Meesho Shares Climb Over 3% As Market Digests SoftBank’s ₹1,650-Crore Stake Sale, Investor Sentiment Holds Firm
New Delhi: Meesho shares gained more than 3% on Friday as investors showed strong appetite for the e-commerce company, shrugging off a large block deal through which Japanese technology investor SoftBank reduced its stake. The Meesho share price rose 3.3% to Rs 216.67 apiece on the NSE, a day after SoftBank sold a 1.7% stake in the company for around Rs 1,650 crore. SoftBank Cuts Meesho Stake SVF…
Meesho's stock rose over 3% on Friday, buoyed by investor appetite for the e-commerce platform. The price climbed 3.3% to Rs 216.67 per share, a day after Japanese technology investor SoftBank sold a sizable stake. SoftBank affiliate SVF II Meerkat LLC divested 8 crore shares in two tranches, netting around Rs 1,650 crore. This reduced SoftBank's stake from 8.6% to 6.87%.
Despite the significant sale, Meesho shares attracted strong institutional buying. Domestic investors such as Motilal Oswal, Franklin Templeton, Canara Robeco, and HSBC, as well as foreign institutions like Fidelity and Morgan Stanley, purchased shares. Profitability at Meesho improved, with Q1 revenue jumping 48% and losses halved.
This investor confidence follows a previous major stake sale last month, where Elevation Capital and Peak XV Partners sold a 2.3% stake for Rs 1,949 crore.
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Also reported by 1 other outlet
- Meesho's stock gains over 3% as investors absorbs SoftBank's ₹1,650 cr stake sale thehindubusinessline.com
