Highlights: The Groww IPO has listed with a premium over the issue price. The shares listed at Rs 112 per share on NSE vs the issue price of Rs 100 per share. That’s a 12% premium on the issue price. On BSE, the shares are listed at Rs 114 per share, a premium of 14%.
| Groww India IPO | Key Details |
| Issue Price | Rs 100 per share |
| Subscription | 17.60x |
| GMP | 5% |
| IPO Allotment date | November 10 |
| Listing date | November 12 |
Groww IPO: Issue details
The company raised Rs 6,632.30 crores through a combination of 10.60 crore fresh shares, amounting to Rs 1,060 crores. There was an offer for sale of 55.72 crore shares aggregating to Rs 5,572.30 crores. The allotment for the IPO was finalised on November 10.
Kotak Mahindra Capital Co. worked as the book-running lead manager for the IPO, and MUFG Intime India was the registrar of the issue.
Groww IPO: Expert take
“At the upper price band of Rs 100 per share, the company is valued at a post-issue P/E of 40.79x, the valuation appears steep compared to peers. So we assign a ‘Neutral’ rating for investors with a long-term perspective,” said Angel One in an IPO note.
“At the upper price band, the stock is trading at a P/E of 33.8x FY25 EPS and 40.8x Q1 FY26 annualised EPS. Billionbrains Garage Ventures stands out as a strong player in India’s digital investing ecosystem. Its platform reach, product diversification and large user base offer a clear competitive edge. We recommend investors to ‘Subscribe’ to the issue at the cut-off price,” said SBI Securities.
Groww Share Price, IPO Listing, GMP Live: IPO details
The Rs 6,632.30 crore IPO of Billionbrains Garage Ventures was open for subscription between November 4 and November 7. The offering comprised a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of up to 55,72,30,051 equity shares.
Groww Share Price, IPO Listing, GMP Live: How it fared on market
Shares of Billionbrains Garage Ventures Ltd, the parent company of online investment platform Groww, made a strong market debut on Wednesday. The stock listed at Rs 114, a 14 per cent premium over its initial public offering (IPO) price of Rs 100, and later surged 34.34 per cent to hit an intraday high of Rs 134.34. It eventually settled at Rs 130.94, up 30.94 per cent from the issue price.
Groww Share Price, IPO Listing, GMP Live: Finishes first trade 15% higher
The share price of Groww closed the first trading session on a higher note. The stock closed 15% higher from its listing price at Rs 128.85 on the National Stock Exchange, while it ended 28% higher than the issue price. The shares of Groww hit the bourses at Rs 112, a premium of 12% to the issue price of Rs 100.
Groww Share Price, IPO Listing, GMP Live: Growth strategies
The company aims to further bolster the 'Groww' brand, capturing a higher market share. It will launch more products and services for both affluent and aspirational customers. Plus, it will continue to invest in its in-house technology stack to deliver a seamless investing experience to its customers.
Groww Share Price, IPO Listing, GMP Live: Highest rated investing app on Google Play Store
The company’s app is the highest-rated investing app in India with a rating of 4.6/5 on the Google Play Store as of June 2025. Groww’s investment in tech also translates into operating efficiencies driven by a reduction in the marginal cost of serving incremental customers.
Groww Share Price, IPO Listing, GMP Live: Higher customer retention
The higher customer retention and engagement enable the company to cross-sell other services such as mutual funds and MTF offerings. The average 2-year retention for active user cohorts (between Q1 FY22 to Q4 FY25) who used two or more products was 89% compared to 60% for active users who have used only a single product.
Groww Share Price, IPO Listing, GMP Live: About Groww
Billionbrains Garage Ventures is the parent firm of Groww. It is India’s largest and fastest-growing broking platform by active users on NSE as of June 2025. Groww had 12.6 million NSE active users as of June 2025. The number of active users on Groww’s platform grew at a CAGR of 53% between FY23 and Q1 FY26.
Groww Share Price, IPO Listing, GMP Live: The big growth drovers for Groww
According to brokerage firms, the big growth drivers for Groww don't just include the retail broking business. The company's low cost for client acquisition also plays a key role in keeping its EBITDA margins higher as compared to other key players in the market, like Angel One.
Cash active clients over FY24–Q1FY26 surged 47.7% raising its cash retail ADTV market share by 1,048 bps.
Groww Share Price, IPO Listing, GMP Live: Needs full access to tech
Uninterrupted access to the technology platform is essential to Groww’s business. System failures and interruptions could adversely affect the availability or performance of its website, mobile applications or platform, and thereby adversely impact the business, financial condition and results of operations.
Groww Share Price, IPO Listing, GMP Live: Risks for Groww
Any downturn or disruption in the financial markets, which are affected by general economic, policy and market conditions in India and globally, may pose a risk to Groww. Any adverse regulations from the regulatory like recent regulations, such as True-to-Label charges or indices expiry, may result in a decline in ADTO, affecting business operations.
Groww Share Price, IPO Listing, GMP Live: Groww share price maintains gains
Nearly 2 hours after listing, the Groww share price is maintaining its gains. The stock is up 9% after listing at a 12% premium. The issue price was fixed at Rs 100 per share and the stock is currently trading close to Rs 122 levels.
Groww Share Price, IPO Listing, GMP Live: Revenue contribution from F&O segment
Putting out a note on Groww's growth drivers and revenue contribution, Nuvama Institutional Equities estimates "Groww’s F&O revenue contribution to total broking revenue during FY24–Q1FY26 shall have declined 2,814 bps to 62.0% from 90.2%." Nuvama compared these numbers with "AngelOne’s decrease of 989 bps to 74.5%—indicating Groww’s lower dependence on F&O orders."
Groww Share Price, IPO Listing, GMP Live: Nuvama says Groww business yet to scale up.
Groww is the largest retail broker in terms of active clients. Speaking on the growth prospects of the firm, Nuvama highlighted opportunities across the space. According to Nuvama Institutional Equities, "apart from competitive pricing, technology and user interface are key factors driving success. Besides broking, Groww has expanded into lending, asset and wealth management, insurance distribution—businesses yet to scale up."
The latest numbers available for Groww indicate that active users grew at annualised rate 61.3% between FY23-FY25 on a compounded basis Vs 26% for total users.
Moreover, Groww’s affluent active users grew at FY23-25 CAGR of 176.9%.
Groww Share Price, IPO Listing, GMP Live: Groww shares hold firm after strong listing
The Groww shares are holding firm after a strong listing. The share price has now risen 10% after listing at a 12% premium over the issue price.
Groww listed at Rs 112 on the National Stock Exchange, a premium of 12% to the issue price. It further surged 5% in initial trade. The shares listed at Rs 114 on the BSE. The stock is up 14% from issue price.
Groww Share Price, IPO Listing, GMP Live: Listing in 15 mins
The Groww listing is scheduled in 15 mins. All eyes are on the listing price. The GMP trend at the moment is indicating slight premium to listing, about 5%.
However, readers must remember that the GMP is an unofficial metric of investor sentiment. The actual listing price could be very different. Right now investors are waiting with bated breath to see which way the needle tilts.
Groww Share Price, IPO Listing, GMP Live: Listing in 30 mins
All eyes on the Groww listing in 30 mins from now.
Groww’s active client base grew at a sharp FY21–FY25 CAGR of 101.7% (versus industry growth of 27%)
Groww's FY25 market share has risen to 26.3%. This is a 2,213 bps growth over the FY21 share. Its active clients' market share for September quarter was 26.3%.
Key brokerage house, Nuvama believes that "while it offers customers broking services at one of the most competitive pricing, its user experience, customer interface and ease of use are also other important factors driving this success."
Groww Share Price, IPO Listing, GMP Live: GMP, subscription details
The Groww IPO was subscribed 17x in all. The retail segment had seen subscription of 9.43 time.
The GMP for Groww has seen significant uptick on the day of listing. All eyes are now at the listing at 10 am. The big question is whether it can give investors some listing gains.
Many brokerages have highlighted despite Groww’s F&O active clients falling during FY24–Q1FY26 by 25.9% to 1.4 million, derivative retail ADTV market share surged 684 bps to 14.4%.
Groww Share Price, IPO Listing, GMP Live: Fast growing client base and volume share
Groww is the largest retail broker in terms of active clients. Its active client base grew at a sharp FY21–FY25 CAGR of 101.7%. During FY24-FY25, Groww accounted for 51%/40% of incremental NSE active clients, as per the DRHP data. Groww’s cash active clients jumped during FY24-Q1FY26 by 47.7% to 10.3 million.
Outlining the investment case for Groww, leading brokerage house, Nuvama Institutional Equities highlighted that, "A key reason for Groww’s lower CAC is the 80%-plus organic customer acquisition. Groww’s CAC/activated client during FY25 is even lower at Rs 1,441 versus AngelOne’s Rs 6,076."
Nuvama believes, "Groww’s lower CAC supports its higher EBTDA margins of 59.7% Vs AngelOne’s 41.1%. Groww has a superior FY25 RoE of 49.5%."
Groww Share Price, IPO Listing, GMP Live: GMP signals listing with premium
The Groww IPO GMP has been trending higher since morning. As per the current trends, it is indicating a potential listing pop. The GMP is now up 5%. It had been trending lower for the past two days.
However, the GMP has fallen significantly from the earlier high.
Just to remind our viewers, the GMP is an unofficial metric of investor sentiment. Often the actual listing price can be very different.
Groww Share Price, IPO Listing, GMP Live: Nuvama on the outlook for Groww
According to leading brokerage house Nuvama, "We believe apart from competitive pricing, technology and user interface are key factors driving success. Besides broking, Groww has expanded into lending (MTF, LAS, personal loans), asset and wealth management, insurance distribution—businesses yet to scale up."
According to Nuvama, "Despite Groww’s F&O active clients falling during FY24–Q1FY26 by 25.9% to 1.4mn, derivative retail ADTV market share surged 684bp to 14.4%. While Groww offers services at competitive pricing, its user experience, customer interface are other factors driving success."
The key competitive strength for Groww include
-It is one of the preferred brand for investing across cities, towns and villages in India.
-The DRHP highlighted high customer retention, engagement and price in-elasticity, customer-friendly design for enhancing investing experience.
Groww's in-house technology stack has been showcased to deliver a differentiated experience at low cost. The entrepreneurial and ownership-driven culture. The strong execution delivering growth and profitability are seen as positive factors supporting growth.
Groww Share Price, IPO Listing, GMP Live: Ananad Rathi on valuations
Anand Rathi highlighted that "at the upper price band, the company is valued at 33.8x FY25 P/E. Groww seeks 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 brokerage house believes that a few other factors can also support the valuations. These include the company's plans to diversify its product suite with offerings like MTF, commodity derivatives, API trading, wealth management, LAS, and Bonds to enhance engagement, wallet share, and AARPU.
As a result, they are optimistic about the longer-term prospects.
Groww Share Price, IPO Listing, GMP Live: Investment in tech translating into lower cost
Groww’s investment in tech also translates into operating efficiencies driven by a reduction in the marginal cost of serving of incremental customers. The company’s cost to serve (as a % of revenue from operations) has declined from 15.9% in FY23 to 12.6% in FY24 and 14.6% in FY25. The company’s systems have the bandwidth to handle approximately 50 million users simultaneously and execute approximately 50 million orders per day.
Groww Share Price, IPO Listing, GMP Live: Valuation concerns
Many brokerage houses have raised concerns about the valuation of the Groww IPO. Though the brokerage has a track record of successful user base, Angel One called the valuation steep and they rated the issue Neutral.
Groww Share Price, IPO Listing, GMP Live: In-house tech stack
Groww is the largest and fastest retail broker with its in-house technology stack. With faster user onboarding and an intuitive customer interface coupled with efficient customer support, the company has been able to deliver a better customer experience, resulting in high transacting users.
Groww Share Price, IPO Listing, GMP Live: High customer retention
The average 2-year retention for active user cohorts (between Q1 FY22 to Q4 FY25) who used two or more products was 89% compared to 60% for active users who have used only a single product.
Groww drives high customer engagement on its platform by providing relevant and easily accessible information reflected in a higher DAU (Daily Active Users)/MAU (Monthly Active Users) ratio of transacting users at 55% for FY24 and 56% for FY25 respectively. Furthermore, the higher customer retention and engagement enable the company to cross-sell other services such as mutual funds and MTF offerings.