Meesho’s choice to allocate a significantly large portion of its ₹2,439-crore anchor book to SBI Mutual Fund was a management decision rather than one made by its bankers, according to people aware of the matter. The move highlights a broader shift in India’s IPO ecosystem, where companies increasingly engage directly with major investors well before the issue, negotiating allocations and sometimes overruling banker advice. The lack of clear guidelines on fair anchor distribution has also triggered debate among institutional investors about what constitutes an equitable process.
The unusually high allocation to SBI MF led several big investors — including Capital Group, Norges Bank Investment Management, ICICI Prudential MF and Nippon India MF — to opt out. They were concerned that accepting a much smaller allotment would set an unfavourable precedent. Sources said Meesho offered SBI MF around ₹600 crore, versus only ₹100 crore for ICICI Prudential, a gap many found excessive. Meesho held firm, citing prior commitments.
In the final list, SBI MF received ₹603 crore, far ahead of others. People close to the company said SBI MF had indicated its price and quantity early and had a track record of long-term commitments. Meesho’s ₹5,421-crore IPO opens December 3 and closes December 5, with a price band of ₹105–111 and a listing scheduled for December 10, 2025.
