Meesho Ltd. encountered a significant setback just a day before its IPO, as several major investors withdrew from its anchor placement over what they saw as preferential treatment toward SBI Funds Management Pvt. Ltd. Sources told Bloomberg News that the company allocated roughly one-fourth of its anchor book to SBI Funds, prompting objections from other prominent asset managers. Firms such as Capital Group, Aberdeen Group, Norges Bank Investment Management, ICICI Prudential AMC, Nippon India Life AMC, and Nomura Asset Management reportedly sought allotments comparable to SBI Funds and chose to exit in protest when that did not happen.
Despite these withdrawals, Meesho’s anchor roster still includes major global investors, including sovereign wealth funds like GIC and Abu Dhabi Investment Authority, alongside long-term investors such as Fidelity International, BlackRock, Baillie Gifford, WCM Investment Management, and Dragoneer Investment Group. The anchor book—reserved for large institutional buyers—opened Tuesday, ahead of the IPO that begins Wednesday, and the final list of investors may still change.
Neither Meesho nor the involved fund houses commented on the matter. The dispute reflects the heightened interest in Indian tech IPOs, following strong demand for listings such as Urban Company and Groww’s parent firm. Meesho aims to raise up to ₹5,420 crore, with shares priced at ₹105–111 each.