Groww IPO Day 3 GMP Live: Check final day subscription status, price band, GMP, allotment date, valuation and more

Qualified Institutional Buyers (QIBs) -- 1.83

Non Institutional Investors(NIIS) -- 6.49

Retail Individual Investors (RIIs) -- 7.36

Total - 4.11

Groww IPO last GMP is Rs 6.5, last updated Nov 7th 2025 11:57 AM. With the price band of 100.00, Groww IPO's estimated listing price is Rs 106.5 (cap price + today's GMP).The expected percentage gain/loss per share is 6.50%.

Qualified Institutional Buyers (QIBs) -- 0.31

Non Institutional Investors(NIIS) -- 4.51

Retail Individual Investors (RIIs) -- 6.55

Total -- 2.59

Advising investors to apply for the book-built issue with a long-term view, Shivani Nyati, Head of Wealth at Swastika Investmart, said Groww is a leading direct-to-customer digital investment platform with a market share of over 26%. The company has consistently delivered strong revenue growth across reporting periods, she noted.

Nyati added that the decline in FY24 performance was mainly due to a one-time tax-related accounting adjustment. "Considering the latest financial metrics and valuations, the issue appears fairly valued with limited near-term upside. Prudent investors may consider investing with a medium- to long-term perspective," she said.

Assigning a ‘subscribe’ rating to the Groww IPO, Anuj Gupta, Director at Ya Wealth, said the issue is priced between Rs 95 and Rs 100 per share, valuing the company at around Rs 61,700 crore. Groww currently has about 14.38 million active users, competing with platforms such as Zerodha and Angel One.

Gupta noted that while the broking industry has faced headwinds due to SEBI’s regulatory reforms — with Angel One correcting nearly 29% over the past two years — Groww’s IPO aims to fund business expansion, provide an exit for existing investors, and strengthen the capital base of its subsidiaries. He added that investors can consider subscribing to the issue for potential listing gains.

"From a valuation perspective, the company is currently valued at a P/E multiple of 29.9x based on its FY25 earnings," Bajaj Broking said in its IPO note.

According to Deven Choksey Research, the Groww IPO includes a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572 crore, aggregating to Rs 6,632 crore. The brokerage noted that proceeds from the fresh issue will be utilised 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 IPO is valued at a P/E ratio of 41x based on FY25 EPS and an EV/EBITDA multiple of 25x on a trailing twelve-month basis. While the valuation is at a premium compared to listed peers, Deven Choksey Research said it remains justified given the company's strong growth trajectory. With revenue projected to grow 50% in FY25 and PAT margin expected to improve to 47%, the firm believes Groww is well-positioned to benefit from India's expanding wealth tech market. The brokerage assigned a 'Subscribe' rating to the issue.

Groww, India's leading retail investment platform, leverages a technology-driven model, intuitive design, and strong customer trust to deliver scalable and profitable growth, according to Canara Bank Securities. Despite one-off losses in FY24, the brokerage noted that Groww's diversified product mix, low customer acquisition cost (CAC), and rising average revenue per user (ARPU) reflect solid fundamentals. At Rs 100 per share, valuations remain attractive with a P/E of 29.94x and P/B of 11.25x, prompting Canara Bank Securities to issue a 'Subscribe' rating for both listing gains and long-term returns.

As of March 2025, the National Stock Exchange (NSE) ranked as the third-largest exchange globally by equity trading volume. In Q4 FY25, the cash market segment registered an Average Daily Turnover (ADTO) of Rs 95,500 crore, accounting for 17.3% of global equity cash trades. Despite this, IPOs and FPOs contribute less than 0.5% of India's total market capitalisation, indicating ample scope for future expansion in the country's equity market.

According to brokerage Angel One, at the upper price band of Rs 100 per share, Pine Labs is valued at a post-issue price-to-earnings (P/E) ratio of 40.79x. The firm noted that this valuation appears relatively steep compared to peers and therefore assigned a "Neutral" rating for investors with a long-term perspective.

The Pine Labs IPO is being managed by top investment banks - Kotak Mahindra Capital, Morgan Stanley India, and Axis Capital. The registrar, MUFG Intime India, is responsible for handling the allotment and refund process for investors.

Prior to the IPO opening, Groww raised Rs 2,985 crore from anchor investors on November 3, 2025. In accordance with SEBI guidelines, 50% of the anchor allocation will be locked in for 30 days post-listing, while the remaining 50% will be subject to a 90-day lock-in period.

The basis of allotment is expected to be finalised on Monday, November 10. Refunds for investors who do not receive allotment, as well as credit of shares to successful bidders' demat accounts, are likely to begin on November 11.

Groww has set the price band for the IPO between Rs 95 and Rs 100 per share. Investors can apply in lots of 150 shares, requiring a minimum investment of approximately Rs 15,000 at the upper end of the price range.

Several major shareholders, including Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund, are divesting part of their holdings through the OFS route.

The total size of the IPO stands at Rs 6,632.30 crore. Of this, Rs 1,060 crore will be raised through a fresh issue of equity shares, while the remaining portion-around 55.72 crore shares-will be offered for sale (OFS) by existing investors.

The Groww initial public offering (IPO) has reached its third and final day of subscription, giving investors one last chance to submit their bids. The issue opened on November 4 and has been available for retail and institutional investors over a three-day window.