Meesho vs Aequs vs Vidya Wires IPO: Here's how the upcoming share sales stack up

Three mainboard IPOs will open for public bidding tomorrow, December 3. These include the maiden public issues of Meesho, Aequs and Vidya Wires. Analysts have weighed on which IPO has better growth prospects and suits investors the most. Grey market estimates signal towards a strong listing for Meesho and Aequs, and a decent market debut for Vidya Wires. These three IPOs will close on December 5. Allotments are likely to be finalised by December 8, and the shares are scheduled to be listed on stock exchanges BSE and NSE on November 10. Here’s what experts say on these three IPOs: Meesho IPO: SoftBank-backed e-commerce platform Meesho will launch its much-awaited initial public offering (IPO) tomorrow, December 3. The company has fixed its price band at Rs 105-111 per share, valuing the business at nearly Rs 50,096 crore at the upper end. The Rs 5,421.05-crore IPO comprises a fresh issue of shares worth Rs 4,250 crore and an offer for sale (OFS) of shares worth up to 10.55 crore shares by existing shareholders. Investors can bid for a minimum of 135 shares, requiring an investment of Rs 14,985 at the upper price band, and in multiples thereafter. Ahead of listing, the unlisted shares of the company were trading with more than 40.5 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. This is slightly lower than the 42 percent quoted by the site earlier yesterday, but higher than the 32 percent quoted on November 28. Meesho operates in the highly competitive Indian e-commerce sector with weaker fundamentals, said Abhinav Tiwari, Research Analyst at Bonanza. “Despite achieving 1.8 billion annual transactions and 5.3x FY25 PS valuation, Meesho reported adjusted EBITDA losses of Rs. 5,518 crore in H1 FY26. While the company achieved positive free cash flows recently, the path to sustainable profitability remains uncertain, with H1FY26 showing deteriorating contribution margins at 3.8% versus 5.6% in FY24. The company faces intense competition from established players Amazon and Flipkart while still burning capital on marketing and technology investments,” he said. Ravi Singh, Chief Research Officer from Master Capital Services, however, highlighted that Meesho enters its IPO with strong cash-flow discipline and steady growth, driven by deep value-market penetration and efficient operations. "Meesho's growth is different because it is still tapping into a part of India that is not fully penetrated by large e-commerce players. A big chunk of its demand comes from first-time online buyers in smaller towns who are more focused on price and selection than on brand names," he said. Profitability is possible, but it will likely come gradually rather than through any sudden turnaround, Singh said, adding that investors should look at this IPO as a "long-term execution story, not a quick-margin business". Angel One kept a 'Subscribe for long term' rating for Meesho's IPO. "At the upper price band of Rs 111 per share, Meesho is valued at roughly Rs 50,096 cr post-issue; the company remains loss-making, so P/E is negative and not a meaningful valuation metric. On operating metrics the IPO price implies an FY25 price-to-sales of ~5.3x, underpinned by a robust GMV run-rate of $6.2 billion and improving marketplace contribution margins (3.8% of NMVinH1FY26)," the domestic brokerage said. "While strong scale momentum supports the growth narrative, near-term profitability remains volatile, positioning the offering as suitable primarily for long-term investors with a high risk appetite," it added. Aequs IPO: Aequs will launch its IPO tomorrow to raise around Rs 922 crore through a fresh issue of shares worth Rs 670 crore and an offer-for-sale (OFS) of shares worth Rs 251.81 crore. The price band has been set at Rs 118-124 per share. Investors can bid for a minimum of 120 shares, requiring an investment of Rs 14,880 at the upper price band, and in multiples thereafter. Ahead of listing, the unlisted shares of the contract manufacturing firm, which operates in consumer durables, plastics and aerospace components, were trading with around 36 percent GMP over the IPO price, according to data on Investorgain. "Aequs operates in India's aerospace precision manufacturing sector with strong structural advantages. The company commands leading position in vertically integrated aerospace component manufacturing within a single SEZ, serving tier 1 global OEMs like Airbus, Boeing, and Safran. Its aerospace segment delivers consistent operational profitability with 19.4% EBITDA margins in FY25, operating in a high demand industry with multi decade aircraft order backlogs," said Abhinav Tiwari from Bonanza. The analyst noted that the IPO proceeds will eliminate Rs 433 crore of debt, significantly reducing interest burden and enabling near term PAT profitability, which is a critical transformation for long term investors. "For long-term investors, Aequs offers tangible visibility to profitability within 12-24 months and cash generation capability, while Meesho requires years to demonstrate sustainable unit economics and positive returns on capital invested, making it a higher risk venture with unproven near term value creation," he added. Angel One kept a 'Subscribe with caution' rating for the IPO for long term investors. "At the upper price band of Rs 124, Aequs is valued at 9.94× P/B as negative earnings make P/E irrelevant. The valuation reflects its integrated aerospace ecosystem, strong asset base and long cycle growth potential and a high barrier to entry business. However, elevated leverage, continued losses and the fact that a majority of IPO proceeds will go toward debt repayment rather than expansion weigh on near term attractiveness. Overall, the IPO is best viewed with a long-term perspective," the domestic brokerage added. Vidya Wires IPO: Vidya Wires will launch its IPO tomorrow to raise over Rs 300 crore at a price band of Rs 48-52 per share. The maiden public issue of the company comprises a fresh issue of shares worth up to Rs 274 crore and an offer for sale of shares worth Rs 26 crore. Investors can bid for a minimum of 288 shares, requiring an investment of Rs 14,976 at the upper price band, and in multiples thereafter. Ahead of listing, the unlisted shares of the wire-maker were trading with around 10 percent GMP over the IPO price, according to data on Investorgain. The GMP quoted by the site has fallen from the 19 percent GMP quoted on November 29. Angel One kept a 'Subscribe for long term' rating for the IPO. "At the upper price band of ₹52 per share, Vidya Wires is valued at a post-issue P/E of 22.94x, which appears reasonable compared to peers. Supported by strong sector demand and upcoming ALCU capacity expansion expected to improve scale and margins, we assign a 'Subscribe for Long Term' rating," the domestic brokerage said. "Vidya Wires is a 40-year-old profitable copper conductor manufacturer supplying ABB, Siemens, and Crompton. FY25 PAT grew 59%, ROE stands at 25%, and valuation at 23x PE is reasonable. It is well placed to benefit from EV, renewable energy, and electrical infrastructure growth. Risks include commodity price volatility and working capital intensity, but fundamentals remain strong," said Abhinav Tiwari, Research Analyst at Bonanza. Follow all IPO news here. 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