Groww IPO subscribed 17.6x on strong QIB, NII demand; GMP signals up to 11% listing premium
The Groww IPO was subscribed 17.60 times on the third and final day of bidding on Friday, reflecting strong investor demand. Here’s how the different categories fared — QIBs: 22.02x, NIIs: 14.20x, and Retail: 9.43x.
- Nov 7, 2025,
- Updated Nov 7, 2025 8:22 PM IST
The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of leading investment platform Groww, saw a stellar investor response, with the issue being subscribed 17.6 times by the close of bidding on November 7, 2025. The Rs 6,632 crore IPO attracted robust interest from institutional investors, high-net-worth individuals, and retail participants, reflecting strong confidence in Groww’s business model and growth trajectory.
According to data from the BSE, Groww’s IPO received bids for 641.87 crore equity shares against the 36.47 crore shares available for subscription. The Qualified Institutional Buyers (QIBs) led the momentum with their quota subscribed 22.02 times, followed by Non-Institutional Investors (NIIs) at 14.20 times and retail investors at 9.43 times. This broad-based participation underscored strong sentiment across investor categories and positioned Groww among the most successful fintech IPOs of the year.
The IPO consisted of a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572 crore, aggregating to a total issue size of Rs 6,632 crore. The price band was set between Rs 95 and Rs 100 per share, with a face value of Rs 2 per share. Retail investors could apply for a minimum of one lot comprising 150 shares, translating to an investment of Rs 15,000 at the upper price band.
Proceeds from the fresh issue will be used across multiple strategic initiatives — Rs 400 crore for performance marketing and customer acquisition, ₹300 crore for technology development and potential inorganic growth, Rs 200 crore for capital infusion into its NBFC arm, and ₹160 crore for working capital requirements. The company said these investments are aimed at deepening Groww’s reach across India’s expanding retail investor base while strengthening its technology infrastructure.
The IPO’s grey market premium (GMP) has been a key talking point among investors. As of Friday, November 7, the GMP stood at Rs 11 per share, suggesting an expected listing price of around ₹111, which represents an 11% premium over the issue price of Rs 100. Analysts believe this signals steady demand ahead of the listing, though they caution that GMP is an unofficial indicator and should not solely determine investment decisions.
The share allotment for Groww IPO is expected to be finalised on November 10, 2025, with the company’s shares scheduled to list on the BSE and NSE on November 12, 2025. Market observers expect a stable listing, supported by strong fundamentals and long-term investor confidence in the company’s digital-first model.
Founded in 2016, Groww has rapidly evolved into India’s largest stockbroking platform, with over 12.6 million active clients and a 26% market share as of June 2025. It has played a crucial role in democratizing investing for millennials and first-time investors through its simplified app-based interface and educational tools. The number of active users on the NSE surged to 47.89 million by June 30, 2025 — a ninefold increase since Groww’s inception — highlighting the scale of retail investor participation in India’s markets.
Market experts view Groww’s IPO success as a reflection of investor optimism toward India’s fintech ecosystem, which continues to thrive amid increasing financial literacy and digitisation. With strong demand across investor segments and a positive grey market trend, Groww’s listing is expected to further reinforce the fintech sector’s standing in India’s capital markets.
The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of leading investment platform Groww, saw a stellar investor response, with the issue being subscribed 17.6 times by the close of bidding on November 7, 2025. The Rs 6,632 crore IPO attracted robust interest from institutional investors, high-net-worth individuals, and retail participants, reflecting strong confidence in Groww’s business model and growth trajectory.
According to data from the BSE, Groww’s IPO received bids for 641.87 crore equity shares against the 36.47 crore shares available for subscription. The Qualified Institutional Buyers (QIBs) led the momentum with their quota subscribed 22.02 times, followed by Non-Institutional Investors (NIIs) at 14.20 times and retail investors at 9.43 times. This broad-based participation underscored strong sentiment across investor categories and positioned Groww among the most successful fintech IPOs of the year.
The IPO consisted of a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572 crore, aggregating to a total issue size of Rs 6,632 crore. The price band was set between Rs 95 and Rs 100 per share, with a face value of Rs 2 per share. Retail investors could apply for a minimum of one lot comprising 150 shares, translating to an investment of Rs 15,000 at the upper price band.
Proceeds from the fresh issue will be used across multiple strategic initiatives — Rs 400 crore for performance marketing and customer acquisition, ₹300 crore for technology development and potential inorganic growth, Rs 200 crore for capital infusion into its NBFC arm, and ₹160 crore for working capital requirements. The company said these investments are aimed at deepening Groww’s reach across India’s expanding retail investor base while strengthening its technology infrastructure.
The IPO’s grey market premium (GMP) has been a key talking point among investors. As of Friday, November 7, the GMP stood at Rs 11 per share, suggesting an expected listing price of around ₹111, which represents an 11% premium over the issue price of Rs 100. Analysts believe this signals steady demand ahead of the listing, though they caution that GMP is an unofficial indicator and should not solely determine investment decisions.
The share allotment for Groww IPO is expected to be finalised on November 10, 2025, with the company’s shares scheduled to list on the BSE and NSE on November 12, 2025. Market observers expect a stable listing, supported by strong fundamentals and long-term investor confidence in the company’s digital-first model.
Founded in 2016, Groww has rapidly evolved into India’s largest stockbroking platform, with over 12.6 million active clients and a 26% market share as of June 2025. It has played a crucial role in democratizing investing for millennials and first-time investors through its simplified app-based interface and educational tools. The number of active users on the NSE surged to 47.89 million by June 30, 2025 — a ninefold increase since Groww’s inception — highlighting the scale of retail investor participation in India’s markets.
Market experts view Groww’s IPO success as a reflection of investor optimism toward India’s fintech ecosystem, which continues to thrive amid increasing financial literacy and digitisation. With strong demand across investor segments and a positive grey market trend, Groww’s listing is expected to further reinforce the fintech sector’s standing in India’s capital markets.