Groww Share Price, IPO Listing, GMP Live Updates: The Groww IPO is set to hit D-Street on November 12. The issue was subscribed to 17.60 times. The issue price has been fixed at Rs 100. The GMP indicates a listing at 4% premium. However, readers must remember that the GMP is an unofficial metric of gauging investor sentiment. The actual listing price can be very different.
| 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 LIVE: Check here Live Coverage on Groww IPO Listing, GMP, Share Price, Price Band, Review
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.
Groww Share Price, IPO Listing, GMP Live: About the company
Billionbrains Garage Ventures runs the brand 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. The company was founded in 2016 by four ex-Flipkart colleagues named Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh. It offers a direct-to-customer digital investment platform to invest and trade in stocks, derivatives, bonds, ETFs, IPOs, and mutual funds (Groww Mutual Fund).