Groww, Pine Labs IPO GMPs rise up to 16% ahead of issue launches this week

Groww, Pine Labs IPO GMPs rise on Monday. 

Shares of upcoming initial public offerings (IPOs) by Groww and Pine Labs are trading at a premium of up to 16 percent in the grey market ahead of their issue launches this week, according to market observers.

Billionbrains Garage Ventures, the parent company of online stockbroking platform Groww, has fixed a price band of Rs 95-100 per share for its Rs 6,632 crore IPO. The issue will open for public subscription on November 4 and close on November 7. The bidding for anchor investors will take place on November 3.

At the upper end of the price band, the company is seeking a valuation of about Rs 61,700 crore (around USD 7 billion).

In the grey market, Groww shares are quoting at a premium of around Rs 14.5, suggesting a listing gain of about 14.5 percent, according to data from market tracker Investorgain.

Meanwhile, fintech firm Pine Labs has set a price band of Rs 210-221 per share for its Rs 3,900 crore IPO. The public issue will open on November 7 and close on November 11, with anchor bidding scheduled for November 6.

Based on the upper price band, the company’s valuation stands at around Rs 25,300 crore.

Pine Labs shares are trading at a premium of Rs 35 in the unlisted market, implying a potential listing gain of 15.84 percent, as per Investorgain.

Both Groww and Pine Labs are among the most anticipated IPOs this month, with investor sentiment appearing positive in the run-up to their public issues.

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