As 2025 draws to a close, the Indian IPO market remains vibrant, with three contrasting listings drawing sharp attention — Meesho, Vidya Wires, and Aequs. Across sectors ranging from digital commerce to aerospace precision manufacturing, brokerages offer a mix of optimism, selectivity, and valuation caution.
Meesho IPO — Strong Institutional Backing for India’s Value Commerce Leader
Brokerages have shown near-unanimous optimism regarding Meesho’s IPO, highlighting its scalable, AI-driven e-commerce model and unique penetration in Tier-2 and Tier-3 cities.
ICICI Securities recommends a “Subscribe”, calling Meesho “a category-defining digital marketplace built on AI/ML-led customer acquisition and cost efficiency.” The brokerage noted the company’s zero-commission model and expanding logistics integration, though flagged “cash-on-delivery dependence” as a short-term risk.
SBI Securities echoed this optimism with a “Subscribe for Long Term” stance, crediting Meesho’s “three flywheels — commerce, logistics, and content — as the foundation for sustainable growth in the value e-commerce space.” SBI also emphasized the firm’s improving free cash flow and disciplined profitability roadmap.
BP Equities added that “Meesho’s AI-first marketplace architecture positions it as the most efficient player in Tier-2+ markets,” valuing the company at 5.3× FY25 sales.
Meanwhile, Swastika Investmart advised a “Subscribe”, noting that “Meesho’s share of ~30% in India’s value e-commerce shipments grants it scarcity premium status among new-age digital listings.”
Together, brokerages view Meesho as a long-term structural story rather than a short-term listing gain bet, anchored in technology, low-cost scalability, and digital inclusion.
Vidya Wires IPO — Conservative Fundamentals, Moderate Valuation Comfort
Broker consensus on Vidya Wires leans positive but measured, reflecting stable operations and valuation comfort within the specialty wire segment.
Swastika Investmart issued a “Subscribe”, pointing to “steady cash flows and improving product mix in copper-based winding wires.” The report highlighted consistent return ratios and an improving operating margin profile.
BP Equities also retained a “Subscribe” stance, describing Vidya as “a defensive industrial play offering moderate growth visibility and attractive pricing relative to peers.”
Ventura Securities noted that “the company’s low leverage and strong order book position it to benefit from revival in industrial demand,”
Arihant Capital emphasized “robust ROCE and sustainable dividend yields,” recommending the IPO for “long-term accumulation.”
The tone across brokerages suggests that while Vidya Wires is not a hyper-growth story, its fundamentals, cash discipline, and domestic infrastructure exposure make it a reliable small-cap manufacturing pick.
Aequs IPO — Aerospace Manufacturing Play Draws Broad Institutional Endorsement
Aequs, India’s vertically integrated precision engineering player, has drawn strong “Subscribe” calls from leading brokerages, driven by its aerospace dominance and diversification strategy.
SBI Securities described Aequs as “India’s only SEZ-based aerospace manufacturer with full-stack integration — machining, forging, and assembly — making it a high-entry-barrier business.” It valued the company at 8.7× EV/Sales FY25 and expects debt reduction to strengthen margins.
BP Equities maintained a “Subscribe”, noting “deep OEM relationships with Airbus, Boeing, Safran, and Collins Aerospace provide multi-year visibility and margin resilience.”
Arihant Capital Markets rated it “Subscribe for Listing Gain”, citing “debt repayment and margin improvement from operating leverage,”
Ventura Securities reinforced a “Subscribe” view, highlighting “Aequs’ cluster-based cost advantage and strategic geographic presence across India, France, and the U.S.”
Across brokerages, Aequs is seen as a credible aerospace precision-engineering proxy for investors seeking exposure to India’s manufacturing upcycle and global supply-chain diversification themes.
Comparative Overview
| Company | Sector | Broker Consensus | Key Drivers | Risk Factors |
|---|---|---|---|---|
| Meesho | E-commerce | Subscribe for Long Term | Digital retail growth, asset-light model | Profitability delay, competition |
| Vidya Wires | Industrial manufacturing | Subscribe for Steady Returns | Electrification demand, stable clients | Low-margin business, concentration risk |
| Aequs | Aerospace precision engineering | Subscribe (Aggressive/Long-Term) | Integrated SEZ model, debt reduction, global OEMs | Loss-making track record, high capital intensity |
Conclusion: Selective Optimism Defines 2025’s IPO Season
The three IPOs together capture India’s economic spectrum — Meesho’s digital ambition, Vidya Wires’ manufacturing steadiness, and Aequs’ industrial precision. While brokerages maintain an overall constructive stance on all three, the tone is differentiated:
- Meesho for patient, high-growth investors,
- Vidya Wires for conservative, income-seeking investors, and
- Aequs for strategic, risk-tolerant investors betting on India’s aerospace rise.
As one brokerage aptly noted: “In a market driven by momentum, these three IPOs remind us that conviction — not hype — delivers lasting alpha.”
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