As India’s primary market prepares for a high-intensity week with three major IPOs—Meesho, Vidya Wires, and Aequs—opening simultaneously, investors are closely assessing the grey market premium, sector fundamentals and expert opinions before finalising their investment strategies. With all three issues scheduled for subscription from December 3 to December 5, market participants are witnessing contrasting sentiments for these IPOs, particularly as grey market trends strongly favour two of them while weakening enthusiasm surrounds the third.
Grey Market Premium Shows Strong Bias Toward Meesho and Aequs as Vidya Wires Loses Momentum
The week begins with heightened activity in the IPO market as Meesho, Vidya Wires, and Aequs enter the subscription phase, each offering a different scale, sector exposure and business narrative. Meesho’s offering is among the most prominent this year, combining a fresh issue of 38.29 crore shares worth ₹4,250 crore and an offer for sale amounting to ₹1,171.20 crore. This large-scale issue, backed by strong brand visibility and rapid growth in India’s value-led e-commerce segment, has generated significant pre-listing excitement.
Vidya Wires enters the market with a comparatively modest issue size comprising a fresh issue of 5.27 crore shares worth ₹274 crore, along with an OFS of 0.50 crore shares worth ₹26.01 crore. Operating in the manufacturing domain of copper and aluminium wires, the company caters to a more traditional and predictable industrial demand cycle.
Aequs, meanwhile, is eyeing ₹922 crore through a combination of a ₹670 crore fresh issue and an OFS of ₹251.81 crore. The company’s involvement in high-value aerospace component manufacturing and consumer electronics brings a distinctive global-facing industrial play into the IPO mix. Aequs is the only precision component manufacturer in India operating from a fully integrated aerospace SEZ, which strengthens its strategic edge.
Grey market premium trends highlight clear divergence in sentiment among the three offerings. Meesho shares are trading at a premium of ₹48, hinting at a potential listing price near ₹159—a 43% jump from the issue price. This strong premium reflects bullishness around the company’s profitability turnaround, scale, and potential growth in Tier-2 and Tier-3 markets.
Aequs is also commanding sizable traction, with its GMP hovering around ₹44.5. This points to a likely listing near ₹168.5—almost 36% above the issue price—indicating strong comfort among investors about the long-term aerospace and precision engineering narrative.
Vidya Wires, however, has seen a decline in sentiment. The current GMP of ₹6 signals a possible listing around ₹58, an 11.5% premium, far below the enthusiasm witnessed for the other two IPOs. Grey market activity suggests subdued expectations for near-term listing gains from this manufacturing-oriented offering.
Market observers believe these trends reflect broader investor appetite and risk positioning. High-growth digital businesses and advanced manufacturing companies enjoy elevated interest, whereas traditional industrial operations attract more selective attention, especially when another high-growth option is available concurrently.
Experts Highlight Sharp Contrast in Short-Term and Long-Term Investment Prospects Across the Three IPOs
Investment advisors and equity analysts have expressed differing views regarding the attractiveness of the three IPOs, mainly depending on investor objectives—whether one seeks quick listing gains or long-term portfolio growth.
Prasenjit Paul, Equity Research Analyst at Paul Asset and fund manager at 129 Wealth Fund, emphasised that investors must identify their primary objective before committing capital. For those prioritising listing gains, Meesho appears the strongest candidate due to its rapid growth trajectory, massive nationwide user base, and favourable brand perception. However, Paul also highlighted the need to closely monitor Meesho’s profitability consistency and valuation sustainability, considering its recent shift into positive earnings territory.
Regarding Aequs, Paul pointed out its strategic alignment with India’s manufacturing ambitions, particularly in aerospace and consumer electronics. Although he noted that the company remains loss-making, its high-potential industry exposure and unique integrated SEZ operations make it an attractive bet for long-term investors with higher risk appetite.
In contrast, Paul expressed caution about Vidya Wires, stating that while the company is well-established in the wires manufacturing domain, it is unlikely to deliver sizeable listing gains compared to Meesho and Aequs. The company’s business model relies on more traditional industrial cycles, making it relatively predictable but less explosive in near-term growth prospects.
Prashanth Tapse, Research Analyst at Mehta Equities, offered a similar assessment. He highlighted Meesho as the most compelling opportunity for growth-oriented investors due to its scale advantages, evolving financial discipline, and growing dominance in underpenetrated e-commerce markets across India. According to Tapse, if Meesho maintains its current momentum in expanding profitability and operational efficiency, it stands to become a major beneficiary of India’s expanding digital retail landscape.
Aequs, meanwhile, attracts long-term investors seeking niche exposure to manufacturing segments with high entry barriers. Tapse highlighted Aequs’ fit within India’s “Make in India, Make for the World” manufacturing strategy, particularly in aerospace—one of the highest-value and most technologically demanding industries. He described Aequs as a differentiated company strategically positioned to benefit from global supply-chain realignment and strong policy support for indigenous manufacturing.
Brokerage reviews for Aequs reinforce this perspective. Anand Rathi assigned a “Subscribe – Long Term” rating, citing the company’s move toward higher-value offerings, future expansion in consumer electronics based on aerospace-grade capabilities and a fully integrated SEZ ecosystem. The brokerage, however, cautioned that execution risks remain, especially since the company is still incurring losses and the bulk of IPO proceeds will go toward debt reduction.
Swastika Investment also issued a “Subscribe” rating for Aequs, noting its unique market positioning but highlighting that it remains a loss-making entity with negative return ratios. The brokerage stated that aggressive investors willing to commit long-term capital may find Aequs a compelling niche play.
The Aequs IPO price band is set at ₹118–124 per share, with a lot size of 120 shares, requiring a minimum investment of ₹14,880 for retail applicants. Of the total issue, 75% is reserved for QIBs, 15% for NIIs and 10% for retail investors. The allotment date is tentatively scheduled for December 8, with the listing expected on December 10.
Across all three IPOs, experts consistently emphasise understanding personal risk tolerance, investment horizon and sector familiarity. While Meesho appears poised for robust listing gains and rapid expansion, Aequs presents a strong long-term opportunity in a high-value manufacturing niche, and Vidya Wires appeals primarily to those seeking stable industrial exposure with modest growth expectations.
