Groww IPO opens Nov 4: Analysts offer mixed views; should you apply?

Groww IPO comprises combination of fresh issue of 106 million equity shares and an offer for sale (OFS) of 55.2 million equity shares

Groww IPO: Billionbrains Garage Ventures, the parent company of the Indian online investment platform Groww, is set to launch its initial public offering (IPO) on Tuesday, November 4, 2025. The company aims to raise ₹6,632.3 crore from its maiden public issue. The mainline offering comprises combination of fresh issue of 106 million equity shares and an offer for sale (OFS) of 55.2 million equity shares.  

 

Under the OFS, investors Peak VI Partners Investments, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI, Kauffman Fellows Fund, Alkeon Innovation Master Fund, Propel Venture Partners and Sequoia Capital Global Growth Fund III will sell a part of their holdings. 

 

 

The company has reserved not more than 75 per cent of the issue for Qualified Institutional Buyers (QIBs), not less than 15 per cent for Non-Institutional Investors (NIIs), and not less than 10 per cent for retail investors.

Groww IPO GMP

On Monday, November 3, 2025, the unlisted shares of Groww were trading at ₹114.5, up ₹14.5 or 14.5 per cent compared to the issue price of ₹100 per share, according to sources tracking unofficial markets.

Groww IPO: Here's what the brokerages suggest

Anand Rathi Research

According to analysts at Anand Rathi, the company has demonstrated strong and consistent retention in the first quarter following customer acquisition, with rates ranging between 84.8 per cent and 92.9 per cent across cohorts from Fiscal 2022 to March 31, 2025. Groww has developed most of its technology in-house, enabling the company to deliver a seamless and superior experience to its customers.

 

"At the upper price band, the company is valued at 33.8x FY25 P/E, implying a post-issue market capitalisation of ₹61,736 crore," the brokerage said. 

 

Groww aims to strengthen its pan-India brand by focusing on trust, transparency, and financial inclusion while expanding its customer base organically through word-of-mouth and operating leverage. The company also plans to diversify its product suite with offerings like MTF, commodity derivatives, API trading, wealth management (‘W’), LAS, and Bonds to enhance engagement, wallet share, and AARPU. 

 

Considering these factors, analysts believe the IPO appears fully priced and assigned a 'Subscribe – Long Term' rating. 

Arihant Capital

According to analysts at Arihant Capital, the total addressable market (TAM) of India's wealth and investment management industry is expected to grow from ₹1.1 trillion in FY25 to ₹2.2–2.6 trillion by FY30. Penetration is still low, with just 16–18 per cent of adults having demat accounts and about 5 per cent active broking accounts in CY24, as opposed to 62 per cent in the US. 

 

"With a fast-growing retail investor base poised to increase from 6.6–7.2 crore to 12–13 crore users, with its extensive digital presence in 98.36 per cent of Indian pin codes and dominance in active NSE users, the company is well positioned to capture this opportunity, the brokerage said. 

 

Groww aims to use its strong tech platform and low-cost, asset-light model to reach more users across India and improve profitability. With revenue growing sharply at an 85 per cent CAGR between FY23 and FY25 and profit margins improving to 45 per cent, it expects to maintain steady growth through organic user additions, high customer retention, and rising average revenue per user. 

 

"At the upper band of INR 100, the issue is valued at a P/E ratio of 33.84x, based on a EPS of ₹2.96 per share. We are recommending a 'Subscribe for listing gain' rating for this issue, the brokerage said in its note.

Here are the key details of the Groww IPO:

The three-day subscription window to bid for the Groww IPO will close on Friday, November 7, 2025. The allotment of shares is expected to be finalised on Monday, November 10, 2025. The successful allottees will receive the company's shares in their respective demat accounts on Tuesday, November 11, 2025. 

 

Shares of Groww will make their debut on the exchanges, NSE and BSE, tentatively on Wednesday, November 12, 2025. 

 

The company has set the price band in the range of ₹95 to ₹100, with a lot size of 150 shares. A retail investor would require a minimum investment of ₹15,000 to bid for at least one lot and in multiples thereafter.

 

MUFG Intime India is the registrar. 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.

 

According to the RHP, Groww plans to utilise ₹152.5 crore from the fresh issue towards cloud infrastructure and ₹225 crore for brand building and marketing. Another ₹205 crore will be utilised for its NBFC arm, GCS, to strengthen its capital base, and ₹167.5 crore for its subsidiary GIT for the MTF business. The remaining funds will be used for potential acquisitions and general corporate purposes.