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Groww IPO Day 3 LIVE: The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, was fully subscribed on the second day of bidding on Thursday, ending the day with a 1.64 times overall subscription. Today, the IPO has entered its last and final day of subscription.

The company’s ₹6,632 crore IPO has a price band of ₹95–100 per share, valuing the firm at around ₹61,700 crore (approximately $7 billion). The offer comprises a fresh issue worth ₹1,060 crore and an offer-for-sale (OFS) of 55.72 crore shares.

Of the fresh issue proceeds, the company plans to use the funds for following purposes:

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.

Groww IPO GMP today has slipped to ₹10.5 apiece, its lowest since the shares started to trade in the grey market. At the prevailing GMP, Groww IPO listing price could be ₹110.5, a premium of 10.50% over the issue price.

Groww shares are scheduled to list on the stock exchanges on November 12.

Groww IPO was booked 11.13x on the third day of the bidding process on Friday. Here's how different categories were subscribed:

QIB: 12.15x

NII: 10.96x

Retail: 8.32x

• Strengths: 127% revenue CAGR (FY22-25), 45% PAT margins, 1.19 Cr active clients.

• Weaknesses: Heavy reliance on equity markets (60% revenue), negative op. cash flows from growth capex.

• Opportunities: NBFC expansion, international diversification (US stocks pilot).

• Threats: SEBI regulations curbing FO volumes.

Groww leads discount brokers with 26.3% market share (vs. Zerodha 18%, Angel One 15.3%, Upstox 10%), Deven Choksey Research said.

“At the upper band of INR 100, the issue is valued at a P/E ratio of 33.84x, based on a EPS of INR 2.96 per share. We are recommending a “Subscribe for listing gain” rating for this issue,” Arihant Capital said.

With a fast-growing retail investor base poised to increase from 6.6–7.2 crore to 12–13 crore users, 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.

The number of Active Users on Groww's platform grew at a CAGR of 52.7% from the beginning of Fiscal 2023 through the three months ended June 30, 2025.

A majority of their customers joined the platform organically (i.e., customer acquisitions not attributable to paid marketing channels). In the three months ended June 30, 2025 and 2024, and in Fiscals 2025, 2024, and 2023, 83.2%, 82.9%, 83.6%, 81.1%, and 81.0% of their new customers, respectively, were acquired organically.

Customers come to their platform via word of mouth and referrals, thereby helping them reduce the cost to grow.

Groww has built a diverse customer base, which includes 3.3 million active users who are women as of June 30, 2025, along with users from a wide range of professions, such as business owners, professionals, public sector or government employees, farmers, and housewives. Additionally, approximately 81% of its active users reside outside the Delhi National Capital Region and the top five cities, highlighting Groww’s extensive reach across different demographics, professions, and geographies in India.

Groww has been a leading player in India’s retail investing space and, according to Google Trends, recorded the highest search interest in the country among the top 10 brokers (by NSE active clients, as per NSE data) during Fiscal 2025.

Among active users who have completed three years on the platform, 77.7% have remained with Groww. The company has also demonstrated strong and consistent retention in the first quarter following customer acquisition, with rates ranging between 84.8% and 92.9% across cohorts from Fiscal 2022 to March 31, 2025.

Groww has developed most of its technology in-house, enabling the company to deliver a seamless and superior experience to its customers.

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 aims 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 such as 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.”

Groww IPO was booked 2.64x on the third day of the bidding process on Friday. Here's how different categories were subscribed:

QIB: 0.31x

NII: 4.66x

Retail: 6.61x

The promoters of Groww — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — were former colleagues at Flipkart India, where they gained extensive experience in technology products and services. In 2016, they identified significant challenges in India’s investment landscape: investing was complex, largely confined to a few major cities, costly, and hindered by limited awareness of financial products.

At that time, the National Stock Exchange (NSE) had only about 5 million active users (as of March 31, 2016), reflecting the low participation and penetration of retail investors in capital markets. Recognizing the transformative impact of new-age technology companies in sectors such as retail, food, and travel, the founders established Groww to build a customer-first, technology-driven investment platform that simplifies access to financial markets for all Indians.

Since then, the platform has witnessed exponential growth. As of June 30, 2025, the number of active users on the NSE had surged to 47.89 million, representing a ninefold increase since 2016. Furthermore, Groww became the first investment app in India to surpass 100 million cumulative downloads as of June 30, 2025.

The company operates as a leading direct-to-customer digital investment platform, holding a market share of over 26%. It has consistently recorded strong revenue growth across the reported financial periods. The decline observed in FY24 performance was primarily due to a one-time tax-related accounting adjustment. Considering its latest financial metrics and valuations, the issue seems fairly valued with limited near-term upside. Prudent investors may consider investing with a medium- to long-term perspective.

Groww IPO opened for bidding for the last and final day of bidding today, November 7. Investors can place bids for Groww IPO till 5 pm today.

The initial public offering of Billionbrains Garage Ventures, the parent company of stock broking firm Groww, got fully subscribed on the second day of share sale on Thursday and ended the day with 1.64 times subscription.

Retail Individual Investors (RIIs) part received 5.02 times subscription, while the quota for non-institutional investors got subscribed 2.26 times. The category for Qualified Institutional Buyers (QIBs) fetched 20 per cent subscription.

Groww IPO GMP today has slipped to ₹10.5 apiece, its lowest since the shares started to trade in the grey market. At the prevailing GMP, Groww IPO listing price could be ₹110.5, a premium of 10.50% over the issue price.

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