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About 32.66 crore shares of Groww Lenskart have already been traded in the first three hours of its trading debut

Shares worth nearly ₹3,878.44 crore have changed hands in the first three hours.

Current market capitalisation stood at ₹75,361.09 crore

Nyati advised investors who received allotments to book partial profits and hold the remaining shares for the medium to long term, with a stop-loss at ₹80.

Despite strong growth, concerns around high valuation multiples, margin pressures, and regulatory risks in the fintech and brokerage space have kept some investors cautious, said Shivani Nyati of Swastika Investmart. She added that the IPO drew significant institutional participation, led by expectations of further market share gains from traditional brokers, strong customer additions, and improving operating leverage.

Shares of Groww are trading above ₹122, a gain of 10% from its opening highs. The company had fixed the IPO price to be ₹100 per share.

Brokerage firm Nuvama said that a major factor behind Groww’s lower client acquisition cost (CAC) is its strong organic growth, with over 80% of customers acquired organically. The brokerage said that Groww’s CAC per activated client for FY25 stands at Rs 1,441, significantly lower than AngelOne’s ₹6,076.

It also said out that Groww’s lower CAC contributes to higher EBITDA margins of 59.7% compared with AngelOne’s 41.1%, along with a superior FY25 return on equity (RoE) of 49.5%.

Prashanth Tapse of Mehta Equities said Groww’s listing premium was slightly above expectations, and its implied valuation appears justified, driven by rapid customer growth (over 10 crore registered users), strong brand recall in retail investing, a rising market share in F&O and mutual fund distribution, and a scalable digital model with low incremental costs.

“Post listing, we continue to believe Groww represents a strong long-term structural story and can serve as a proxy for India’s expanding capital market participation. Investors should view it as a medium- to long-term investment opportunity,” Tapse added.

Shares of Groww have listed at a premium to their issue price.

The stock’s pre-open rates had settled at ₹114, which was a premium of 14% from its issue price.

In the initial ticks, the stock has gained from its issue price.

Shares of Groww are set to list at a premium compared to their IPO price.

The stock has settled at ₹112 per share, a decent gain compared to the company’s issue price of ₹100 per share.

Groww is one of India’s Biggest Stock Broker with a 26.3% market share of active NSE clients as of June 2025, with 12.6 million active clients out of 47.9 million NSE active clients industry-wide.​

It accounted for 45.5% of net client additions to the NSE in the twelve months ending June 2025, the highest among all brokers.

The company turned profitable in FY25, reporting a net profit of ₹1,824.4 crore.

Here’s Groww’s market share as of June 2025

NSE Active Clients  26.3%

Retail cash Average Daily Turnover 23.7%

Retail derivative 14.4%

Individual demat accounts at 18.9%

Industry SIP flows at 18.5%

Broking revenue

90% of the FY24 and FY23 Rev came from broking

This declined to 85% in FY25

H1FY26 broking revenues decline

Margin trading facility (MTF):

Company earns interest income by providing loans to customers for leveraged trades. In Q1 FY26, its MTF book grew significantly to ₹1,036 crore.

FY25 at ₹602 crore

Interest Income from MTF (as a % of the total revenue from operations) Q1FY26 at 3.12%

Promoter Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh own 28% of the company

Investors:

Peak XV Partners (formerly Sequoia India): 21.6% stake.

Ribbit Capital: 14.78% stake

YC Holdings (Y Combinator): 13.25% stake.

Tiger Global: 6.05% stake

Tiger Global: 6.05% stake

GIC Ventures (Viggo Investments): 2.2% stake.

Brokerage firm Anand Rathi said that the issue appears “fully priced,” while Chola Securities warned that its high valuation may be difficult to sustain given competition from players such as Zerodha, Upstox, and Angel One. However, others like SBI Securities recommended the offering, citing Groww’s strong digital reach, diverse products, and large user base.

Groww’s Dalal Street debut will serve as a key gauge for India’s bustling IPO market, where investor sentiment has turned cautious after a string of uneven listings. Earlier this week, Lenskart’s shares fell as much as 12% in early trade before recovering, while recent debuts of Orkla India Ltd. and Studds Accessories Ltd. slipped below their issue prices.

Shares of Groww are expected to begin trading about 5% above its IPO price of ₹100, according to market observers. The IPO was subscribed more than 17 times the shares offered.

All eyes are on the trading debut of Billionbrains Garage Ventures Ltd., the parent of India’s largest online broker, Groww. The listing is the latest test of investor appetite following Lenskart’s muted debut earlier this week.

Of the total issue, ₹1,060 crore is fresh equity, while ₹5,572 crore constitutes an offer-for-sale by existing shareholders. The proceeds from the fresh issue will be used to strengthen cloud infrastructure, marketing, and capital for its NBFC and margin-trading subsidiaries.

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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Welcome to CNBC-TV18’s live coverage of the listing of stock market trading platform Groww.

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