Market sentiment suggests healthy listing expectations, though the final subscription figures at the end of the day will shape valuation comfort and debut-day performance.
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All three ongoing mainboard IPOs — Aequs, Meesho and Vidya Wires — witnessed robust investor interest across all categories. Aequs fetched a larger overall subscription nearly 102 times, Meesho bid a little over 79 times and Vidya Wires by 26.59 times.
They were fully subscribed on the very first day, setting a strong tone for the issues right from the start. The momentum carried forward into day two, with steady inflows across investor categories, particularly from retail and non-institutional bidders.
Market sentiment suggests healthy listing expectations, though the final subscription figures at the end of the day will shape valuation comfort and debut-day performance.
Aequs IPO
Aequs IPO continued to witness exceptionally strong demand as bidding heads into its final hours, recording an overall subscription of 101.63 times.
The issue drew its strongest traction from qualified institutional buyers (QIBs), who subscribed 120.92 times, reflecting intense institutional interest. Non-institutional investors (NIIs) followed with a robust 80.62 times subscription, while the retail category also saw heavy participation at 78.05 times. Employee quota witnessed impressive demand, garnering 35.85 times bids.
The contract manufacturing firm launched its ₹922-crore IPO on December 3, 2025, at a price of ₹118-12, consisting of a fresh issue of shares worth ₹670 crore and an offer for sale (OFS) of 2.03 crore shares valued at ₹252 crore by promoters and existing investors. Ahead of the IPO, it collected ₹414 crore from anchor investors.
The IPO size tailored to fund capacity enhancement and working capital requirements.
Meesho IPO
Meesho IPO also remained in high demand ahead of closure, clocking an overall subscription of 79.02 times. Similar to Aequs, institutional buyers led the rally, with the QIB portion subscribed 120.18 times, marking the highest institutional interest among the three issues.
The NII segment posted a solid 38.15 times subscription, while retail investors subscribed 19.04 times. Despite relatively lower retail traction, the issue remained oversubscribed on the back of strong institutional support.
The ₹5,421 crore IPO comprised of a fresh issue of shares worth ₹4,250 crore, and an OFS of 10.55 crore shares valued at ₹1,171 crore at the upper band. It had a price band of ₹105-111 per share. This Softbank-backed firm will use the proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.
Ahead of the IPO, the company raised ₹2,439.54 crore from anchor investors.
Market observers expect a strong debut, supported by brand visibility, high-growth metrics and subscription trends, though profitability challenges in the value e-commerce segment could influence post-listing sustainability.
Vidya Wires IPO
The IPO of Winding and conductivity products maker Vidya Wires, though smaller in scale, continued to attract healthy interest and was subscribed 26.59 times overall
The NII category emerged as the strongest driver, with subscription soaring to 51.98 times, while the retail portion remained robust at 27.86 times. QIBs subscription were measured at 5.12 times.
The ₹300-crore IPO comprised of fresh issue of shares worth ₹274 crore and OFS of 50.01 lakh shares valued at ₹26 crore, at a price band of ₹48-52 per share. The company raised ₹90 crore from anchor investors.
The company will use the funds to meet capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and for general corporate purposes.
With all three IPOs showing solid mid-day subscription numbers, the closing hours will be crucial in shaping final sentiment and setting expectations for market debut. These stocks will likely debut on NSE and BSE on December 10, 2025.
Published on December 5, 2025
