Groww IPO: Check day 3 subscription status as GMP falls sharply after muted listings

The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of Groww, continued to see a decent response from the investors during the second day of the bidding process. The issue was overall booked more than half on day one and ended day two with more than 1.6 times bids.

Groww is selling its shares in the price band of Rs 95-100 apiece. Investors can apply for a minimum of 150 shares and its multiples thereafter. It is looking to raise Rs 6,632.30 crore via IPO, which included a fresh share sale of Rs 1,060 crore and an offer-for-sale (OFS) of up to 55,72,30,051 equity shares worth Rs 5,572.30 crore.

According to the data, the investors made bids for 3,23,42,28,450 equity shares, or 8.87 times, compared to the 36,47,76,528 equity shares offered for the subscription by 2.15 pm on Friday, November 07, 2025. The three-day bidding for the issue, which had opened on Tuesday, November 4, shall conclude today.

The allocation for qualified institutional bidders (QIBs) was subscribed 9.17 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 8.89 times. However, the quota set aside for retail investors was booked at 7.92 as of the same time.

Incorporated in 2017, Bengaluru-based Groww is a 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. It offers a platform to invest in mutual funds, stocks, F&O, ETFs, IPOs, digital gold, and US stocks.

Brokerage firms are mostly positive on the issue considering its strong market share, addition of new clients, dominant position, rising penetration of equity culture in India, sound fundamentals and growth outlook. However, regulatory concerns, market downcycle and aggressive valuations are the major concerns for the issue.

Groww, India’s leading retail investment platform, combines a tech-first model, intuitive design, and strong customer trust to drive scalable, profitable growth, said Canara Bank Securities. "Despite FY24’s one-time losses, its diversified products, low CAC, and rising ARPU highlight strong fundamentals. It remains attractive and we recommend 'subscribe' for listing gains and long-term returns," it added.

Ahead of its IPO, Groww raised Rs 2,984.5 crore from 102 anchor investors as it finalised allocation of 29.84 crore shares at Rs 100 per share. It has reserved 75 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of only 10 per cent in the IPO.

Groww has positioned itself as a high growth fintech leader in less than a decade’s time. With a strong brand name, diversified offerings reflect flexibility and favorable industry headwinds driven by rising investor awareness and digital acceptance, investors may consider investing in the issue with a long-term investment perspective, said Sushil Finance.

Groww reported a net profit of Rs 378.37 crore with a revenue of Rs 948.47 crore for the three-months ended on June 30, 2025. It clocked a net profit of Rs 1,824.37 crore with a revenue coming in at Rs 4,061.65 crore for the year ended on March 31, 2025. Last heard, Groww was commanding a grey market premium of Rs 6-7 apiece, suggesting up to 6-7 per cent upside gains.

Kotak Mahindra Capital, JP Morgan India, Citigroup Global, Axis Capital and Motilal Oswal Financial Services are the booking running lead managers for the IPO, while MUFG Intime India has been appointed as the registrar for the issue. Shares of the company shall be listed on both NSE and BSE on Friday, November 14.