 "Groww shares jump 30% on market debut, valuation crosses $8.9 billion")
Shares of Billionbrains Garage Ventures, the parent of online broking platform Groww, soared nearly 30 per cent on their market debut on Wednesday, defying the recent trend of muted listings.
The stock opened at ₹112 and hit a high of ₹134.4 before settling at ₹128.85 on the NSE — a gain of 28.85 per cent over its issue price of ₹100. Shares worth over ₹7,000 crore changed hands on both exchanges.
The robust debut, exceeding Street expectations, valued the company at ₹79,547 crore ($8.9 billion) up from initial public offering (IPO) valuation of ₹61,736 crore ($7 billion).
Analysts attributed the strong investor appetite to Groww’s dominant position in India’s retail investing ecosystem — seen as a key play on the expanding capital market.
The number of demat accounts in the country has crossed 210 million, and Groww commands a 26 per cent share of the NSE’s 45.2 million active clients.
The company’s IPO, which was subscribed 18 times, comprised a fresh issue of ₹1,060 crore and an offer-for-sale (OFS) of ₹5,572 crore by early backers such as Tiger Global and Peak XV Partners. Proceeds from the fresh issue will go towards strengthening Groww’s cloud infrastructure, investments in subsidiaries, and potential acquisitions.
Groww’s listing comes amid a surge in retail participation across direct equities and mutual funds. The company is India’s largest stockbroker, accounting for about a fourth of all active clients, while nearly one in three systematic investment plans (SIPs) flow through its platform.
“Groww represents a compelling fintech growth story marked by explosive user acquisition, superior margins, and market leadership. Despite a large OFS and regulatory risks, its profitability turnaround supports a long-term investor case,” noted Deven Choksey Research in its IPO report.
Analysts, however, cautioned that current valuations — at a significant premium to peers — already factor in much of the optimism. Groww posted a net profit of ₹1,824 crore on revenues of ₹3,902 crore in FY25.
“The investment proposition for Groww's IPO is a trade-off between its dominant market position in a high-growth industry and the significant risks associated with regulation and market cyclicality, all at a premium valuation,” said Insight Provider Himanshu Dugar of Stylus Holdings who publishes on Smartkarma."
After establishing leadership in mutual funds and direct equity investing, Groww is now scaling its recently launched wealth management platform for high-net-worth individuals, branded ‘W,’ alongside its margin trading facility.
“Ultimately, the premium valuation demands flawless execution of its multi-product strategy, leaving no margin for error in navigating the significant regulatory and market-related uncertainties that define its operating landscape,” Dugar said.
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