India, Dec. 17 -- Ecommerce giant Meesho's shares continue to rally post a bumper listing last week. The SoftBank-backed company's shares were locked in its 20% upper circuit at INR 216.35 during intraday trading on the BSE today (December 17)

With the rally today, its shares have now gained about 34% from its listing price of INR 161.2 and a whopping 95% from its IPO price of INR 111. Its market capitalisation also zoomed to $10.81 Bn (INR 97,641.59 Cr), almost double its IPO valuation of about $5.5 Bn (INR 50,000 Cr).

The rally today comes at the behest of UBS initiating coverage on the stock with a 'Buy' recommendation. The brokerage firm also set a price target of INR 220 for the stock, 22% higher than previous close.

The brokerage...