Groww IPO Day Highlights: Issue booked 17.6x; GMP dips, focus shifts to allotment. 6 steps to check status

Groww IPO Day 3 LIVE: Shares of Billionbrains Garage Ventures (Groww) are scheduled to be alloted to the primary market on Monday, 10 November 2025. The shares are expected to be listed on the benchmark indices on Wednesday, 12 November 2025.

Groww IPO Day 3 LIVE:

"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.

Groww IPO Day 3 LIVE: In-house technology stack to deliver a differentiated experience at low cost they have built most of their technology in-house. Doing so helps them deliver a better experience to their customers. With systems and infrastructure customized as a backbone for their operations, they are able to react to changes quickly, both customer-demand related and regulatory and compliance driven. This helps them sustain product velocity, continuous innovation, and the reliability and stability of the platform, while maintaining business continuity.

1. Customer-first: This focus drives high engagement and retention, leading to faster adoption of new investment products and higher revenue per customer at minimal cost, thereby improving contribution margins.
2. Technology-led: By leveraging digital infrastructure, Groww benefits from strong operating leverage, enabling revenue growth with relatively low incremental cost. Reflecting this, its Adjusted Cost to Operate declined from 26.32% of revenue in FY23 to 13.77% in FY25.
3. Asset-light: This approach enhances cash conversion, allowing profits to translate into free cash flow that can be reinvested in business growth, new product development, or customer acquisition.

Groww IPO Day 3 LIVE:

1. Any downturn or disruption of the financial markets, which are affected by general economic, policy and market conditions in India and globally, may have a material adverse effect on their business and financial condition.
2. Uninterrupted access to their technology platform is essential to their business. System failures and interruptions could adversely affect the availability or performance of their website, mobile applications or platform, and thereby adversely impact their business, financial condition and results of operations.

Groww IPO Day 3 LIVE:

1. “Groww” is a well-known and preferred brand for investing across cities, towns and villages in India.
2. They have high customer retention, engagement and price in-elasticity.
3. Customer-friendly design for enhancing investing experience.
4. In-house technology stack to deliver a differentiated experience at low cost.

Groww IPO Day 3 LIVE: Groww offers a comprehensive, technology-led wealth and investing ecosystem spanning broking, mutual funds, credit, wealth management and asset management. The company follows a “pull-based” model—focusing on user experience and organic adoption rather than aggressive selling. Every product is built on three core principles: transparency, simplicity, and speed.

This philosophy, combined with Groww’s unified design and in-house infrastructure, enables the platform to serve both first-time investors and advanced traders through a single seamless interface .

A. Broking Services
B. Mutual Funds

Groww IPO Day 3 LIVE:

Step 1

Go to the official Groww IPO allotment status check page on the NSE website - https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp

Step 2

To register on the NSE site, click on the 'Click here to sign up' link and provide your PAN.

Step 3

Log in by entering your username, password, and the captcha code.

Step 4

On the new page that appears, verify your IPO allotment status.

Groww IPO Day 3 LIVE:

Step 1

Go to the allotment section on the official BSE website - Groww IPO allotment status can be checked online at https://www.bseindia.com/investors/appli_check.aspx

Step 2

Select 'Equity' under the 'Issue Type' category.

Step 3

From the drop-down menu under 'Issue Name', pick the IPO you are interested in.

Step 4

Input your PAN or application number.

Step 5

Click on 'I am not a Robot' to verify your identity, and then press the 'Submit' button.

Groww IPO Day 3 LIVE:

Step 1

Start by visiting the IPO registrar's website at Link Intime India Private Ltd. You can access it here: [IPO Registrar Website](https://in.mpms.mufg.com/Initial_Offer/public-issues.html).

Step 2

Once on the site, confidently select the IPO you want from the dropdown menu. You’ll see the name only if the allocation has been finalized—let’s get to it!

Step 3

Now, choose one of three straightforward options to check your status: Application No, Demat Account, or PAN. Pick the one that suits you best.

Step 4

Determine whether you’ll use ASBA or non-ASBA for your application type—it’s your choice!

Step 5

Fill in the necessary details based on the method you selected in Step 3. You’ve got this!

Step 6

Complete the captcha to ensure everything stays secure, and then click on submit. You’re done!

Groww IPO Day 3 LIVE: Groww IPO grey market premium is ₹5. 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 ₹105 apiece, which is 5% higher than the IPO price of ₹100.

According to the grey market activities observed over the past 11 sessions, the IPO GMP is trending downward today and is anticipated to decrease further. Experts indicate that the GMP range has been a minimum of ₹5.00 and a maximum of ₹16.70.

Groww IPO Day 3 LIVE: Shares of Groww IPO are expected to be allotted to the primary market investors on Monday, 10 November 2025. The company shares are estimated to be listed on the Indian stock market on Wednesday, 12 November 2025.

Groww IPO Day 3 LIVE: As of the final day of the public bidding, the Groww IPO received 17.60 times subscription as investors booked 6,41,87,00,400 equity shares, compared to the 36,47,76,528 shares on offer, according to the BSE data.

The Qualified Institutional Buyers (QIB) investors emerged as the highest bidders as subscribers booked 22.02 times, bidding for 4,38,03,79,950 shares, compared to the 19,89,69,016 shares on offer.

The Non-Institutional Investors (NIIs) followed the QIB lead, coming in at 14.20 times, subscribing to 1,41,28,99,200 shares, compared to the 9,94,84,507 shares on offer. The retail investors subscribed 9.43 times to the IPO, booking 62,54,21,250 shares, compared to the 6,63,23,005 shares on offer for the segment.

Groww IPO Day 3 LIVE: As of Friday, 7 November 2025, the grey market premium (GMP) of the Groww IPO (Billionbrains Garage Ventures) stood at ₹11 per share. With the upper price band of the IPO at ₹100, the company's stock is expected to be listed at ₹111 apiece, marking an 11% listing premium, according to IPO India data.

Grey market premium (GMP) is an indicator of investors' willingness to invest in a primary issue.

Groww IPO was booked 17.60x on the third day of the bidding process on Friday. Here's how different categories were subscribed:

QIB: 22.02x

NII: 14.20x

Retail: 9.43x

Groww represents a compelling fintech growth story with explosive user acquisition, superior margins, and market leadership (26% share). Despite the high Offer for Sale (OFS) component and regulatory risks, its profitability turnaround justifies a 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, totaling ₹6,632 crore. The proceeds from the fresh issue will be used for performance marketing ( ₹400 crore), technology and inorganic growth ( ₹300 crore), NBFC capital infusion ( ₹200 crore), and working capital requirements ( ₹160 crore).

The IPO is priced at a P/E ratio of 41x based on FY25 EPS and an EV/EBITDA of 25x (TTM). This valuation appears premium compared to listed peers, but is justified by the company’s strong growth potential.

With revenue growth of 50% in FY25 and PAT margin improving to 47%, Groww is well-positioned to capitalize on the expanding wealthtech market. We assign a “Subscribe” rating to the issue.

1. Regulatory tightening (SEBI F&O/margin rules): High likelihood and impact — could reduce trading volumes by 25% and revenue by 20% (as seen in 2024).

2. Market volatility/demand cycles: High impact — equity market downturns can reduce trading activity by 30–50%.

3. Competition/intense pricing: Medium likelihood — peers could erode market share if brokerage fees are driven to zero.

4. Cybersecurity/data breaches: Medium impact — fintech-specific risk with potential ₹500 crore fines and significant reputational damage.

5. Profitability volatility: Low to medium — FY24 losses highlight potential risks related to scalability and cost management.

Lalit Keshre (CEO) – Former Flipkart executive who bootstrapped Groww into a unicorn; known for his strategic vision and execution.

Harsh Jain (Co-founder) – Product visionary driving user-centric innovation.

Ishan Bansal (CFO) – Former Amazon finance lead, bringing financial discipline and scalability.

Neeraj Singh (CTO) – Former Microsoft technologist, leading platform development and infrastructure.

Track Record:

Achieved 12 crore users in just seven years.

Delivered profitability in FY25, standing out amid peers still facing margin pressures.

Groww IPO was booked 11.13x on the third day of the bidding process on Friday. Here's how different categories were subscribed:

QIB: 12.15x

NII: 10.96x

Retail: 8.32x

• Strengths: 127% revenue CAGR (FY22-25), 45% PAT margins, 1.19 Cr active clients.

• Weaknesses: Heavy reliance on equity markets (60% revenue), negative op. cash flows from growth capex.

• Opportunities: NBFC expansion, international diversification (US stocks pilot).

• Threats: SEBI regulations curbing FO volumes.

Groww leads discount brokers with 26.3% market share (vs. Zerodha 18%, Angel One 15.3%, Upstox 10%), Deven Choksey Research said.

“At the upper band of INR 100, the issue is valued at a P/E ratio of 33.84x, based on a EPS of INR 2.96 per share. We are recommending a “Subscribe for listing gain” rating for this issue,” Arihant Capital said.

With a fast-growing retail investor base poised to increase from 6.6–7.2 crore to 12–13 crore users, with its extensive digital presence in 98.36% of Indian pin codes and dominance in active NSE users, the company is well positioned to capture this opportunity.

Groww aims to use its strong tech platform and low-cost, asset-light model to reach more users across India and improve profitability. With revenue growing sharply at an 85% CAGR between FY23 and FY25 and profit margins improving to 45%, it expects to maintain steady growth through organic user additions, high customer retention, and rising average revenue per user.

The number of Active Users on Groww's platform grew at a CAGR of 52.7% from the beginning of Fiscal 2023 through the three months ended June 30, 2025.

A majority of their customers joined the platform organically (i.e., customer acquisitions not attributable to paid marketing channels). In the three months ended June 30, 2025 and 2024, and in Fiscals 2025, 2024, and 2023, 83.2%, 82.9%, 83.6%, 81.1%, and 81.0% of their new customers, respectively, were acquired organically.

Customers come to their platform via word of mouth and referrals, thereby helping them reduce the cost to grow.

Groww has built a diverse customer base, which includes 3.3 million active users who are women as of June 30, 2025, along with users from a wide range of professions, such as business owners, professionals, public sector or government employees, farmers, and housewives. Additionally, approximately 81% of its active users reside outside the Delhi National Capital Region and the top five cities, highlighting Groww’s extensive reach across different demographics, professions, and geographies in India.

Groww has been a leading player in India’s retail investing space and, according to Google Trends, recorded the highest search interest in the country among the top 10 brokers (by NSE active clients, as per NSE data) during Fiscal 2025.

Among active users who have completed three years on the platform, 77.7% have remained with Groww. The company has also demonstrated strong and consistent retention in the first quarter following customer acquisition, with rates ranging between 84.8% and 92.9% across cohorts from Fiscal 2022 to March 31, 2025.

Groww has developed most of its technology in-house, enabling the company to deliver a seamless and superior experience to its customers.

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 aims 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 such as 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.”

Groww IPO was booked 2.64x on the third day of the bidding process on Friday. Here's how different categories were subscribed:

QIB: 0.31x

NII: 4.66x

Retail: 6.61x

The promoters of Groww — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — were former colleagues at Flipkart India, where they gained extensive experience in technology products and services. In 2016, they identified significant challenges in India’s investment landscape: investing was complex, largely confined to a few major cities, costly, and hindered by limited awareness of financial products.

At that time, the National Stock Exchange (NSE) had only about 5 million active users (as of March 31, 2016), reflecting the low participation and penetration of retail investors in capital markets. Recognizing the transformative impact of new-age technology companies in sectors such as retail, food, and travel, the founders established Groww to build a customer-first, technology-driven investment platform that simplifies access to financial markets for all Indians.

Since then, the platform has witnessed exponential growth. As of June 30, 2025, the number of active users on the NSE had surged to 47.89 million, representing a ninefold increase since 2016. Furthermore, Groww became the first investment app in India to surpass 100 million cumulative downloads as of June 30, 2025.

• ₹225 crore will go toward brand building and marketing.
• ₹205 crore will be infused into Groww Creditserv Technology Pvt Ltd (GCS), its NBFC arm, to strengthen its capital base.
• ₹167.5 crore will be invested in Groww Invest Tech Pvt Ltd (GIT) to support its margin trading facility.
• ₹152.5 crore is allocated for cloud infrastructure enhancement.
• The remaining funds will be used for acquisitions and general corporate purposes.

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.

Groww IPO opened for bidding for the last and final day of bidding today, November 7. Investors can place bids for Groww IPO till 5 pm today.

The initial public offering of Billionbrains Garage Ventures, the parent company of stock broking firm Groww, got fully subscribed on the second day of share sale on Thursday and ended the day with 1.64 times subscription.

Retail Individual Investors (RIIs) part received 5.02 times subscription, while the quota for non-institutional investors got subscribed 2.26 times. The category for Qualified Institutional Buyers (QIBs) fetched 20 per cent subscription.

Groww IPO GMP today has slipped to ₹10.5 apiece, its lowest since the shares started to trade in the grey market. At the prevailing GMP, Groww IPO listing price could be ₹110.5, a premium of 10.50% over the issue price.