As the Indian primary market heads into the RBI policy day trade, three high-profile mainboard IPOs — Meesho, Aequs and Vidya Wires — are in their final hours of bidding on December 5, 2025. All three are already multi-times subscribed, and grey market premiums (GMPs) signal healthy listing gains, especially for Meesho and Aequs. 1
This article pulls together the latest numbers and analyst views as of December 5, 2025, based on coverage from Moneycontrol, Economic Times, LiveMint, NDTV Profit, TOI/ET Prime, Reuters and other IPO trackers, to help you decide whether to place that last-minute bid. 1
1. The big picture: three hot IPOs close today
All three IPOs opened on December 3 and close for subscription today, December 5, 2025. Tentatively, basis of allotment is expected on December 8, demat credit/refunds on December 9 and listing on both NSE and BSE on December 10. 1
Quick snapshot (as of end of Day 2 and early Day 3)
- Meesho IPO
- Aequs IPO
- Vidya Wires IPO
In other words: Meesho and Aequs are being treated as “listing pop” candidates, while Vidya Wires is seen more as a fundamentally strong but modest-GMP industrial play. 8
2. Meesho IPO today: high-growth e‑commerce, high expectations
2.1 IPO structure, dates and GMP on December 5
Meesho’s IPO is one of the most-watched tech listings of 2025, backed by SoftBank and Peak XV Partners. 9
Key terms:
- IPO dates: 3–5 December 2025
- Price band: ₹105–111 per share
- Issue size: ₹5,421.2 crore
- Fresh issue: ₹4,250 crore
- OFS: ₹1,171.2 crore 2
- Lot size: 135 shares (minimum retail investment approx ₹14,985 at the upper band) 10
- Tentative listing date: December 10, 2025; NSE & BSE, allotment likely on December 8. 1
Subscription:
- Fully subscribed on Day 1, driven largely by retail investors, according to exchange data and Reuters. 11
- By the end of Day 2 (Dec 4), most trackers show overall subscription just over 8x, with strong demand across QIB, NII and retail. 1
GMP (grey market premium):
- GMP has hovered in the ₹44–50 range over Dec 4–5 across sources, implying an estimated listing price of about ₹155–160 per share, or ~40–45% above the upper band of ₹111. 3
That makes Meesho the highest-GMP IPO among the three right now.
2.2 Meesho’s business: “value-first” e‑commerce at massive scale
Several analyses, including TOI/ET Prime and Hindustan Times, emphasise that Meesho’s rise has been extraordinarily fast — from roughly ₹1 crore to around ₹10,000 crore in revenue in about eight years, riding a wave of social and value commerce. 12
Core elements of the model:
- Value-first, low-ticket focus: Meesho targets ultra price-sensitive buyers with low-ticket, non-branded products, especially outside metros.
- Zero-commission marketplace: Sellers don’t pay commission, attracting over hundreds of thousands of small merchants and homepreneurs. 13
- “Bharat” focus: A large majority of users and orders come from Tier-2, Tier-3 and smaller towns, where traditional e-commerce penetration was weaker. 2
- Heavy tech & AI investment: Meesho is leaning on AI, including chat and voice agents, personalised recommendations and logistics optimisation via its Valmo platform to reduce delivery costs and improve unit economics. 9
2.3 Financials and valuation: growth vs profitability
From the RHP and analyst summaries:
- Revenue: Around ₹9,400–9,900 crore in FY25, growing over 20–25% YoY, and ~₹55.8 billion in H1 FY26 alone. 2
- Losses: Still loss-making, but H1 FY26 losses narrowed by over 70% vs the previous year; TOI/ET Prime and others describe Meesho as firmly on the “growth first, profits later” path. 12
- Cash flows: ET and brokerage commentary highlight positive free cash flow in recent periods, an unusual feature among Indian consumer internet plays. 2
- Valuation: Multiple reports peg the post-issue market cap around ₹52,000–₹56,000 crore, implying a price-to-sales multiple of roughly 5x–5.5x FY25 revenue. 13
What analysts are saying:
- Brokerages like ICICI Direct and SBI Securities are broadly positive and recommend “Subscribe”, typically with a “for listing gains and long-term growth” framing, while repeatedly flagging the high-risk tech valuation and ongoing losses. 2
- ET Prime’s piece, “Meesho delivered for consumers, will its IPO do so for investors?”, essentially frames this as a classic unicorn question: huge scale and growth, but profitability still to be proven. 12
Key risks investors need to remember:
- Sustained net losses and dependence on continued growth to justify valuation. 2
- Fierce competition from Flipkart, Amazon and newer discount platforms.
- High share of cash-on-delivery orders, which raises risks around returns, fraud and logistics costs. 2
Who might consider Meesho?
- Investors comfortable with high-growth tech risk, looking for:
- Strong listing pop potential, and
- A long-term bet on India’s value e-commerce story rather than immediate earnings.
If your risk appetite is low or you dislike extended loss-making periods, Meesho may be too volatile despite the tempting GMP.
3. Aequs IPO: capital-intensive, high-demand contract manufacturer
3.1 Aequs IPO terms, subscription and GMP
Aequs is a precision and contract manufacturing company with a strong aerospace business and a growing presence in consumer durables and plastics. 5
Key offer details:
- IPO dates: 3–5 December 2025
- Price band: ₹118–124
- Issue size:about ₹921.8–922 crore, including
- Fresh issue: ₹670 crore
- OFS: ~₹251.8 crore 4
- Lot size: 120 shares; minimum retail outlay about ₹14,880 at the upper band. 8
Subscription momentum:
- Day 1: Already fully subscribed and ~3.4x overall, according to BSE data and ICICI Direct. 14
- Day 2 (Dec 4): Subscription climbed to ~11.1x overall, with:
- Retail: ~33x
- NII: ~17x
- QIB: ~0.7x (expected to fill in late on Day 3) 5
GMP & implied listing gain:
- LiveMint and NDTV Profit both indicate a GMP around ₹41–44, suggesting an indicative listing price near ₹165–168, which is ~33–35% above the upper band of ₹124. 5
3.2 Business and financial profile
What Aequs does:
- Historically, Aequs has focused on aerospace components and structures, including machining, aerostructures and related high-precision parts.
- Over time, it has expanded into consumer electronics, plastics and small appliances, serving global OEMs. 5
Use of IPO proceeds:
Financial Express and Upstox highlight that the fresh issue proceeds will mainly be used to: 15
- Repay or prepay significant debt at Aequs and key subsidiaries.
- Fund capex for new machinery in aerospace and consumer units.
- Support inorganic growth and strategic initiatives.
- Fund general corporate purposes.
Recent financials & valuation:
- For the six months ended 31 March 2025, Aequs reported income from operations of about ₹537 crore and a net loss of ~₹20 crore. 14
- Brokerages like Anand Rathi and SBICAP note that:
- The aerospace segment is EBITDA-positive with improving margins.
- High interest costs from leverage are a major drag, so debt repayment is key to achieving PAT-level profitability. 5
- On valuation, estimates suggest:
- EV/Sales: roughly 8.7–8.9x on FY25 numbers at the upper price band.
- EV/EBITDA: well over 100x, implying that a lot of future growth and margin improvement is already priced in. 5
Analyst stance:
- Several brokerages have issued a “Subscribe” recommendation, often with a “high-risk, high-reward” caveat due to rich valuations and leverage. 5
Risks to consider:
- High leverage and capital intensity — both aerospace and precision manufacturing require heavy capex and long payback periods. 15
- Customer concentration in aerospace; any slowdown from key global clients can hit utilisation and margins.
- Working-capital heavy operations, especially in export-heavy and certification-driven supply chains.
Who might consider Aequs?
- Investors looking for:
- A manufacturing/“Make in India” play with export potential, and
- A sizeable but not frothy tech-style GMP,
but who are comfortable with leverage, cyclicality and the need for flawless execution.
4. Vidya Wires IPO: industrial fundamentals, moderate GMP
4.1 IPO terms, subscription and GMP
Vidya Wires is a copper conductor and specialised winding wires manufacturer with a strong presence in power, industrial, EV and renewable segments. 6
Key IPO details:
- IPO dates: 3–5 December 2025
- Price band:₹48–52 per share
- Issue size:₹300.01 crore, comprising:
- Fresh issue: ₹274 crore
- OFS: ₹26.01 crore 6
- Lot size:288 shares, minimum retail investment around ₹14,976 at the top of the band. 6
- Tentative allotment & listing: Allotment expected on December 8, listing on December 10 (NSE & BSE). 6
Subscription momentum:
- Day 1: Fully subscribed and around 2.9–3.1x overall. 7
- Day 2: Depending on the tracker, overall subscription is shown at ~8.26x to 8.89x, with:
- Retail: ~12–12.5x
- NII: ~10–10.8x
- QIB: ~1.3–1.4x 7
GMP today:
- LiveMint and NDTV Profit both peg the GMP at around ₹5.5, pointing to an indicative listing price of about ₹57.5 — roughly 10.5–11% above the upper band of ₹52. 6
Compared with Meesho and Aequs, Vidya Wires’ GMP is much more modest, but the fundamental profile is also different: this is a profitable, old-economy industrial name rather than a high-burn tech or capex-heavy aerospace play.
4.2 Fundamentals: steady industrial story with EV & renewables tailwinds
According to the RHP-based summaries and brokerage reports: 6
- Vidya Wires is about four decades old and among India’s larger players in winding and conductivity solutions, making:
- Enamelled wires
- Copper conductors and busbars
- Specialised strips and ribbons used in motors, transformers, energy and mobility applications.
- Key customers include ABB, Siemens and Crompton, indicating a reasonably strong client roster. 6
Financials & valuation:
- Profit growth: FY25 profit after tax is estimated to have grown around 59%, with ROE near 25%, per brokerage commentary quoted in LiveMint. 6
- Valuation: At the top band, the issue is valued around 23x P/E, which analysts argue is reasonable vs listed peers in wires and conductors. 6
Analyst views:
- Angel One and others have a “Subscribe for Long Term” call, emphasising:
- Long operating history,
- Established relationships with blue-chip clients,
- Exposure to EVs, renewables, transmission & distribution and railways — all multi-year capex themes in India. 6
Risks:
- Commodity price volatility: Copper prices directly affect margins; the company’s ability to pass on cost swings is crucial. 6
- Working-capital intensity: Industrial clients and project cycles often mean high receivables and inventory levels.
- More modest GMP means listing gains, while positive, may be limited compared with the other two IPOs.
Who might consider Vidya Wires?
- Investors who:
- Prefer profitable, manufacturing-heavy stories to loss-making tech or leveraged aerospace, and
- Are fine with a smaller, more “value-style” listing gain in exchange for steadier fundamentals.
5. Meesho vs Aequs vs Vidya Wires: how do they stack up?
5.1 On GMP & listing-pop potential
Based on the latest grey market data around December 4–5, 2025: 3
- Meesho IPO GMP: ~₹44–50
- Implied listing premium: ~40–45%
- Highest speculative upside, also highest business-model risk.
- Aequs IPO GMP: ~₹41–44
- Implied listing premium: ~33–35%
- Attractive pop, but backed by a capital-intensive, leveraged business.
- Vidya Wires IPO GMP: ~₹5.5
- Implied listing premium: ~10–11%
- Listed more as a fundamental industrial story than a momentum trade.
Remember: GMP is an informal, unregulated indicator and can swing sharply; it is not a guarantee of listing gains. 8
5.2 On business quality and risk
A rough way to think about the three as of today:
- Meesho IPO – High growth, high tech, high valuation
- Pros: Explosive user growth, strong brand recall, positive free cash flows and heavy AI investments; potential to dominate value e‑commerce. 9
- Cons: Still deeply loss-making, competing in one of the toughest internet segments; dependent on continued funding of growth and favourable macro/sentiment. 2
- Aequs IPO – Manufacturing and aerospace leverage play
- Pros: Strong order book in aerospace and consumer contract manufacturing, clear use of proceeds to reduce debt and fund growth; capex cycle and “China+1” themes support the story. 5
- Cons: High leverage, rich valuation, dependence on a few large customers, and sector cyclicality.
- Vidya Wires IPO – EV/renewables-linked industrial compounder
- Pros: Profitable, high ROE industrial with decades of track record and diversified end-use sectors including EVs and renewables. Valuation appears closer to peers. 6
- Cons: Lower near-term listing excitement; exposed to commodity and working-capital risks.
6. Final-day checklist: should you bid today?
If you’re still on the fence on December 5, 2025, here are some practical filters:
- What is your risk appetite?
- Aggressive traders chasing listing gains may gravitate towards Meesho and Aequs, given their higher GMPs and oversubscription, while recognising that a crowded trade can backfire if sentiment cools before listing. 8
- Moderate-to-conservative investors might prefer Vidya Wires for its profitability and more reasonable multiple, even if the pop is smaller. 6
- Are you investing for listing gains or long-term holding?
- For short-term listing pop, GMP and oversubscription matter more — but they are sentiment indicators only.
- For long-term, focus on:
- Business moat and growth visibility
- Balance sheet strength (especially in Aequs)
- Path to profitability (critically important for Meesho). 2
- Position sizing is everything
- Given how hot the primary market is — over $19+ billion raised via IPOs in India already this year, according to Reuters — it can be tempting to over-allocate. 11
- Consider treating such IPOs as satellite positions in your portfolio, not core holdings, especially for Meesho and Aequs.
- Read (at least) the key sections of the RHP
- Risk factors, use of proceeds, competitive landscape and financial summary sections will often highlight issues that headlines gloss over.
7. Bottom line
- Meesho IPO looks set to be the headline-grabber, with strong demand and the highest implied listing gains — but also carries the greatest business-model risk and tech-style volatility.
- Aequs IPO offers a manufacturing and aerospace story with robust subscription and healthy GMP, but needs debt reduction and margin expansion to justify its valuation.
- Vidya Wires IPO is emerging as a solid, fundamentally driven industrial play riding EV and infrastructure capex, with moderate but positive GMP and attractive long-term potential for patient investors.
