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Billionbrains Garage Ventures shares surged nearly 40% since its Nov 12 listing
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Market cap rose by Rs 6,155 crore to Rs 11,368.61 crore by 9:36 a.m. Tuesday
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IPO funds will support margin trading, lending, wealth management, and growth plans
Groww's parent, Billionbrains Garage Ventures Ltd. share price surged nearly 40% since its listing last week. The market-cap of the newly-listed stock increased Rs 6,155 crore to Rs 11,368.61 crore as of 9:36 a.m.
The stock has been on gaining spree since it was listed on Nov 12. In Tuesday's session, it surged 11.09%.
Billionbrains Garage Ventures, backed by Microsoft Chief Executive Officer Satya Nadella, will use funds raised in the IPO fresh issue to expand margin trading, unsecured lending, wealth management, and possibly inorganic growth, as per offer documents. The IPO is structured as a mix of a fresh issue and an offer for sale by existing shareholders.
Discount stockbroker Groww-parent Billionbrains Garage Ventures Ltd. listed on the BSE, the stock debuted at Rs 114, a 14% premium over its issue price of Rs 100 apiece.
The Groww IPO was subscribed 1.85 times on the final day of bidding. The price band for the offering was fixed between Rs 95 and Rs 100 per share, with an issue size totaling Rs 6,632.3 crore. The IPO had garnered a little over Rs 2,984 crore from anchor investors on Monday, including Abu Dhabi Investment Authority and the Government of Singapore.
Nuvama calls Groww a “leader among retail brokers” and says its tech platform and user experience are key strengths. Arihant Capital recommends “Subscribe for listing gains”, saying its scalable model, high retention, and low costs make it a long-term winner. While Anand Rathi is also positive but calls it “fully priced”, advising “Subscribe – Long Term”.
Billionbrains Garage Ventures share price jumped 11.09% to Rs 193.80 apiece. It was trading 5.30% to Rs 183.70 apiece as of 9:39 a.m. compared to 0.25% decline in the NSE Nifty 50 index.
The stock surged 39.88% from its listing day. The relative strength index was at 185.9.
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