Groww IPO garners 57% bids on first day amid strong retail demand; GMP jumps

The highly-anticipated initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of fintech platform Groww, opened to strong investor interest on Tuesday, November, amid positive brokerage views and a steady trend in the grey market.

The offer worth ₹6,670 crore will close for bidding on Friday, November 7, given the truncated market week.

Groww IPO subscription details

Groww IPO garnered strong interest from the retail investors, whose quota sailed through on the first day of the bidding process.

According to data from the BSE, the IPO received bids for 20.62 crore shares against 36.48 crore shares on offer. The retail investor category witnessed 1.91 times bids, and the non-institutional investor (NII) segment saw 59% subscription. Meanwhile, the qualified institutional buyer (QIB) quota was subscribed 10% at the end of first day.

Groww IPO GMP

According to market sources, the grey market premium (GMP) for Groww is in an upward trend. Groww IPO GMP today is ₹17.25, the highest so far. This means Groww IPO shares are trading ₹17.25 above the upper end of the price band in the grey market.

At the current levels, the listing price for Groww IPO could be ₹117.25, a premium of 17.25% over the issue price.

Groww IPO Details

Groww has fixed a price band of ₹95– ₹100 per share, targeting a valuation of over ₹61,700 crore. The lot size for Groww IPO is 150 shares, meaning that investors need to invest at least ₹15,000 to apply for one lot of the issue.

The IPO comprises a fresh issue of equity shares worth ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares by promoters and existing investors.

Under the OFS, Groww’s co-founders — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — will each sell up to 1 million shares. Other selling shareholders include marquee investors such as Peak XV Partners, YC Holdings II, Ribbit Capital, Internet Fund VI, and Kauffman Fellows Fund.

The company plans to use the fresh proceeds for expenditure towards cloud infrastructure, investment in subsidies, brand building and fueling inorganic growth through unidentified acquisitions and general corporate purposes.

Ahead of the IPO, Groww raised ₹2,984 crore from anchor investors on Monday.

Founded in 2016, Groww has quickly grown into India’s largest stockbroker, with 12.6 million active clients and a 26% market share as of June 2025.

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