Groww IPO Day 2 GMP Live: Check Day 2 subscription data, GMP, allotment and more

Groww IPO Review: Brokerages have a consensus view that the long-term runway for platforms such as Groww is substantial, but they also underline that valuations already reflect much of this optimism. (Read More)

Qualified Institutional Buyers (QIBs) -- 0.10

Non Institutional Investors(NIIS) -- 0.94

Retail Individual Investors (RIIs) -- 2.69

Total -- 0.81

Deven Choksey Research noted that the IPO includes a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572 crore, aggregating to Rs 6,632 crore. Proceeds from the fresh issue are earmarked for performance marketing (Rs 400 crore), technology and inorganic growth (Rs 300 crore), NBFC capital (Rs 200 crore), and working capital (Rs 160 crore).

The brokerage stated that the IPO is priced at a P/E ratio of 41x based on FY25 EPS and an EV/EBITDA of 25x TTM. While this valuation appears premium compared to listed peers, it is considered justified given the company's growth potential. With revenue growth of 50% in FY25 and PAT margins improving to 47%, the company is well-placed to benefit from the expanding wealth tech market. The brokerage assigned a "Subscribe" rating to the issue.

“At the upper price band of Rs 100 per share, the company is valued at a post-issue P/E of 40.79x. The valuation appears steep when compared with peers. Hence, we assign a ‘Neutral’ rating for investors with a long-term perspective,” said Angel One in its IPO note.

Billionbrains Garage Ventures offers brokerage services across stocks and derivatives, along with a range of investment products such as Mutual Funds, Margin Trading Facility (MTF), Credit, and Groww AMC. As of June 2025, the company employed 1,415 people.

According to NSE data, Groww's active client base on the NSE surged from 5.37 million in March 2023 to 12.58 million in June 2025, highlighting its robust user growth. In comparison, total industry active clients rose from 35.60 million to 47.89 million during the same period. This strong momentum helped Groww expand its market share from 15.09% in March 2023 to 26.27% in June 2025. Between June 2023 and June 2025, the company's active clients nearly doubled-from 5.65 million to 12.58 million-cementing its position as a leading player in India's retail broking segment.

The basis of allotment is expected to be finalised on Monday, November 10. Refunds are likely to begin the following day, Tuesday, November 11, with shares credited to demat accounts on the same day. The Groww stock is scheduled to list on the NSE and BSE on Wednesday, November 12.

The Groww IPO is a book-built issue of Rs 6,632.30 crore. Of this, Rs 1,060 crore will be raised through fresh equity shares, while existing shareholders will sell around 55.72 crore shares in an offer for sale (OFS). Major investors trimming their holdings include Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund.

The company has set the price band at Rs 95-100 per share, with a lot size of 150 shares and multiples thereof. For retail investors, the minimum investment required is Rs 15,000 for one lot at the upper price limit.

The much-awaited Groww IPO has entered its second day of subscription. The public issue, which opened on November 4, is among the most closely watched offerings in the fintech space. The three-day bidding window will remain open until Friday, November 7.