Groww IPO: Is The Listing Pop In Jeopardy As Grey Market Premium Declines?

Billionbrains Garage Ventures Ltd., the parent company of the online trading platform Groww, will conclude its subscription on Friday, November 7.

The IPO, which opened on Tuesday, November 4, has witnessed significant demand. Investors have bid for 59.84 crore shares against the 36.48 crore shares on offer, resulting in an overall subscription of 1.64 times as of the close of Day 2 (Thursday). Notably, the Retail Individual Investor (RII) portion has seen robust participation, subscribing over 5 times its allocated quota.

Despite the strong investor appetite shown in the subscription numbers, the Grey Market Premium (GMP) for the mainboard offering has seen a decline since the launch of the IPO. The falling GMP reflects market jitters over the valuation and could suggest narrower listing gains than initially anticipated.

Nevertheless, as bidding for the shares enters its final day, the Groww IPO's GMP and listing outlook continue to be one of the top trending topics in the 'Business and Markets' category.

Here's all you need to know about the IPO of Billionbrains Garage Ventures (Groww) Ltd., including its latest GMP, price band, allotment and listing dates, and more.

The Grey Market Premium (GMP) for the Groww IPO stood at Rs 11 per share as of 8:00 a.m. on November 7. Based on the upper price band of Rs 100, this premium suggests that unlisted shares of Billionbrains Garage Ventures were trading at an approximate premium of 11% in the private market.

While the GMP for the mainboard offer had initially increased ahead of its launch on November 4, it has since shown a consistent decline over the last few days. The highest GMP recorded for the Groww IPO was Rs 16.7 on November 1, which then slid to Rs 16.5 on November 3. A further drop was observed when the GMP touched Rs 14 on November 4, the day the IPO opened.

For context, the lowest GMP recorded for the Groww IPO was Rs 10 on October 28.

Note: GMP does not represent official data and is based on speculation. GMP data from InvestorGain.

The Billionbrains Garage Ventures (Groww) IPO is a book-building issue worth Rs 6,632.3 crore. It comprises a fresh issuance of 10.6 crore shares, worth Rs 1,060 crore, and an offer-for-sale (OFS) of 55.72 crore shares, amounting to Rs 5,572.3 crore.

The price band for the IPO has been fixed between Rs 95 and Rs 100 per share.

The Bengaluru-based fintech company is looking to raise to raise over Rs 6,500 crore from the primary market.

To participate in the IPO, retail investors need to bid for a single lot size of 150 shares, requiring an investment of Rs 15,000. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,10,000. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 67 lots. It will lead to an investment of Rs 10,05,000.

Kotak Mahindra Capital Ltd. is the book running lead manager and MUFG Intime India Pvt. is the registrar of the issue.

The bankers handling the offer include JPMorgan, Kotak Mahindra Capital, Citigroup, Axis Capital, and Motilal Oswal.

The IPO allotment status for the Groww is expected to be finalised on November 10. The shares of Billionbrains Garage Ventures (Groww) Ltd. are expected to list on the BSE and NSE on November 12.

The company will transfer shares to the Demat accounts of successful bidders on November 11, and refunds for non-allottees will be processed on the same day. 

Billionbrains Garage Ventures, backed by Microsoft Chief Executive Officer Satya Nadella, will use funds raised in the IPO fresh issue to fund expenditure towards cloud infrastructure, brand building and performance marketing activities, investment in two material subsidiaries and funding inorganic growth through unidentified acquisitions and general corporate purposes.

Groww, a Bengaluru-based online investment and trading platform, has become a leading player in India’s fintech sector. The company offers a wide range of investments across stocks, mutual funds and bonds through its app. It was incorporated in 2017. The company has also expanded into loans and financing solutions.

The company reported a 12% year-on-year (YoY) rise in profit at Rs 378.37 crore in Q1FY26 from Rs 338.01 crore in Q1FY25. Revenue from operations fell 9.6% YoY to Rs 904.4 crore in Q1FY26 from Rs 1,000.8 crore in Q1FY25.

 Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.