Groww IPO opens today: Should you subscribe to Billionbrains Garage Ventures issue?

Billionbrains Garage Ventures, the parent company of Groww, is set to launch its initial public offering (IPO) on Tuesday, November 04. The fintech player is selling its shares in the range of Rs 95-100 apiece, which can be applied for a minimum of 150 equity shares and its multiples thereafter. The issue will conclude for bidding on Friday, November 07.

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.

Groww is looking to raise a total of Rs 6,632.30 crore via IPO, which includes a fresh share sale of Rs 1,060 crore and an offer-for-sale (OFS) of up to 55,72,30,051 shares worth Rs 5,572.30 crore. Net proceeds from the issue shall be utilized towards cloud infrastructure, building and performance marketing, investment in material subsidiaries, organic growth and general corporate purposes.

Billionbrains Garage Ventures raised Rs 2,984.5 crore from 102 anchor investors as it finalised allocation of 29.84 crore shares at Rs 100 per share. Its anchor book included names like Peak XV Partners, YC Holdings, Tiger Global Management, Sequoia Capital, Ribbit Capital, Alkeon Capital Management, Goldman Sachs, Morgan Stanley, Government of Singapore, Abu Dhabi Investment Authority and others.

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. At the current valuations, the company is commanding a market capitalization of more than Rs 61,735 crore.

Groww has reserved 75 per cent of the net issue for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of just 10 per cent in the IPO. Last heard, it was commanding a grey market premium of Rs 15-17 apiece, suggesting 15-17 per cent upside over the upper end of the price band.

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. Here's what brokerage firms say about the IPO of Groww:
 

Chola Securities

Rating: Neutral

Groww runs a fully in-house technology stack, deploying AI and ML for real-time market intelligence, portfolio analytics and personalised notifications. AI-driven tools support technical and fundamental analysis and are being scaled into Wealth and Credit verticals to enhance advisory accuracy and cross-selling efficiency, said Chola Securities.

"We believe valuation above industry average will be a challenge to sustain in the long run. Heightened competition from peers such as Zerodha, Upstox and Angel One will pose further pressure on pricing. Product replicability, rapid innovation cycles and aggressive competition are foreseeable challenges. Having regard to aforesaid factors we have a 'neutral' rating for the IPO," it said.
 

Anand Rathi Share & Stock Brokers

Rating: Subscribe for long-term

Groww has been a leading player in India’s retail investing space and, according to Google Trends, recorded the highest search interest in the country among the top 10 brokers during Fiscal 2025. Groww has also demonstrated strong and consistent retention in the first quarter following customer acquisition, said Anand Rathi Share & Stock Brokers.

Groww is valued at 33.8 times FY25 P/E. Groww seeks to strengthen its pan-India brand by focusing on trust, transparency, and financial inclusion while expanding its customer base organically through word-of-mouth and operating leverage. It also plans to diversify its product suite with offerings The IPO appears fully priced and is rated 'subscribe for long term' rating," it added.
 

Swastika Investmart

Rating: Subscribe for long-term

Groww operates as a leading direct-to-customer digital investment platform, holding a market share of over 26 per cent. It has consistently recorded strong revenue growth across the reported financial periods, said Swastika Investmart.

"The decline observed in FY24 performance was primarily due to a one-time tax-related accounting adjustment. Considering its latest financial metrics and valuations, the issue seems fairly valued with limited near-term upside. Prudent investors may consider investing with a medium- to long term perspective," it added.

Arihant Capital Markets

Rating: Subscribe for listing gains

Groww plans to keep expanding its customer base by strengthening its brand and adding new products such as wealth management, bonds, commodities, and loans against securities. The TAM of India's wealth and investment management industry is expected to grow from Rs 1.1 lakh crore in FY25 to Rs 2.2–2.6 lakh crore by FY30, said Arihant Capital Markets.

"Groww aims to use its strong tech platform and low-cost, asset-light model to reach more users across India and improve profitability. It expects to maintain steady growth through organic user additions, high customer retention, and rising average revenue per user. We are recommending a 'subscribe for listing gain' rating for this issue," it added.
 

SBI Securities

Rating: Subscribe

Groww is trading at a P/E of 33.8 times FY25 EPS and 40.8 times 1QFY26 annualised EPS. Billionbrains Garage Ventures stands out as a strong player in India’s digital investing ecosystem. Its platform reach, product diversification and large user base offer a clear competitive edge. The revenue and PAT has grown at a CAGR of 85 per cent and 100 per cent over FY 23-25, said SBI Securities.

"The broking industry is expected to grow at a CAGR of 14-16 per cent over the period of FY25-30P. We believe the company’s leadership in retail broking as well as its wealth tech ecosystem, is expected to benefit from sector tailwind. We recommend investors to 'subscribe' to the issue at the cut-off price," it added.

BP Equities

Rating: Subscribe

Groww is well-positioned for long-term sustainable growth backed by a strong business model, advanced technology, and customer retention capabilities, along with favorable industry tailwinds. Groww has demonstrated strong growth, said BP Equities.

"On the valuation front, Groww is valued at a P/E of 31.3 times based on FY25 earnings. Considering its strong financial performance, technological edge, and growth prospects, we recommend a 'subscribe' rating from a medium- to long-term investment perspective," it said.
 

Ventura Securities

Rating: Subscribe

Groww's revenue has shown rapid growth, positioning it as one of the top brokers. It contributed to around Rs 34,000 crore in SIP inflows, capturing a market share of 11.76 per cent. Its growth trajectory has been driven by its strategic positioning in the digital-first investment space, which has gained significant traction in India’s growing wealth management market, said Ventura Securities.

"Groww’s financials reflect a heavy reliance on continued market expansion and client acquisition. Its innovative approach, such as launching 'W by Groww' for affluent users and expanding its product offerings, positions it to maintain leadership in the Indian investment space, though it remains subject to market volatility and investor sentiment shifts," it added.
 

SMIFS

Rating: Subscribe

"We recommend subscribing to the issue as a good long-term investment, backed by Groww’s trusted retail brand, high retention-led growth, scalable tech ecosystem, diversification across investment products, strong profitability trajectory, and planned investments in technology, marketing, and capital expansion to strengthen its competitive leadership in India’s rapidly expanding wealth management industry," said SMIFS.