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Groww IPO Day 2 LIVE: The ₹6,632 crore IPO, which opened on November 4, witnessed 57% bidding on the first day. The IPO has opened for the second day today.

Groww IPO has a price band of ₹95– ₹100 per share, implying a valuation of over ₹61,700 crore (approximately USD 7 billion). The offering includes a fresh issue of shares worth ₹1,060 crore and an Offer for Sale (OFS) of 55.72 crore shares by existing shareholders.

Backed by prominent investors such as Peak XV Partners, Tiger Global, and Microsoft CEO Satya Nadella, Groww plans to use the IPO proceeds for technology enhancement and business expansion.

Headquartered in Bengaluru, Groww filed its draft IPO papers confidentially with SEBI in May and received regulatory approval in August. The confidential pre-filing route allows companies to delay public disclosure of IPO details, offering more flexibility — a method increasingly preferred by Indian startups.

Founded in 2016, Groww has become India’s largest stockbroker, serving over 12.6 million active clients and commanding a 26% market share as of June 2025.

The company’s shares are scheduled to list on November 12.

Groww IPO is trading at a grey market premium (GMP) of ₹14.75. Based on the upper end of the price band at ₹100 per share, the estimated listing price is around ₹114.75. This suggests an expected listing gain of approximately 14.75% per share over the issue price.

Track this space for LIVE updates on Groww IPO.

The company enjoys a 52.74% CAGR in active users between FY23 and Q1FY26. Moreover, its users are present across 98.36% of Indian pin codes, with approximately 81% of users located outside the top six cities.

Groww captured 40.08% of net NSE active user additions in December 2024, and its Retail Cash ADTO market share rose from 17.71% in Q2FY25 to 21.60% in Q3FY25. With an average user time of 65.5 minutes per day on the platform in FY25 and a DAU/MAU ratio above 56%, the company demonstrates strong user engagement. Additionally, 77.70% of users remain active after three years. This sustained engagement builds strong switching barriers and long-term monetization opportunities as users progress through multiple product categories.

Groww IPO was booked 1x so far on the first day of the bidding process on Thursday. Here's how different categories were subscribed:

QIB: 0.10x

NII: 1.20x

Retail: 3.38x

The company plans to keep expanding its customer base by strengthening its brand and adding new products such as wealth management (“W by Groww”), bonds, commodities, and loans against securities. The TAM of India's wealth and investment management industry is expected to grow from INR 1.1 lakh crore in FY25 to INR 2.2–2.6 lakh crore by FY30. Penetration is still low, with just 16–18% of adults having demat accounts and about 5% active broking accounts in CY24, as opposed to 62% in the U.S.

With a fast-growing retail investor base poised to increase from 6.6–7.2 crore to 12–13 crore users, along with its extensive digital presence in 98.36% of Indian pin codes and dominance in active NSE users, the company is well positioned to capture this opportunity. Groww aims to use its strong tech platform and low-cost, asset-light model to reach more users across India and improve profitability.

With revenue growing sharply at an 85% CAGR between FY23 and FY25 and profit margins improving to 45%, it expects to maintain steady growth through organic user additions, high customer retention, and rising average revenue per user. At the upper band of INR 100, the issue is valued at a P/E ratio of 33.84x, based on an EPS of INR 2.96 per share. We are recommending a “Subscribe for listing gain” rating for this issue.

Groww IPO Day 2 LIVE: Groww plans to use the fresh proceeds from the initial share sale for the following purposes:

• Expenditure towards cloud infrastructure – ₹152.5 cr

• Brand building and performance marketing activities – ₹225 cr

• Investment in one of the Material Subsidiaries, GCS (an NBFC), for augmenting its capital base – ₹205 cr

• Investment in one of the Material Subsidiaries, GIT, for funding its MTF business – ₹167.5 cr

• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Groww IPO was booked 91% so far on the first day of the bidding process on Thursday. Here's how different categories were subscribed:

QIB: 0.10x

NII: 1.08x

Retail: 3.08x

Groww's revenue from operations grew at a CAGR of 84.88% from Fiscal 2023 to Fiscal 2025, making it one of the two fastest-growing companies among the Top 10 brokers by NSE active customers as of June 30, 2025, according to the Redseer Report. Additionally, its Adjusted EBITDA and Profit/(loss) margin have improved.

Further, their revenue per employee increased from ₹10.6 million in Fiscal 2023 to ₹26.1 million in Fiscal 2025, and ₹6.4 million in the three months ended June 30, 2025. Similarly, its Adjusted EBITDA per employee rose from ₹3.9 million in Fiscal 2023 to ₹15.4 million in Fiscal 2025, and ₹3.6 million in the three months ended June 30, 2025, demonstrating strong operating leverage.

Groww IPO opened for the second day today. The issue was booked 57% at the end of the first day, led by retail demand. The retail investor segment was fully subscribed at 1.91 times, while the non-institutional investor category saw 59% subscription. The Qualified Institutional Buyers (QIB) portion received 10% of the bids on Day 1.

Investors can apply for the bids on second day till 5 pm.

At the upper price band, the company is valued at 33.8x FY25 P/E, implying a post-issue market capitalization of ₹6,17,360 million. Groww seeks to strengthen its pan-India brand by focusing on trust, transparency, and financial inclusion while expanding its customer base organically through word-of-mouth and operating leverage. The company also plans to diversify its product suite with offerings like MTF, commodity derivatives, API trading, wealth management (‘W’), LAS, and Bonds to enhance engagement, wallet share, and AARPU. Considering these factors, the IPO appears fully priced and is rated “Subscribe – Long Term.”

— Anand Rathi

Groww IPO is trading at a grey market premium (GMP) of ₹14.75. Based on the upper end of the price band at ₹100.00 per share, the estimated listing price is around ₹114.75. This suggests an expected listing gain of approximately 14.75% per share over the issue price.

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