Meesho shares hit 20% upper circuit, nearly double from IPO price. What’s triggering the rally?

Meesho's shares surged 20% to an intraday high of Rs 216.35 after UBS initiated coverage with a Buy rating, citing strong growth potential. The stock is now up 76% from its IPO price, boosting co-founder Vidit Aatrey into the billionaire club. UBS predicts robust Net Merchandise Value growth driven by user expansion and increased ordering frequency.