Meesho's stock gains over 3% as investors absorbs SoftBank's ₹1,650 cr stake sale
Following the latest transaction, the scrip of the company went up by 3.3 per cent to ₹216.67 apiece on the exchange, recovering despite the large block deal in which SoftBank pared its holding in Meesho.
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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