Groww IPO opens today: Should you subscribe to the ₹6,632 crore issue?

The initial public offering (IPO) of Billionbrains Garage Ventures Ltd., the parent company of fintech platform Groww, will kick off for subscription on Tuesday, November 4, and close on November 7. The ₹6,632 crore issue is priced in the range of ₹95-₹100 per share.

Retail investors can bid for a minimum of one lot of 150 shares, requiring an investment of ₹15,000, and in multiples thereof.

What analysts say

Brokerage firm Arihant Capital said that with India's retail investor base expected to nearly double from 6.6-7.2 crore to 12-13 crore users, Groww's extensive digital footprint, covering 98.36% of Indian pin codes, and leadership among active NSE users position it well to capitalise on this growth opportunity.

The company plans to leverage its robust tech platform and asset-light model to drive profitability. Revenue has grown at a CAGR of 85% between FY23 and FY25, while profit margins have expanded to 45%.

"At the upper band of ₹100, the issue is valued at a P/E ratio of 33.8x, based on an EPS of ₹2.96 per share. We recommend a 'Subscribe for listing gains' rating," Arihant Capital said in its note.

Anand Rathi mentioned Groww's focus on trust, transparency, and financial inclusion, adding that it aims to grow organically through customer referrals and operating leverage.

The brokerage also pointed out that Groww plans to diversify its product suite with offerings such as MTF, commodity derivatives, API trading, wealth management, and bonds, to enhance engagement and wallet share.

"Considering these factors, the IPO appears fully priced and is rated 'Subscribe - Long Term'," the note added.

Groww IPO anchor book

Ahead of the issue launch, Groww has allotted 29.84 crore equity shares to over 100 eligible anchor investors

at a price of ₹100 per share, raising a total of ₹2,984 crore.

Some of the prominent anchor investors include HDFC MF, Government of Singapore, Kotak MF, Government Pension Fund Global, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs, Axis MF, Aditya Birla Sun Life MF, Motilal Oswal MF, Mirae Asset MF, Tata MF, Amundi Funds, Societe Generale, ICICI Prudential MF, Massachusetts Institute of Technology, Malabar India Fund, Sundaram MF, Morgan Stanley, Trust MF, Abakkus Flexi Edge Fund-I.

Groww IPO GMP

According to market observers, Groww's grey market premium (GMP) currently hovers around ₹16.5 per share, or roughly 17% above the upper price band of ₹100. This implies a potential listing price of around ₹116.5, a modest but healthy debut in the current market environment.

However, it is important to note that grey market premiums are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.

Groww IPO details

Backed by Peak XV Partners, Sequoia Capital, Tiger Global, and Microsoft CEO Satya Nadella, Groww is targeting a valuation of about ₹61,736 crore, making it larger than peers such as Angel One, Motilal Oswal Financial Services, 360 ONE WAM, and Nuvama Wealth Management.

The Bengaluru-based company plans to raise ₹1,060 crore through a fresh issue, while existing investors will offload 55.72 crore shares through an offer for sale (OFS).

The issue allocation stands at 75% for institutional investors, 15% for non-institutional, and 10% for retail investors.

Company overview

Groww is among India's largest stock brokers, holding a 26.3% market share of active NSE clients as of June 2025, with 12.6 million active users out of 47.9 million across the industry.

It also accounted for 45.5% of net client additions to the NSE in the 12 months ended June 2025, the highest among all brokers.

Groww turned profitable in FY25, posting a net profit of ₹1,824.4 crore, compared to a loss in FY24 due to a one-off tax liability of ₹1,339 crore.

The company's promoters, Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, collectively hold a 28% stake.

The IPO is being managed by JPMorgan Chase & Co., Kotak Mahindra Capital Co., Citigroup Inc., Axis Bank Ltd., and Motilal Oswal Investment Advisors.

Allotment of shares will take place on November 10, while the stock will make its trading debut on November 12.