The initial public offer (IPO) of Meesho Ltd received 2.35 times subscription on the first day of share sale on Wednesday, helped by across-the-board investors' participation

Bengaluru: SoftBank-backed e-commerce firm Meesho's initial public offering got subscribed 7.97 times on the second day of share sale on Thursday.

The IPO received bids for 2,21,60,17,845 shares against 27,79,38,446 shares on offer, according to NSE data.

Among investor categories, the non-institutional investor portion received 9.18 times subscription, while the quota for Retail Individual Investors (RIIs) fetched 9.14 times subscription. The Qualified Institutional Buyers (QIBs) portion attracted 6.96 times subscription.

Meesho on Tuesday said it has garnered a little over Rs 2,439 crore from anchor investors.

The e-commerce firm's Rs 5,421 crore IPO will conclude on Friday.

The company has fixed a price band of Rs 105-111 per share, valuing Meesho at Rs 50,096 crore (USD 5.6 billion) at the upper end.

The IPO has a fresh issue of shares worth Rs 4,250 crore, along with an Offer For Sale (OFS) of 10.55 crore shares valued at Rs 1,171 crore at the upper band, taking the total issue size to Rs 5,421 crore.

Meesho plans to utilise proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.