Groww IPO: Price band set at ₹95-100 per share; check key dates, issue details, more

Groww IPO price band: Billionbrains Garage Ventures Ltd, the parent company of the Indian online investment platform, Groww has set price band in the range of ₹95 to ₹100 per equity share of the face value of ₹2. The Groww IPO date of subscription is scheduled for Tuesday, November 4, and will close on Friday, November 7. The allocation to anchor investors for the Groww IPO is scheduled to take place on Monday, November 3.

The floor price and the cap price are 47.50 times and 50 times the face value of the equity shares. The Groww IPO lot size is 150 equity shares and in multiples of 150 equity shares thereafter.

Groww IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.

Tentatively, Groww IPO basis of allotment of shares will be finalised on Monday, November 10, and the company will initiate refunds on Tuesday, November 11, while the shares will be credited to the demat account of allottees on the same day following refund. Groww share price is likely to be listed on BSE and NSE on Wednesday, November 12.

The Bengaluru-based firm intends to generate ₹1,060 crore by issuing new shares, while current investors will offload 55.72 crore shares via an offer for sale. The selling shareholders include notable investors such as Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund.

The net funds raised from the new issue will be allocated for expenses related to Cloud infrastructure amounting to ₹152.5 crore; for brand development and performance marketing at ₹225 crore; for exploring inorganic growth opportunities; and for investments in subsidiaries: Groww Creditserv Technology Pvt. Ltd (NBFC) will receive ₹205 crore to enhance its capital base; and Groww Invest Tech Pvt. Ltd will require ₹167.5 crore to support its margin trading facility (MTF) operations.

The lead managers of the issue are Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors. The registrar for the issue is MUFG Intime India Pvt. Ltd.

(more to come)

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