Groww IPO Day 1 Highlights: Issue booked 57% so far. GMP hints 17% listing gain. Check subscription status, review.

Groww IPO subscription status was 57% on day 1. The retail portion was subscribed 1.91 times, and NII portion has been booked 59%, Qualified Institutional Buyers (QIBs) portion received 10% bids.

The company has received bids for 20,63,07,150 shares against 36,47,76,528 shares on offer, at 17:00 IST, according to data on BSE.

Other than broking, Groww generates revenue from various sources such as interest income on i) Liened FDs with stock exchanges, MTF, loan against shares and unsecured loans. Groww also originates unsecured loans for its lending partners for which it earns fee income.

Groww started its MTF business from Q1FY25 and ended FY25, with an MTF AUM of ₹10.4bn (1.2% of market size). The company charges an interest rate of 14.95% on this product. Loans against securities was started in Feb-25 and its loan book size as on Q1FY26 is at ₹110mn.

For personal loans given under the distribution model, Groww’s revenue primarily includes share of the processing fee. For personal loans underwritten by GCS (Groww’s subsidiary), its revenue primarily includes interest income, processing fee and other ancillary charges received from customers.

1. Regulatory changes in derivatives trading and brokerage fee structures affecting revenue streams
2. Business model dependency on retail investor participation and market trading volumes
3. Technology infrastructure requirements for continuous system upgrades and maintenance costs
4. Market volatility impact on trading frequency and customer engagement patterns

Their business model is characterized by growing their customer base and expanding their relationship with customers. Growth in customers on their platform depends on efficient new customer acquisition supported by retention. A customer’s relationship with their platform depends on their willingness to trade, invest, and build assets on it. Customers typically start their journey with them by investing in one product, usually Stocks or Mutual

Groww entered the asset management business with the acquisition of Indiabulls Asset Management Company Pvt. Ltd. and Indiabulls Trustee Company Ltd. in May 2023, marking its foray into the AMC space. The company launched its first NFO in October 2023 and, as of June 30, 2025, offered 30 products, comprising 11 active and 19 passive funds across equity, debt, commodities, ETFs, and hybrid categories. Demonstrating product innovation,

Groww AMC introduced India’s first “Total Market Index Fund”, covering 750 NSE-listed stocks, along with thematic offerings such as the Indian Railways PSU ETF and the Nifty Non-Cyclical Consumer Index Fund, addressing previously untapped segments in the mutual fund industry.

"Groww is a Bengaluru-based fintech company that provides retail investors direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services.

The company offers platform to invest in mutual funds, stocks, F&O, ETFs, IPOs, digital gold, and U.S. stocks. Its mobile app is particularly popular among mutual fund investors. Groww also offers value-added services such as Margin Trading Facility (MTF), algorithmic trading, New Fund Offers (NFOs), and credit From a valuation perspective, the Company is currently valued at P/E multiple of 29.9x based on its FY25 earnings," said Bajaj Broking .

“At the upper price band of ₹100 per share, the company is valued at a post-issue P/E of 40.79x, the valuation appears steep compared to peers. So we assign a “Neutral” rating for investors with a long-term perspective,” said Angel One.

1. Fully in-house tech stack ensures scalability, reliability, and rapid innovation.
2. Handles ~50 mn users and ~50 mn daily orders, matching UPI-level throughput.
3. Key systems: GUPI (77.8% of deposits), ORBIT (automated back-office), Groww Lite (disaster recovery).
4. AI-driven support scaled from ~7K to ~98K daily queries, boosting efficiency.
5. “Cost to Serve” fell from 15.9% (FY23) to 12.6% (FY24), highlighting strong margin leverage.

Groww had ~27.96 million and ~37.41 million individual demat accounts for the same periods. This implies, Groww had ~18.8% and ~18.9% market share in total individual demat accounts for June 2024 and June 2025 respectively.

Their Promoters, Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, were colleagues at Flipkart India and had experience in technology products and services. Around 2016, their Promoters realized that investing was complicated, localized to certain cities, expensive, and that people had a limited understanding of investment products and services.

1. Market Leader with a Strong and Trusted Pan-India Retail Investing Brand.
2. High Customer Retention, Deep Engagement, and Strong Price Inelasticity.
3. Customer-Centric Design and Expanding Product Ecosystem Driving Deeper Engagement.
4. Scalable In-House Technology Platform Enabling Differentiation and Cost Efficiency.
5. Strong Execution Delivering Growth and Profitability.

"The company operates as a leading direct-to-customer digital investment platform, holding a market share of over 26%. It has consistently recorded strong revenue growth across the reported financial periods.

The decline observed in FY24 performance was primarily due to a one-time tax-related accounting adjustment. Considering its latest financial metrics and valuations, the issue seems fairly valued with limited near-term upside. Prudent investors may consider investing with a medium- to long-term perspective," said Swastika Investmart.

1. Holds a 26.27% market share with 12.6 million active clients as of June 2025.
2. Achieved a net profit margin of 44% on a revenue of ₹4,056 crore in FY2025.
3. Operates on a mobile-first digital platform, catering effectively to modern, tech-savvy investors.
4. Utilizes an in-house technology infrastructure that ensures a unique user experience while maintaining low operational costs.

1. Continue to strengthen their brand.
2. Launch more products and services for both affluent and aspirational customers.
3. Planning to continue investing in in-house technology stack to deliver a seamless investing experience to the customers, and to benefit from operating leverage at scale.
4. Pursue strategic acquisitions and investments .

"At the upper price band, the company is valued at 33.8x FY25 P/E, implying a post-issue market capitalization of ₹6,17,360 million. Groww seeks to strengthen its pan-India brand by focusing on trust, transparency, and financial inclusion while expanding its customer base organically through word-of-mouth and operating leverage. The company also plans to diversify its product suite with offerings like MTF, commodity derivatives, API trading, wealth management (‘W’), LAS, and Bonds to enhance engagement, wallet share, and AARPU. Considering these factors, the IPO appears fully priced and is rated “Subscribe – Long Term,” said Anand Rathi Research.

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.

The founders of Groww hold 27.97 percent of the company and have registered as promoters, with a 20 percent lock-in period lasting one and a half years from the listing date. In the initial public offering, they plan to sell just 0.07 percent of the company's total shares.

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.

Groww IPO raised over ₹2,984 crore from anchor investors such as the Abu Dhabi Investment Authority and the Government of Singapore. This occurred just one day prior to the launch of the company's ₹6,632 crore initial public offering for public subscription.

The anchor book included investments from 102 funds, among them the Government of Singapore, the Monetary Authority of Singapore, Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley, as detailed in a circular posted on the BSE's website.

Significant mutual funds in India, including HDFC Mutual Fund, Kotak Mahindra MF, Nippon India MF, SBI MF, Axis MF, Aditya Birla Sun Life MF, Mirae Asset, Motilal Oswal MF, and ICICI Prudential Life Insurance, also took part in the offering.

Groww IPO grey market premium is ₹17. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Groww share price was indicated at ₹117 apiece, which is 17% higher than the IPO price of ₹100.

Considering the grey market activities from the last seven sessions, today’s IPO GMP is trending upwards, suggesting a robust listing. The minimum GMP stands at ₹10.00, whereas the maximum GMP reaches ₹17, according to analysts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.