Groww IPO day 3: GMP, subscription status, date to review. Apply or not?

Groww IPO day 3: The initial public offering (IPO) of Billionbrains Garage Ventures Ltd, popularly known as Groww, opened on 4 November 2025 and will remain open until November 7, 2025. This means the Groww IPO date will be from November 4 to 7, 2025, and investors have just one day to apply for the mainboard IPO. The Bengaluru-based fintech company has declared the Groww IPO price band at ₹95 to ₹100 per equity share. The Fresh Capital-cum-Offer for Sale aims to raise ₹6,632.30 crore from the Groww IPO, out of which ₹1,060 crore is intended to be raised through the issuance of new shares. The remaining ₹5,572.30 crore is reserved for the Offer for Sale (OFS) route.

Groww IPO GMP today

Meanwhile, the grey market continues to signal positive signals about the Groww IPO. According to market observers, shares of the Bengaluru-based fintech company are available at a premium of ₹15 in the grey market today. This means Groww IPO GMP today is ₹15, which is Re 1 higher than yesterday's Groww IPO GMP of ₹14. Market observers noted that the Groww IPO GMP has remained around ₹15, despite weak trends in the secondary market. This can be considered the minimum return that an investor can expect, which is typically more than 10% to 15%.

Groww IPO subscription status

By 3:00 PM on the third day of bidding, the public issue had been booked 13.53 times, the retail portion of the book build issue had been filled 8.46 times, and the NII segment of the public issue had been subscribed to 11.51 times. The QIB segment of the public issue had been booked 16.24 times.

Groww IPO review

BP Equities has assigned a 'subscribe' tag to the public issue, saying, "On the valuation front, at the upper band of the issue price range, the company is valued at a P/E of 31.3x based on FY25 earnings. Considering its strong financial performance, technological edge, and growth prospects, we recommend a “SUBSCRIBE” rating from a medium- to long-term investment perspective."

DRChoksey has also given a 'buy' tag to the book build issue, saying, "Groww represents a compelling fintech growth story with explosive user acquisition, superior margins, and market leadership (26% share). Despite high OFS and regulatory risks, its profitability turnaround justifies subscription for patient investors. Target: 20-30% listing gains; P/E 41x FY25. The IPO comprises a fresh issue of ₹1,060 crore and an offer for sale of ₹5,572 crore, totalling ₹6,632 crore. The proceeds from the fresh issue will be used for performance marketing ( ₹400 Cr), tech/inorganic growth ( ₹300 Cr), NBFC capital ( ₹200 Cr), and working capital ( ₹160 Cr). The IPO is priced at a P/E ratio of 41x based on FY25 EPS and EV/EBITDA of 25x TTM. This valuation appears premium compared to listed peers, but it is justified in light of the growth potential. With revenue growth of 50% in FY25 and a PAT margin improving to 47%, the company is well-positioned to capitalise on the expanding wealth tech market. We assign a “Subscribe” rating."

Anand Rathi, Arihant Capital, Canara Bank Securities, Reliance Securities, SBI Capital Securities, SIFS, Sushil Finance, Swastika Investmart, and Ventura Securities have also assigned a 'subscribe' tag to the Groww IPO.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.