LIVE: Groww IPO allotment to be finalised today – But why has the GMP fallen to all-time lows?

Incorporated in 2017, Groww is a Bengaluru-based fintech platform that allows retail investors to invest directly across multiple financial products. The company offers a digital, direct-to-customer investment platform designed to make wealth creation simple and accessible.

Through its platform, users can invest in mutual funds, stocks, futures and options (F&O), exchange-traded funds (ETFs), initial public offerings (IPOs), digital gold, and even U.S. stocks. Its mobile app has gained strong popularity, especially among mutual fund investors, for its easy-to-use interface and transparent process.

Groww recently acquired wealth management firm Finwizard Technology known as Fisdom, for approximately Rs 960 crore in an all-cash transaction. The deal, pending regulatory approval, positions Groww to expand its offerings into the wealth management space.

Proceeds from the fresh issue will support expansion and strengthen core infrastructure. The company plans to allocate Rs 152.5 crore towards cloud systems, Rs 225 crore for marketing, Rs 205 crore to its NBFC unit, and Rs 167.5 crore for margin trading. The remaining funds will go into strategic and general corporate purposes.

“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 its IPO note

Global investors including Peak XV Partners, Ribbit Capital, Tiger Global, and Y Combinator have funded Groww’s rise. Their backing has not only strengthened its financial position but also supported its product expansion into new categories such as bonds and derivatives.

Groww IPO was subscribed 17.6 times overall. Of which:

QIBs subscribed 22.02x, non-institutional investors subscribed 14.2x and retail investors subscribed 9.43x.

The Groww IPO on Day 3 of bidding was subscribed 17.60 times overall, with the retail category seeing 9.43 times subscription, the qualified institutional buyers (QIBs) category subscribed 22.02 times, and the non-institutional investors (NII) segment subscribed 14.20 times.

“At the upper price band, the company is valued at 33.8x FY25 P/E, implying a post-issue market capitalization of Rs 6,17,360 million. 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 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, the IPO appears fully priced and is rated “Subscribe – Long Term,” said Anand Rathi Research in its IPO note.

“With revenue growing sharply at an 85% CAGR between FY23 and FY25 and profit margins improving to 45%, it expects to maintain steady growth through organic user additions, high customer retention, and rising average revenue per user. At the upper band of Rs 100, the issue is valued at a P/E ratio of 33.84x, based on a EPS of Rs 2.96 per share. We are recommending a “Subscribe for listing gain” rating for this issue,” said Arihant Capital in its IPO note

“The IPO comprises a fresh issue of Rs 1,060 Cr and an offer for sale of Rs 5,572 Cr, totaling INR 6,632 Cr. The proceeds from the fresh issue will be used for performance marketing (Rs 400 Cr), tech/inorganic growth (Rs 300 Cr), NBFC capital (Rs 200 Cr), and working capital (Rs 160 Cr). The IPO is priced at a P/E ratio of 41x based on FY25 EPS and EV/EBITDA of 25x TTM. This valuation appears premium compared to listed peers but justified relative to growth potential. With revenue growth at 50% in FY25 and PAT margin improving to 47%, the company is well-positioned to capitalize on the expanding wealth tech market. We assign a “Subscribe” rating,” said Deven Choksey Research in its IPO note.

“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 its IPO note

Groww started in 2017 with a simple goal – to make investing easier for first-time users. Today, it operates as a one-stop platform for investing in mutual funds, stocks, ETFs, IPOs, bonds, and digital gold. Its direct-to-customer (D2C) model removes intermediaries, allowing users to manage all investments through its app.

Proceeds from the fresh issue will support expansion and strengthen core infrastructure. The company plans to allocate Rs 152.5 crore towards cloud systems, Rs 225 crore for marketing, Rs 205 crore to its NBFC unit, and Rs 167.5 crore for margin trading. The remaining funds will go into strategic and general corporate purposes.

The Rs 6,632.3 crore IPO includes a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572.3 crore. The issue opened for subscription on November 4, and will close on November 7. The stock is expected to list on NSE and BSE on November 12.

Global investors including Peak XV Partners, Ribbit Capital, Tiger Global, and Y Combinator have funded Groww’s rise. Their backing has not only strengthened its financial position but also supported its product expansion into new categories such as bonds and derivatives.

Groww’s revenue comes from three major sources – brokerage income from stock trades, distribution fees from mutual funds, and commissions from other financial products. Despite higher spending on marketing and tech, the company’s broking arm has turned profitable, aided by operational efficiency and cost control.

Groww recently acquired wealth management firm Finwizard Technology known as Fisdom, for approximately Rs 960 crore in an all-cash transaction. The deal, pending regulatory approval, positions Groww to expand its offerings into the wealth management space.

Groww’s operations rely on a cloud-based tech backbone spread across multiple service providers. This setup supports heavy trading activity and enables the company to roll out frequent updates. The platform’s focus on seamless performance has been central to its expansion in recent years.

Incorporated in 2017, Groww is a Bengaluru-based fintech platform that allows retail investors to invest directly across multiple financial products. The company offers a digital, direct-to-customer investment platform designed to make wealth creation simple and accessible.

Through its platform, users can invest in mutual funds, stocks, futures and options (F&O), exchange-traded funds (ETFs), initial public offerings (IPOs), digital gold, and even U.S. stocks. Its mobile app has gained strong popularity, especially among mutual fund investors, for its easy-to-use interface and transparent process.

Speaking on Groww valuations, SBI Securities pointed out that, “At the upper price band, the stock is trading at a P/E of 33.8x FY25 EPS and 40.8x Q1FY26 annualised EPS. Billionbrains Garage Ventures (parent company for Groww) 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. The Revenue/PAT has grown at a CAGR of 85%/100% over FY23-FY25.”

They believe the company’s leadership in retail broking as well as its wealth tech ecosystem, is expected to benefit from sector tailwind. They recommend investors “to Subscribe to the issue at the cut-off price.”

Kotak Mahindra Capital is the book-running lead manager for the issue, while MUFG Intime India serves as the registrar.

According to Bajaj Broking, the Groww IPO “from a valuation perspective, the company is currently valued at P/E multiple of 29.9x based on its FY25 earnings. The company offers platform to invest in mutual funds, stocks, F&O, ETFs, IPOs, digital gold, and US stocks. Its mobile app is particularly popular among mutual fund investors. Groww also offers value-added services such as Margin Trading Facility (MTF), algorithmic trading, New Fund Offers (NFOs), and credit.”

The Groww IPO is a book-built issue worth Rs 6,632.30 crore, consisting of both a fresh issue and an offer for sale. The company plans to raise Rs 1,060 crore through a fresh issue of 10.60 crore shares, while existing shareholders will sell 55.72 crore shares worth Rs 5,572.30 crore under the offer for sale.

The IPO opened for subscription on November 4, and will close on November 7. The share allotment is expected on November 10, and Groww is likely to list on the BSE and NSE on November 12.

Visit the MUFG Intime IPO allotment page.

Select ‘Groww IPO’ from the dropdown list.

Choose one option – PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Enter the required details and click ‘Search’ to check your allotment.

Also read: Lenskart IPO to list today – GMP crashes 95% from peak; Will it deliver a surprise or shock?

Speaking on the pricing of the Groww IPO, Angel One highlighted that “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.”

The company is raising Rs 6,632cr, comprising a fresh issue of Rs 1,060cr and an offer for sale of Rs 5,572cr. Of the total proceeds, Rs 152.5 crore will be used for cloud infrastructure, Rs 225 crore for brand and marketing, Rs 205 crore to strengthen the NBFC subsidiary’s capital base, Rs 167.5cr for funding the margin trading business, and the balance towards inorganic growth.

Digital-first platforms have transformed consumer-facing sectors like Financial Services, Food Delivery, Retail, and Travel & Hospitality by addressing key pain points around access, convenience, and transparency, enabling rapid scale and profitability. In India, digital investment platforms have similarly redefined user experience, simplicity, and accessibility, capturing 76–78% of active NSE clients in FY25.

Go to the NSE IPO application tracking page.

Click on ‘Equity and SME IPO Bid Details’.

From the list, select ‘Groww IPO’.

Enter your application number and PAN.

Submit the details to see your allotment status.

Visit the BSE IPO allotment status page.

Select ‘Equity’ as the issue type.

Choose ‘Groww IPO’ from the dropdown menu.

Enter your application number or PAN.

Complete the captcha by ticking ‘I’m not a robot’, then click ‘Search’ to view your status.

Also read: Groww IPO subscribed 17.6 times on final day

The Groww IPO received a strong response from investors, getting subscribed 17.60 times by the end of Day 3. The public issue saw demand across all investor segments – the retail portion was subscribed 9.43 times, the qualified institutional buyers (QIBs) category got 22.02 times bids, while the non-institutional investors (NIIs) segment was subscribed 14.20 times.

In-house technology stack to deliver a differentiated experience at low cost the company has built most of their technology in-house. Doing so helps Groww deliver a better experience to their customers. With systems and infrastructure customised as a backbone for their operations, they are able to react to quickly, both customer-demand related and regulatory and compliance driven.