Groww IPO listing: Fintech unicorn debuts at 14% premium over issue price

Billionbrains Garage Ventures, the parent company of fintech unicorn Groww, made a strong debut on the Indian stock exchanges on Wednesday, listing at a 14% premium to its issue price, surpassing market expectations. The Bengaluru-based company’s shares opened at ₹114 on the BSE, up 14% from the IPO price of ₹100 per share, valuing Groww at around ₹70,379 crore. On the NSE, the stock debuted at ₹112 per share, reflecting a 12% listing gain.

Ahead of its market debut, Groww shares were trading at a grey market premium (GMP) of ₹5 in the unlisted market, implying a listing price of around ₹105 — a 5% gain over the IPO price of ₹100. The Groww IPO GMP, however, had declined sharply from its peak of ₹14.75 on November 5, 2025.

Groww’s ₹6,632.3 crore IPO, which opened for subscription from November 4–7, was subscribed 17.6 times overall. The issue comprised a fresh offering of 10.6 crore shares worth ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares aggregating ₹5,572.3 crore by existing shareholders.

The retail investor portion was subscribed 9.43 times, while the qualified institutional buyers (QIB) segment saw 22.02 times subscription, and the non-institutional investors (NII) category received 14.20 times bids. As per the DRHP filed with Sebi, 75% of the issue was reserved for QIBs, 15% for NIIs, and 10% for retail investors.

The Bengaluru-based fintech unicorn, one of India’s leading digital investment platforms, has set the price band at ₹95–100 per share, valuing the startup at around ₹61,736 crore.

The net proceeds from the fresh issue will primarily go toward working capital requirements (₹225 crore), brand and marketing initiatives (₹150 crore), and general corporate purposes, aligning with Groww’s focus on user acquisition and platform expansion.

Founded in 2017, Groww operates under its parent company, Billionbrains Garage Ventures Ltd., offering a direct-to-customer investment platform that allows retail investors to invest seamlessly across mutual funds, stocks, F&O, ETFs, IPOs, digital gold, and U.S. equities.

Beyond investments, Groww provides value-added services such as Margin Trading Facility (MTF), algorithmic trading, New Fund Offer (NFO) access, and credit solutions, positioning itself as a holistic wealth management ecosystem.

Groww has delivered an impressive financial turnaround over the last two years. For the financial year ended March 31, 2025, revenue rose 45% year-on-year to ₹4,061.65 crore, while profit after tax (PAT) surged 327% to ₹1,824.37 crore, compared to a loss of ₹805.45 crore in FY24.

The company reported EBITDA of ₹2,371.01 crore, a sharp recovery from the negative ₹780.88 crore recorded the previous year. Its net worth climbed to ₹4,855.35 crore in FY25, supported by a solid capital base and consistent profitability.

In Q1 FY26, Groww continued its strong momentum, reporting total income of ₹948.47 crore, PAT of ₹378.37 crore, and EBITDA of ₹418.75 crore.

As of June 30, 2025, Groww’s assets stood at ₹12,713.18 crore, with reserves and surplus of ₹5,506.78 crore and total borrowings of only ₹324.08 crore, underscoring its debt-light, capital-efficient model.

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