Meesho shares have performed well in the stock market, providing excellent returns to investors. Amid the ongoing market rally, Meesho shares witnessed a strong surge on Tuesday, rising nearly 13 per cent to hit a record high of ₹193.50, its 52-week high, during intraday trading. The previous day, on Monday, the stock had closed at ₹170.75. With this rapid growth, Meesho founder Vidit Atre has now joined the list of billionaires.
Big jump in Meesho shares
Meesho’s IPO had already made a great entry in the market. Its issue price was ₹111, and it was listed at a premium of about 46 percent. Since then, the stock has been continuously attracting investors. At the current level, Meesho’s share price has increased by almost 75 per cent compared to the issue price, giving huge benefits to early investors. Vidit Atre holds about 47.25 crore shares of Meesho, which is equivalent to about 11.1 percent stake in the company. Based on Tuesday’s intraday high, the total value of his stake reached about ₹9,128 crore, equivalent to roughly $1 billion. This is why Vidit Atre has now officially become a billionaire.
Atre has 11.1 percent stake
The company’s co-founder, Sanjeev Burnwal also holds about 31.6 crore shares of Meesho. Based on the current share price, his stake is valued at around ₹6,099 crore. Strong listing gains since the IPO and continued investor confidence have made Meesho the talk of the town. It is noteworthy that Meesho was founded in 2015 by Vidit Atre and Sanjeev Barnwal. The platform has quickly emerged as a leading social commerce platform in the country. Meesho gives small businesses and entrepreneurs the opportunity to sell their products through social media and messaging apps. The company has attracted global investors like Meta and SoftBank due to its innovative business model and rapidly growing user base.
This surge in Meesho’s share price not only reflects the company’s strong growth story but also reflects the confidence investors have in new-age tech and social commerce companies. The market will be closely watching the company’s future business expansion and financial performance.