Meesho, the largest of the three, delivers a fast-growing consumer internet story. The Rs 5,421 crore offering attracted widespread investor attention due to its sheer size and brand recognition. The company has built one of the deepest online shopping funnels in India, supported by 234.2 million annual transaction users and 1,834 million orders in FY25. However, that scale comes with losses. FY25 showed Rs 9,901 crore in total income but Rs 3,942 crore in loss. Although contribution margins improved and Meesho recently reported positive free cash flow, the market remains divided on whether the turnaround is sustainable. That hasn’t stopped speculative interest, which is why Meesho has the highest GMP.
Aequs is at the other end of the spectrum: a precision aerospace manufacturer with a vertically integrated SEZ ecosystem. The size of the IPO is Rs 922 crore, much smaller than Meesho but meaningful for the industrial segment. Aequs supplies structural, landing, cargo and control components to global aircraft programs, producing more than 5,000 parts by September 2025. The business remains capital intensive and PAT turned negative due to a heavy financing burden. The IPO addresses this head-on: Rs 433 crore of debt will be repaid, immediately strengthening the balance sheet and improving earnings visibility. This deleveraging story is one of the key reasons why brokers unanimously supported Aequs, and the subscription numbers reflected that belief. The 28% GMP indicates strong institutional and HNI appetite.
Vidya Wires is the most traditional piece of the three. The Rs 300 crore IPO comes from a long-standing copper conductor manufacturer that supplies ABB, Siemens and Crompton. It reported revenues of Rs 1,491.45 crore and Rs 40.87 crore PAT in FY25, with an ROE of almost 25%. It is profitable and predictable, but the business model lacks the exponential or highly visible triggers that we see with Meesho and Aequs. The expansion plan with high capital expenditure can strengthen future profits, but in the short term the market seems cautious. The modest 8% GMP underlines this sentiment.
In addition to GMP, subscription trends provide additional insight. Meesho saw strong retail and institutional participation on the back of brand awareness and optimism in consumer technology. Powered by a credible industry story and a strong broker lineup, Aequs attracted broad demand and is the analyst favorite for investors seeking stability. Vidya Wires saw healthy but not euphoric interest, in line with the lower GMP.
Analysts remain divided, but with a clear tilt. Arihant’s Abhishek Jain sees Meesho as a compelling growth story thanks to improving margins and an evolving business model. But others, such as Bonanza’s Abhinav Tiwari, argue that Aequs is the more balanced candidate for listing and long-term investing, highlighting its integrated capabilities and debt reduction benefit. As he noted, Aequs offers “visibility of profitability within 12 to 24 months,” something Meesho has yet to match. So which IPO is best positioned for tomorrow’s stock market listing? If the question is purely about GMP-driven listing pop, Meesho comes first. The 38% gray market premium indicates the strongest enthusiasm on day one. But for a combination of listing potential and post-listing visibility, Aequs is in the right place. While Vidya Wires is fundamentally sound, unless sentiment surprises sharply, it is unlikely to outperform the other two on trading day.
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