Groww IPO subscribed 17.6x on strong demand from institutional investors

The Rs 6,632-crore IPO of digital investment platform Groww drew bids worth Rs 64,000 crore, with robust participation from institutional and retail investors

The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of digital investment platform Groww, garnered nearly 17.6 times subscription, attracting bids worth around ₹64,000 crore. 

The qualified institutional buyers (QIB) category was subscribed 22 times, while the non-institutional investor (NII) segment saw 14.2 times demand. Retail investors subscribed their portion 9.4 times. 

The ₹6,632 crore IPO of Groww comprised a fresh issue of ₹1,060 crore and an offer for sale (OFS) of ₹5,572 crore. 

Early backers, including Tiger Global and Peak XV Partners, pared part of their holdings through the OFS. At the top end of the ₹95-100 price band, the company is valued at ₹61,736 crore (about $7 billion). 

 

Proceeds from the fresh issue will be used to bolster the company’s cloud infrastructure, invest in subsidiaries, and pursue potential acquisitions. 

Groww’s listing comes at a time of rising retail participation in the securities market, both in direct equities and through mutual funds. 

The platform accounts for roughly a quarter of India’s active trading clients, and nearly one-third of all systematic investment plans (SIPs) are routed through Groww. 

 

Tenneco Clean Air India sets IPO price band at ₹378-397 a share 

Tenneco Clean Air India Ltd on Friday announced a price band of ₹378-397 per share for its upcoming initial public offering (IPO), aiming for a valuation of over ₹16,000 crore at the upper end. The ₹3,600 crore IPO will be opened for public subscription on November 12 and conclude on November 14. Anchor investors will be allocated shares on November 11, the company said in a public announcement.