Groww IPO: Investec's comparison with Angel One, analysts' reviews, latest GMP & more

Billionbrains Garage Ventures, the parent company of investment fintech major Groww, is set to launch its 6,632.30 crore-IPO on Tuesday, November 04. The company shall be offering its shares in the range of Rs 95-100 apiece, with a lot size of 150 equity shares. The issue will close for bidding on Friday, November 07. Anchor details will be announced later today.

Groww is a direct-to-customer digital investment platform that offers customers opportunities to build wealth through multiple financial products and services. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facilities and personal loans.

Using the Groww app or website, customers can access tools, information and market insights across its products and services and build their investment and trading strategies. Groww is the only investment app in India to cross 100 million downloads as of June 30, 2025, as noted in the Redseer report.

At the current valuations, Billionbrains Garage Ventures is commanding a valuation close to Rs 61,750 crore. Last heard, Groww was commanding a grey market premium (GMP) of Rs 14-16apiece, suggesting a listing pop of 14-16 per cent for the investors. Its GMP stood at Rs 17 a day ago.

Groww turned has reported a decent financial performance. For the quarter ended on June 30, 2025, it clocked a net profit of Rs 378.37 crore with a revenue of Rs 948.47 crore. Its net profit stood at Rs 1,824.37 crore with a revenue of Rs 4,061.65 crore for the financial year 2024-25. Retail investors have allocations of only 10 per cent in this IPO, while NIIs have 15 per cent allocation.
 

Peer Comparison with Angel One

In its comparison, Investec noted that Groww has grown faster than Angel and matched Angel’s revenue size in FY25 and its revenue has a higher share of brokerage income versus Angel. Angel has a higher share of net interest income is a larger MTF

book and higher fee income. Groww’s balance sheet is primarily funded by Equity while Angel is operating at Debt to Equity of 0.6 times, noted Investec.

"Groww has not shared demat charges which may be a part of gross brokerage income in case of Groww. Demat charges are part of fee & other income in case of Angel. Groww’s cost structure is more efficient than Angel and Groww’s depreciation expense is one-fourth of Angel despite having similar net block. Angel has a larger size of trade payables than Groww," Investec said.

The overseas Groww has a better profitability than Angel One. Groww and Angel’s client base is not comparable as Groww has not

disclosed overall client base, it added. "Groww has disclosed its transacting customers data only. Angel has higher ARPU and orders per active clients to Groww. Angel customer acquisition cost is higher than Groww. Groww’s customers have higher mutual fund assets than Angel."
 

Brokerage views

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 Groww'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.

SMIFS recommends 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.