Groww IPO subscribed 57% on Day 1; NII, retail investors lead - Check GMP

Groww IPO opens for public subscription.

The initial public offering (IPO) of stock broking platform Groww saw robust subscription on the first day of share sale on Tuesday, driven mainly by demand from retail and non-institutional investors.

The Rs 6,632.30-crore public issue of Billionbrains Garage Ventures Pvt Ltd, the parent company of Groww, opened for subscription on November 4 and will conclude on November 7.

As per data available on the NSE, the IPO received bids for 20.62 crore shares against 36.47 crore shares on offer, reflecting an overall subscription of 57 percent. The portion reserved for non-institutional investors was subscribed 59 percent, while the retail individual investors (RII) category saw a subscription of 1.91 times.

Ahead of the issue opening, the company raised a little over Rs 2,984 crore from anchor investors, including Abu Dhabi Investment Authority and the Government of Singapore.

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The firm has fixed a price band of Rs 95–100 per share, aiming for a valuation of over Rs 61,700 crore.

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In the grey market, Groww shares were commanding a premium of Rs 17, indicating a listing gain of about 17 percent, according to data from platforms tracking unofficial market activity.

The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion.

Despite the impact of SEBI tightening F&O norms on the broader industry, Groww reported a profit of Rs 1,824 crore in FY25, a threefold increase from the previous year.

Over 80 percent of the company's new customers are acquired organically, and its three-year retention rate is 77 percent. On the mutual funds side, Groww accounted for Rs 34,000 crore of SIP inflows in FY25, or 11.8 percent of industry totals, according to AMFI data.

Founded in 2016, Groww emerged as India's largest stockbroker with over 12.6 million active clients and an over 26 per cent market share as of June 2025.

Groww IPO shares will be listed on November 12, while the allotment is expected by November 10.

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