Abhishek Sinha
New Delhi, November 7, 2025:
The initial public offering (IPO) of Billionbrains Garage Ventures Ltd, the parent company of India’s largest stockbroking platform Groww, witnessed robust investor participation, being oversubscribed 17.6 times by the close of Day 3. The issue saw particularly strong demand from Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), signaling sustained confidence in India’s fintech sector.
📈 Subscription Highlights
The Groww IPO, open from November 4 to 7, received bids for 641 crore shares against 36 crore shares on offer, translating into a 17.60× subscription rate.
- QIBs: 22× subscription (438 crore shares vs 19.89 crore reserved)
- NIIs: 14× subscription
- Retail Investors: 9.43× subscription
The total issue size stands at ₹6,632 crore, comprising a fresh issue of ₹1,060 crore and an offer for sale (OFS) worth ₹5,572 crore.
💰 IPO Details
The price band was fixed between ₹95 – ₹100 per share with a face value of ₹2.
For retail investors, the minimum application size was 150 shares (1 lot), translating to an investment of ₹15,000 at the upper end.
Funds from the fresh issue will be utilized for:
- ₹400 crore – performance marketing
- ₹300 crore – technology and inorganic growth
- ₹200 crore – NBFC capital infusion
- ₹160 crore – working capital
The IPO allotment date is November 10, 2025, while listing is expected on November 12, 2025 on both BSE and NSE.
💹 GMP and Listing Outlook
As per market sources, the Groww IPO grey market premium (GMP) stands at ₹5 per share, indicating that the shares may list around ₹105, about 5% higher than the issue price of ₹100.
While analysts view the GMP as a positive signal for a steady listing, they caution that grey market activity is unofficial and should not be the sole criterion for investment decisions.
🌐 About Groww
Founded in 2016, Groww has emerged as India’s largest stockbroker, with 12.6 million active clients and a 26% market share as of June 2025.
The platform, operated by Billionbrains Garage Ventures, offers stock trading, mutual funds, fixed deposits, and other financial products.
As of June 30, 2025, the NSE’s total active client base stood at 47.89 million, a ninefold surge since 2016, highlighting the explosive growth of digital investing in India.
🟢 Analyst View
Market experts suggest that Groww’s strong retail presence, scalable technology, and rapid customer acquisition make it a long-term growth story within India’s expanding fintech ecosystem. However, given the modest GMP, short-term listing gains may be limited.
