Shares of Bengaluru-based e-commerce firm Meesho surged 95% following its listing last week, catapulting CEO and cofounder Vidit Aatrey into billionaire ranks amid an IPO boom in India.

The stock climbed 36% to 216.34 rupees ($2.39) a share at the close of trading in Mumbai on Wednesday, extending gains since its December 10 market debut to 95% and making it India’s best-performing IPO this year. The rally sent the market cap of Meesho to 976 billion rupees ($10.8 billion), valuing Aatrey’s roughly 10% stake in the company at about $1.1 billion.

Meesho—which also counts billionaire........

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