth and weak bottom line: revenue is scaling, but profitability is still a work‑in‑progress. ^[20]

Use of IPO proceeds

According to the RHP‑based breakdown: ^[21]

~₹1,390 crore for cloud infrastructure in its tech subsidiary
~₹480 crore for ML/AI and technology salaries
~₹1,020 crore for marketing and brand‑building
The balance for inorganic growth and general corporate purposes

In other words, Meesho is leaning heavily into technology, AI, and growth marketing rather than balance‑sheet repair (it carries almost no financial debt currently).

How Hindi coverage is framing Meesho IPO

Hindi business platforms like Jansatta and Live Hindustan have emphasised three points for small investors: ^[22]

High GMP in the unlisted market (around 40–45% over issue price).
Loss‑making but fast‑growing business — revenues are rising sharply, but net losses and negative EBITDA remain a concern.
Retail investors are advised to weigh short‑term listing pop vs long‑term profitability risks, not chase GMP blindly.

3. Aequs IPO 2025: GMP, subscription and fundamentals

Issue structure and key dates

From the RHP and broker notes: ^[23]

IPO dates: 3–5 December 2025
Price band: ₹118–124 per share
Face value: ₹10 per share
Lot size:120 shares (min retail application ~₹14,880 at upper band)
Issue size:₹921.81 crore
- Fresh issue: ₹670 crore
- OFS: ₹251.81 crore
Allotment (tentative): 8 December 2025
Listing (tentative): 10 December 2025 on NSE & BSE

Aequs also raised ~₹415 crore from 33 anchor investors ahead of the IPO, attracting global names such as BlackRock, Norges Bank and large Indian mutual funds, underlining strong institutional interest even before the book opened. ^[24]

Business model: Aerospace plus consumer precision manufacturing

Aequs is a precision engineering company that manufactures high‑tolerance components, mainly for global aerospace OEMs (Original Equipment Manufacturers). ^[25]

Key features:

Aerospace segment
- Contributes ~88–89% of revenue (H1 FY26).
- Supplies structural and engine components, landing gear parts and assemblies to clients like Airbus, Boeing, Safran, Spirit AeroSystems and others. ^[26]
- Operates a vertically integrated “one‑campus SEZ” in Karnataka with forging, machining, surface treatment and assembly in one cluster, aimed at lowering costs and turnaround time.
Consumer segment
- Smaller and currently loss‑making; caters to portable computers/smart devices, toys, and cookware for brands such as Hasbro, Spin Master and Wonderchef. ^[27]

This vertical‑integration strategy is positioned as a “one‑stop shop” solution for global manufacturers seeking to diversify away from China (the “China‑plus‑one” trend), especially in aerospace and industrial supply chains. ^[28]

Financial performance

ICICI Direct and other IPO notes summarise Aequs’ key financials as follows: ^[29]

Revenue (Net Sales)
- FY23: ₹812 crore
- FY24: ₹965 crore
- FY25: ₹925 crore (slight dip due to softer consumer segment)
- Q1 FY26: ₹537 crore
Revenue grew at about 6–7% CAGR over FY23–25, but with volatility across segments.
Profitability
- EBITDA margin improved from 4.3% (FY23) to 12.7% (FY24), but moderated to 7.9% (FY25).
- Net profit: loss‑making throughout
  - FY23: –₹109 crore
  - FY24: –₹14 crore
  - FY25: –₹102 crore
- Return ratios (ROE/ROCE) are weak or negative, reflecting high leverage and capex intensity.
Balance sheet
- Net‑debt‑to‑equity around 1.0× as of FY25.
- Exports contribute ~89% of revenue, reflecting heavy global exposure and FX sensitivity. ^[30]

Use of IPO proceeds

Aequs’ fresh issue is largely about deleveraging and capacity expansion: ^[31]

~₹433–453 crore to repay or prepay borrowings of the parent and key subsidiaries.
~₹64–80 crore for new machines and capex, mainly in the aerospace business.
The remainder for inorganic growth and general corporate purposes.

If executed as planned, this could sharply cut interest costs and reduce financial risk, which is why many analysts see the IPO as a quality play on the long‑term aerospace upcycle, despite current losses.

Analyst sentiment

Brokerage and IPO‑note commentary (ET, ICICI Direct, domestic brokers) generally leans constructive on Aequs: ^[32]

Highlights:
- High‑entry‑barrier industry, long‑term contracts and global OEM relationships.
- Attractive positioning in India’s nascent but growing aerospace manufacturing ecosystem.
- Improving EBITDA margins in aerospace; debt reduction expected post‑IPO.
Key concerns:
- Still loss‑making at PAT level, with modest growth in top line.
- High customer concentration (top clients contribute a large share of revenue).
- Long working‑capital cycle and execution risks in scaling consumer businesses.

Jagran’s Hindi analysis of Meesho vs Aequs underscores that Aequs’ financials remain leveraged and lumpy, but structurally the business enjoys strong tailwinds from global aircraft order backlogs and “Make in India” manufacturing. ^[33]

4. Meesho vs Aequs IPO: Which looks better for listing gains?

4.1 Grey Market Premium comparison

As of 5 December 2025:

Meesho GMP:
- Roughly ₹45–50, implying 40–45% premium over the upper band of ₹111. ^[34]
Aequs GMP:
- Around ₹41–47, roughly 33–38% over ₹124. ^[35]

On pure GMP, Meesho is marginally ahead, with the market currently pricing in higher potential listing pop.

4.2 Subscription quality: Who is actually buying?

Meesho
- QIB book (excluding anchors) is multiple times subscribed (over 7× as per live trackers), which signals strong institutional conviction in the story despite losses. ^[36]
- Retail is enthusiastic (11×+), but not as manic as in some small‑cap IPO frenzies.
Aequs
- Retail subscription is astonishingly high (40×+ range) and HNI book is also very aggressive (~28×). ^[37]
- QIB subscription is still under 1× at the time of the latest data snapshot, though this may fill in the closing hours (institutions often bid late).

Put simply:

Meesho = stronger institutional + broad‑based demand.
Aequs = outsized retail/HNI frenzy, with QIBs less visible so far.

4.3 Issue size and float

Meesho’s issue (~₹5,421 crore) is nearly 6× larger than Aequs’ (~₹922 crore). ^[38]
Aequs’ relatively smaller float combined with heavy oversubscription can amplify listing‑day volatility — both on the upside and downside.

4.4 Sector and business cycle

Meesho is a consumer‑tech, mass‑market e‑commerce play, deeply tied to:
- Online shopping penetration in India
- Competitive intensity vs Amazon, Flipkart, JioMart
- Regulatory moves in e‑commerce and data protection ^[39]
Aequs is an industrial manufacturing play, riding:
- Global aircraft order backlogs and capacity constraints
- “China‑plus‑one” de‑risking in supply chains
- Capital‑intensive, export‑heavy manufacturing cycles ^[40]

For short‑term listing gains, sector may matter less than sentiment + liquidity. For long‑term investors, the sector difference is huge: Meesho is a high‑growth, high‑uncertainty tech story; Aequs is a slower‑growing but potentially more predictable cash‑flow story if margins stabilise and debt falls.

5. How Hindi media is comparing Meesho vs Aequs IPO

The Jagran article you referenced does a structured Meesho IPO vs Aequs IPO comparison, focusing on: ^[41]

Key dates: Both IPOs run 3–5 December, allotment 8 December, listing 10 December.
Basic details:
- Meesho: face value ₹1, price band ₹105–111, lot 135 shares, issue size ₹5,421.20 crore.
- Aequs: face value ₹10, price band ₹118–124, lot 120 shares, issue size ₹921.81 crore.
Financial track record:
- Meesho: rapid revenue growth but large, volatile losses and negative EBITDA.
- Aequs: moderate revenue growth, improving but uneven margins, and persistent net losses.
GMP comparison (4 December numbers):
- Meesho GMP around ₹44.5 (~40% implied gains).
- Aequs GMP around ₹44 (~35% implied gains).

Their core message: Meesho leads in GMP, Aequs in on‑ground manufacturing moats — and investors should not look at GMP alone but also at business fundamentals and personal risk appetite.

Live Hindustan’s piece similarly explains “Meesho IPO mein paisa lagana kitna faydemand?” (“How profitable is investing in Meesho IPO?”), highlighting: ^[42]

Strong subscription and GMP signals.
The fact that Meesho is still loss‑making and will continue to spend heavily on tech and marketing.
The importance of having a longer‑term view instead of hoping only for quick listing flips.

6. How analysts are rating Meesho and Aequs IPOs

While you should always read full IPO notes yourself, the broad sell‑side mood as of 5 December looks like this:

Meesho IPO analyst tone

Several brokerages and fintech research platforms describe Meesho as a “Subscribe (long‑term)” or “high‑growth but high‑risk” idea. ^[43]
Positives:
- Category‑defining position in value e‑commerce.
- Very strong user and order growth.
- Improving contribution margins and positive free cash flow. ^[44]
Concerns:
- Large FY25 loss and negative EBITDA. ^[45]
- Intensifying competition from deep‑pocketed peers.
- Dependence on marketing spend and content/creator ecosystems for growth.

Aequs IPO analyst tone

ICICI Direct tags the IPO “Unrated” but highlights strong aerospace tailwinds and margin expansion potential; other brokerages lean “Subscribe” or “Subscribe for long‑term”. ^[46]
Positives:
- High‑entry‑barrier aerospace manufacturing cluster in India.
- Deep, long‑standing relationships with top global OEMs.
- IPO proceeds significantly reducing debt, which can improve net margins over time. ^[47]
Concerns:
- Business is still loss‑making, with volatile margins.
- High customer concentration and long working‑capital cycle. ^[48]

7. How investors can evaluate Meesho vs Aequs on the final day

If you’re weighing Meesho vs Aequs IPO on 5 December 2025, here’s a neutral framework to think through (not investment advice):

A. Your time horizon

Very short term (pure listing gains):
- Both have strong GMP and heavy oversubscription, which are supportive for a positive listing.
- Meesho currently has slightly higher GMP, but Aequs has much tighter float vs demand, which can also create sharp moves.
Medium to long term (2–5+ years):
- Meesho is a high‑growth, high‑uncertainty tech consumer story — returns will depend on its ability to turn scale into profits.
- Aequs is a manufacturing & aerospace story — more tied to global cycles, order books and balance‑sheet discipline.

B. Your risk tolerance

If you are comfortable with loss‑making tech and believe in India’s long‑term e‑commerce upside, you might be more inclined to study Meesho in depth.
If you prefer tangible manufacturing assets, export revenues and “Make in India” themes, Aequs may align better with your preference — but it comes with leverage and customer concentration risks.

C. Reading GMP and subscription the right way

GMP is unofficial, unregulated and can change fast. Every serious source — from IndMoney to FinExpress to Hindi newspapers — repeats this disclaimer. ^[49]
High subscription and GMP can:
- Indicate strong sentiment.
- Increase chances of listing gains.
- But also amplify volatility — especially in issues with heavy HNI leverage and small floats, like Aequs.

D. Practical checklist before you click “Apply”

Read at least one detailed IPO note each for Meesho and Aequs (from your broker or a reputed research house).
Check:
- Revenue trend (3–4 years).
- EBITDA and PAT track record.
- Debt levels and use of IPO proceeds.
- Key risks and competitive landscape. ^[50]
Decide how much capital you’re comfortable risking even if listing gains disappoint.
Avoid applying purely because “GMP is high” — that’s exactly what both English and Hindi coverage warn against.

8. Bottom line: Meesho vs Aequs — two very different bets

For listing sentiment right now (5 December 2025):
- Meesho IPO edges ahead on GMP and institutional backing, plus anchor and QIB participation.
- Aequs IPO stands out for hyper‑strong retail and HNI demand, and a smaller issue size that can exaggerate price moves.
For long‑term narratives:
- Meesho is a bet on India’s digital consumption and value e‑commerce, but profits still lie in the future.
- Aequs is a bet on India as a global aerospace and precision‑manufacturing hub, with debt reduction and margin stability as key triggers.

Neither IPO is “better” in absolute terms — they simply cater to different kinds of risk profiles and sector preferences. If you’re considering applying, treat this as a starting point, dive into the RHPs and full research reports, and, where needed, consult a licensed financial adviser before committing capital.