Groww IPO Oversubscribed 17.60 Times, Allotment Set for November 10
Billionbrains Garage Ventures Ltd. (Groww) IPO has been oversubscribed 17.60 times, receiving bids for 6,41,87,00,400 shares against 36,47,76,528 offered. The IPO includes a fresh issue of 10.6 crore shares and an offer-for-sale of 55.72 crore shares, with a price band of Rs 95-100 per share. QIBs subscribed 22.02 times, non-institutional investors 14.20 times, and retail investors 9.43 times. Allotment is scheduled for November 10, with listing on November 12 on BSE and NSE. The Grey Market Premium stands at Rs 4 per share. Proceeds will be used for cloud infrastructure, marketing, investments in subsidiaries, potential acquisitions, and general corporate purposes.
*this image is generated using AI for illustrative purposes only.
Billionbrains Garage Ventures Ltd., popularly known as Groww, has seen its Initial Public Offering (IPO) garner significant interest from investors, with the issue being oversubscribed 17.60 times. The online investment platform's IPO, which aims to raise Rs 6,632.30 crore, has received bids for 6,41,87,00,400 shares against the 36,47,76,528 shares on offer.
IPO Details
The Groww IPO comprises a fresh issue of 10.6 crore shares worth Rs 1,060 crore and an offer-for-sale of 55.72 crore shares worth Rs 5,572.3 crore. The price band for the IPO was set between Rs 95-100 per share.
Subscription Details
| Investor Category | Subscription Rate |
|---|---|
| Qualified Institutional Buyers (QIBs) | 22.02 times |
| Non-Institutional Investors | 14.20 times |
| Retail Investors | 9.43 times |
Key Dates
- Allotment Date: November 10, 2023
- Listing Date: November 12, 2023 (on BSE and NSE)
Grey Market Premium
The Grey Market Premium for Groww IPO stands at Rs 4 per share, indicating that the shares are trading at Rs 104 in the unofficial markets.
Use of Proceeds
Groww, which is backed by Microsoft CEO Satya Nadella, plans to utilize the IPO proceeds for:
- Enhancing cloud infrastructure
- Marketing initiatives
- Investments in subsidiaries
- Potential acquisitions
- General corporate purposes
This successful IPO reflects the growing interest in fintech platforms in India, particularly those focused on making investing more accessible to retail investors. As Groww prepares for its market debut, investors and industry watchers will be keen to see how the company performs post-listing and how it utilizes the raised capital to fuel its growth strategies in the competitive online investment landscape.
15
