Groww to raise ₹6,632 crore at ₹61,736 crore valuation; sets price band at ₹95–100 per share

Billionbrains Garage Ventures, the parent company of Groww, has proposed to raise ₹6,632.3 crore via the initial public offering (IPO) route, which is slated to open for public subscription on November 4 and close on November 7, 2025. 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 IPO comprises a fresh issue of 10.6 crore shares aggregating to ₹1,060 crore and an OFS of 55.72 crore shares worth ₹5,572.3 crore by existing shareholders.

Under the OFS, Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund will offload their stakes. The company’s promoters — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — collectively hold a 28% stake pre-issue.

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.

The lot size for retail investors is 150 shares, requiring a minimum investment of ₹15,000 at the upper price band.

The tentative listing date for the Groww IPO on the BSE and NSE is November 12, while share allotments are expected to be finalised on November 10, 2025.

As per the DRHP filed with SEBI, the company has reserved 75% of the issue for Qualified Institutional Buyers (QIBs), while the quotas for Non-Institutional Investors (NIIs) and retail investors are 15% and 10%, respectively.

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.

Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are the lead managers, while MUFG Intime India Pvt. Ltd. serves as the registrar to the issue.

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