Groww IPO

Listed

MainboardOpens 4 November 2025Closes 7 November 2025

Groww is a technology-driven fintech company, operating under Billionbrains Garage Ventures Ltd. It provides a direct-to-customer digital investment platform, which is currently India's largest stockbroker by active…

Live GMP Subscription Allotment

Price band

₹95 - ₹100

Issue size

₹6,632.3 Cr

Lot size

150 shares

Type

Mainboard

GMP

₹4 (+4.0%)

Est. listing

₹104

Est. profit / app

₹600

Retail quota

—

Key ratios

As per RHP / filings

Face value

₹2

EPS

2.45

P/E ratio

40.79

RoNW

37.57%

ROE

37.57%

Debt / Equity

0.07

Timeline

IPO Opens

4 Nov

IPO Closes

7 Nov

Allotment

10 Nov

Listing

12 Nov

IPO Timeline & Listing Details

Event	Date	Details
IPO Open Date	4 November 2025	Subscription starts
IPO Close Date	7 November 2025	Subscription ends
Allotment Date	10 November 2025	Allotment
Listing Date	12 November 2025	Listing

Investment Categories

Category	Lots	Amount
Retail (Min)	1	₹15,000
Retail (Max)Just less than ₹2,00,000	13	₹1,95,000
SHNI (Min)Just above ₹2,00,000	14	₹2,10,000
SHNI (Max)Below ₹10,00,000	66	₹9,90,000
BHNIAbove ₹10,00,000	67	₹10,05,000

IPO Objectives

Expenditure towards cloud infrastructure.
Brand building and performance marketing activities.
Investment in one of the Material Subsidiaries, GCS, an NBFC, for augmenting its capital base.
Investment in one of the Material Subsidiaries, GIT, for funding its MTF business.
Funding inorganic growth through unidentified acquisitions and general corporate purposes.

Strengths

The company is the largest stockbroker in India by active clients, with a strong focus on retail investors and a highly recognizable brand name.
It achieves high customer retention and engagement through a clean, low-cost, and user-friendly mobile-first technology platform.
The business showed a strong financial turnaround, swinging from a loss in FY24 to a significant profit of ₹1,824.37 Cr in FY25, demonstrating operational scalability.
It is rapidly diversifying revenue streams into high-growth areas like Mutual Funds and Margin Trading Facility (MTF), reducing reliance on volatile broking income.
The company benefits from a low customer acquisition cost (CAC) with over 80% of new customers acquired organically.

Weaknesses

The company faces severe negative Cash Flow from Operations (CFO), indicating challenges in efficiently collecting cash despite reporting high accounting profits.
A large Offer for Sale (OFS) component (₹5,572.30 Cr) accounts for the bulk of the issue, meaning most proceeds will not fund the company's growth.
The business has a high dependence on the capital market cycle; any downturn in trading volumes or mutual fund inflows will directly impact revenue and profitability.
It faces intense competition in the fintech sector from established discount brokers and full-service players.
The P/E ratio of 40.79x (post-IPO) is considered aggressive for the sector, demanding high, sustained growth to justify the valuation.

Financial Performance

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets (₹ Cr.)	12,713.18	10,077.31	8,017.97	4,807.78
Revenue (₹ Cr.)	948.47	4,061.65	2,795.99	1,260.96
PAT (₹ Cr.)	378.37	1,824.37	-805.45	457.72
Net Worth (₹ Cr.)	5,995.45	4,855.35	2,542.64	3,316.75

Peer Comparison

Company	P/B Ratio	P/E Ratio	RONW (%)	Net Worth (₹ Cr.)
Groww	11.76	40.79	37.57%	5,995.45
Angel One	3.92	29.13	13.46%	5,639.72
Motilal Oswal	5.47	21.72	22.58%	11,131.24

Subscription Details

Daily Bids Status

Category	Day 1	Day 2	Day 3
QIB	0.1x	0.2x	22.02x
NII	0.59x	2.26x	14.2x
S-HNI	0.97x	3.17x	10.04x
B-HNI	0.41x	1.8x	16.28x
RII	1.91x	5.02x	9.43x
Total	0.57x	1.64x	17.6x

Overall Subscription Statistics

Category	Shares Offered	Shares Bid	Bid Amount (₹ Cr)
QIB	19,89,69,015	4,38,03,79,950	43,803.8
NII	9,94,84,508	1,41,28,97,100	14,128.97
Small NII	3,31,61,503	33,30,60,000	3,330.6
Big NII	6,63,23,005	1,07,98,37,100	10,798.37
RII	6,63,23,005	62,53,99,350	6,253.99
Total	36,47,76,528	6,41,86,76,400	64,186.76

Company Details

Billionbrains Garage Ventures Ltd.
Vaishnavi Tech Park, South Tower, 3rd Floor, Sarjapur Main Road, Bellandur, Bangalore Urban, Karnataka-560103
+91 80 6960 1300
corp.secretarial@groww.in
http://www.groww.in/

Registrar Details

MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
groww.ipo@in.mpms.mufg.com
https://linkintime.co.in/Initial_Offer/public-issues.html

Frequently Asked Questions

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Groww IPO Details

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Groww IPO Subscription

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Groww IPO Allotment

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Groww IPO Review

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Groww IPO FAQ

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Sources

We match Groww IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

SEBIRules for IPO allotment and disclosures in India
NSEExchange notices, bidding data, and listing updates
BSEExchange notices and IPO allotment check tools
RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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