Groww headlines ₹6,800 crore IPO wave: Dalal Street braces for fintech’s biggest test yet

A blockbuster week awaits Dalal Street as fintech unicorn Groww launches its highly anticipated ₹6,632 crore IPO on November 4, headlining a packed pipeline of public issues worth over ₹6,800 crore. 

The offering is more than just another tech listing—it’s a defining moment for India’s new-age brokerages, as regulatory pressures, margin compression, and shifting investor sentiment converge on a market that once blindly rewarded growth.

Backed by marquee global investors Peak XV Partners, Ribbit Capital, and Tiger Global, Groww’s parent company Billionbrains Garage Ventures is offering shares in the ₹95–₹100 range. The IPO includes a ₹1,060 crore fresh issue and a large offer-for-sale component by early backers. With listings on both the BSE and NSE, and Kotak Mahindra Capital as lead banker, the issue will test whether Indian retail investors still have the appetite for growth-centric fintech at a time of rising scrutiny and squeezed profitability.

Analysts say the timing is delicate. Discount brokerages are under pressure as SEBI tightens rules on derivatives trading and pushes for stronger compliance. “This IPO will be watched not just for pricing, but for investor confidence in the long-term viability of fintech models beyond the pandemic tailwinds,” said a senior market analyst.

While Groww dominates headlines, three SME IPOs will also hit the markets, offering more options to retail and institutional players hungry for early-stage growth stories.

• Curis Lifesciences (NSE SME), a pharmaceutical and life sciences company, opens its ₹27.52 crore IPO on November 7, priced at ₹120–₹128. Funds will go toward business expansion and working capital. Lead manager: Finaax Advisors.
• Finbud Financial Services (NSE SME), a lending and advisory firm, opens on November 6 with a ₹71.68 crore IPO in the ₹140–₹142 price range. Lead manager: SKI Capital.
• Shreeji Global FMCG (NSE SME), targeting ₹85 crore, opens alongside Groww on November 4, offering shares at ₹120–₹125. Lead manager: Interactive Financial Services.

With equity markets holding steady despite global turbulence, this week’s ₹6,800 crore IPO rush is expected to draw strong retail participation. However, market veterans warn against chasing hype. “IPO euphoria is real, but the winners are those who study the business, not just the price band,” said one fund manager.

The week could also serve as a barometer for IPO sentiment heading into 2026, especially for tech-first firms eyeing the public markets. If Groww delivers—either through strong subscription or stable listing—it could revive momentum for other delayed or shelved fintech IPOs.