Groww IPO opens for bidding: Check GMP, price band, key dates, review

Groww IPO: The initial public offer (IPO) of Billionbrains Garage Ventures, the parent company of the Indian online investment platform Groww, opens for public subscription on Tuesday, November 4, 2025. The ₹6,632.3 crore mainline offering comprises a fresh issue of 106 million equity shares and an offer for sale (OFS) of 557.2 million shares. 

 

Ahead of its IPO, Groww raised ₹2,985 crore from 102 institutional investors through an anchor book on November 3. The company allocated 298.4 million equity shares to anchor investors at the upper end of the price band of ₹95 to ₹100.

 

Marquee global investors like Goldman Sachs, Morgan Stanley, Government of Singapore, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Ashoka WhiteOak, Prudential HK, Eastspring Investments, Amundi Funds, Societe Generale, and Wellington Management participated in the anchor round. 

 

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Among domestic investors, HDFC AMC, Kotak Mahindra AMC, Nippon Life India, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Mirae Asset, Franklin, Tata Mutual Fund, HSBC MF, Trust Mutual Fund, and Mahindra Manulife participated in the anchor book.  ALSO READ | Investing in Groww IPO? Check key risks, strengths before you decide

Groww IPO review

According to Reliance Securities, Groww is not just a stockbroker going public; it is an emerging fintech infrastructure company - layering credit, data, and distribution on top of its transaction engine. These growth triggers represent a flywheel that can compound both user base and profitability for several years, provided execution discipline and regulatory navigation remain strong. The brokerage has assigned a 'Subscribe' rating to the issue.  

 

Analysts at Anand Rathi believe the issue is fully priced and assigned a 'Subscribe - Long term' rating to the issue. "At the upper price band, the company is valued at P/E of 28.5x to its FY26 annualised earnings and market cap of ₹ 23,021 million post issue of equity shares," the brokerage said.

Groww IPO GMP

Ahead of opening, the unlisted shares of Groww were trading at ₹117, up ₹17 or 17 per cent compared to the upper band price, according to the sources tracking unofficial markets. 

 

Here are the key details of the Groww IPO:

Groww IPO key dates

The subscription window for the issue will close on Friday, November 7, 2025. The share allotment process is expected to be concluded by Monday, November 10, 2025. The company is expected to list its shares on the NSE and BSE on Wednesday, November 12, 2025.

Groww IPO lot size

Groww has set the price band for the issue in the range of ₹95 to ₹100 per share. The lot size for an application is 150 shares.

Groww IPO registrar, lead manager

MUFG Intime India is serving as the registrar for the issue. Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the issue.

Groww IPO objective

As per the Red Herring Prospectus (RHP), Groww proposes to use ₹152.5 crore from the fresh issue for cloud infrastructure, ₹225 crore for marketing and brand building, ₹205 crore to boost its NBFC arm GCS, and ₹167.5 crore for its subsidiary GIT’s MTF business. The remaining funds will go toward potential acquisitions and general corporate purposes.