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Groww’s FY25 revenue grew about 50% year-on-year to ₹3,902 crore, while adjusted EBITDA jumped to ₹2,306 crore and net profit to ₹1,824 crore, marking a sharp turnaround from the ₹805-crore loss in FY24. For Q1 FY26, revenue came in at ₹904 crore with profit of ₹378 crore.

At the upper end of the price band, Groww is valued at nearly ₹62,000 crore, making it more valuable than peers such as Angel One, Motilal Oswal Financial Services, 360 ONE WAM, and Nuvama Wealth Management.

Nyati mentioned that valuations appear steep compared to traditional brokerages, driven by expectations of high future growth. She said that sustained returns will depend on Groww’s ability to broaden its product offerings and build earnings visibility at scale.

Shivani Nyati of Swastika Investmart said that investors allotted shares may book partial gains if the listing premium is significant, while medium-term investors should monitor execution, monetisation, and profitability before making fresh commitments.

Ahead of the issue opening, Groww allotted 29.84 crore shares to over 100 anchor investors at ₹100 apiece, mobilising ₹2,984 crore. The IPO included a fresh issue of equity shares as well as an offer for sale (OFS) by existing shareholders.

Groww may debut with a 5-10% premium today, supported by positive market sentiment, though recent weak listings such as Lenskart and Orkla could temper enthusiasm, said Prashanth Tapse of Mehta Equities.

Tapse advised investors who received allotments to hold through listing, while new investors could look to enter after listing if valuations remain reasonable and business momentum continues, particularly on post-listing dips that may offer attractive entry opportunities.

Shares of Billionbrains Garage Ventures Ltd., the parent company of fintech platform Groww, are expected to list at up to a 10% premium to their IPO price on Wednesday, November 12, according to analysts.

At the upper end of the ₹95-100 price band, Groww commands an estimated post-issue market capitalisation of ₹61,700 crore and a valuation of 33-41 times FY25 earnings, depending on the brokerage model.

In the grey market, shares of Groww are quoting a premium of around 5% to their issue price of ₹100 per share. However, these are unconfirmed reports and that the listing price could differ from the GMP rates.

The portion reserved for retail investors was subscribed 9.43 times the total number of shares on offer. Only 10% of the IPO was reserved for retail investors.

The Groww IPO saw overall subscription of 17.6 times, with investors placing bids for 641 crore shares, in comparison to the 36.47 crore shares on offer.

Subscription came from institutional investors, for whom majority of the IPO was reserved for (75%).

The shares of Billionbrains Garage Ventures, parent company of the stock market trading platform Groww, are set to make their stock market debut on Wednesday.

This, after its ₹6,632 crore IPO received a healthy response during its three-day subscription period.

Details in subsequent posts.

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