The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of the stockbroking platform Groww, closes today, November 7, 2025. The ₹6,632.30 crore IPO witnessed considerable interest, being subscribed 1.88 times overall. Here’s a detailed look at the subscription status, grey market premium (GMP), and what analysts recommend.
Subscription Status
By the end of Day 2, the IPO was subscribed 1.64 times. Retail Individual Investors (RIIs) showed strong interest, subscribing 5.02 times their allotted quota. The Non-Institutional Investors (NIIs) portion was subscribed 2.26 times. However, the Qualified Institutional Buyers (QIBs) segment saw a relatively subdued response, with their portion being subscribed only 0.20 times. Final subscription data will be updated after 10 AM today.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for Groww's IPO has shown some fluctuation. On November 6, it was ₹13, or 13% above the issue price of ₹100. However, the GMP has since dipped to around ₹11, reflecting a grey market premium of 11%, over the upper price band of ₹100. Some sources indicate a GMP of ₹10.5 apiece. This suggests a potential listing price of around ₹111 to ₹113. However, it's important to remember that the GMP is an unofficial market indicator and is subject to volatility, and should not be the sole determinant for investment decisions.
Issue Details
The Groww IPO consists of a fresh issue of shares valued at ₹1,060 crore and an offer for sale (OFS) of ₹5,572.30 crore by existing investors. The price band is fixed at ₹95 to ₹100 per equity share. The IPO aims to utilize the net proceeds from the fresh issue for several purposes, including:
- Funding performance marketing activities
- Expenditure towards cloud infrastructure
- Inorganic growth through acquisitions
- Brand building
- Capital infusion into subsidiaries Groww Creditserv Tech and Groww Invest Tech
The IPO's structure allocates 75% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to retail investors.
About Groww
Groww, founded in 2017, is a direct-to-customer digital investment platform offering a wide range of financial products and services. These include stocks, IPOs, mutual funds, ETFs, digital gold, and U.S. stock derivatives. As of June 30, 2025, the company served customers across 98.36% of Indian pin codes. Groww has become a popular platform, particularly among IPO and mutual fund investors, due to its user-friendly design and technology-driven approach.
Financial Performance
In FY25, Groww reported a 49% year-on-year rise in operating revenue to ₹3,901 crore and a profit after tax (PAT) of ₹1,824 crore, marking a significant turnaround. The company's revenue for 2025 was ₹4,061.65 crores, compared to ₹2,795.99 crores in 2024. The profit for 2025 was ₹1,824.37 crores, against a loss of ₹805.45 crores in 2024.
Analyst Views
Analysts have expressed mixed opinions on the IPO. Some believe the IPO is fully priced, while others suggest that Groww offers attractive long-term value. Factors supporting a positive outlook include Groww's diversified growth strategy, expansion into margin trading funding, and strategic investments. At the upper end of the price band, Groww's valuation comes out to a price-to-earnings (P/E) ratio of 33.8x for FY25.
Listing and Allotment
The basis of allotment of the Groww IPO will be finalized on November 10, 2025. The listing on the stock exchanges (NSE and BSE) is expected to occur on November 12, 2025.
Should You Apply?
Given the subscription levels and market interest, the Groww IPO has garnered significant attention. Investors should consider their risk tolerance, investment horizon, and the grey market premium trends before making a final decision. While the GMP indicates a potential for listing gains, it is crucial to conduct thorough research and consider long-term growth prospects.
