Within a short time of entering the stock market, Meesho is moving towards becoming a multibagger stock. This e-commerce company's IPO came to the market in the first week of December. This share was listed on the country's two stock exchanges last week. The price increased by 46% on listing. Due to continuous growth over the past few days, this stock's price has almost doubled the issue price. That is, within a short time, this company's share price has seen massive growth.
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Meesho's IPO issue price was ₹111. Last week, this stock was listed on the National Stock Exchange at ₹162.50 and on the Bombay Stock Exchange at ₹161.20. On the listing day itself, this stock's price on the National Stock Exchange increased to ₹172.70. Since then, this stock's price has been rising continuously. The growth trend of this stock has not been disrupted amid the fall of Sensex and Nifty50. In Thursday's trading, this stock's price on the National Stock Exchange reached ₹233.60. That is, this stock's price has increased by 110% from the issue price. In the last three trading sessions, this stock's price has increased by 20%, 5.6%, and 3.4 percent respectively.
After global brokerage firm UBS gave a 'buy' rating on Meesho's stock, the stock's price started rising further. UBS had set the target price for this stock at ₹220. After the market opened on Thursday, Meesho's stock surpassed that target as well.
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