Meesho shares make new post-listing high, now up 71% in five sessions

Shares of e-commerce player Meesho Ltd. surged as much as 12% on Tuesday, December 16, extending their gains from the issue price.

With Tuesday's move, the stock is now up over 70% from its issue price of ₹111.

Meesho made its stock market debut on December 10, listing at a premium to its issue price, and closing 53% above the ₹111 IPO price. After a two-day drop, the stock had gained over 3% on Monday, before today's gains.

Over 5 crore shares of Meesho have already been traded in the first 30 minutes of the trading session. Trading volumes stand at ₹950 crore, which is nearly 18% of the company's free-float market capitalization of ₹5,391 crore.

With this surge, Meesho's overall market capitalization currently stands at over ₹86,000 crore. There is lack of free float in the market, which could also make moves in either direction appear exaggerated.

Meesho's three-day IPO, which had an overall size of over ₹5,000 crore, received healthy subscription from institutions and retail investors alike.

The overall subscription figure stood at 79 times, while the portion reserved for retail investors was subscribed over 19 times. The portion kept reserved for Qualified Institutional Buyers (QIBs), was subscribed 120 times the total number of shares on offer.

Shares of Meesho are trading 12% higher on Tuesday at ₹190.84. The stock made an intraday high of ₹193.44.