Groww, the popular fintech platform, has launched its Initial Public Offering (IPO) with a strong start, showcasing robust interest from retail investors. The IPO, which opened on November 5, has already achieved a 57% subscription rate on its first day, indicating significant market enthusiasm.

Subscription Details

The IPO's subscription data reveals an interesting pattern of investor interest:

Retail investors have shown particularly strong interest, with their portion being oversubscribed at 1.91 times. However, institutional buyers appear to be more cautious, with only a 10% subscription rate so far.

Grey Market Premium

The grey market is showing positive sentiment towards Groww's IPO:

This premium suggests potential market expectations for Groww shares.

IPO Details

Groww's IPO structure is as follows:

The IPO is set to close on November 7.

Company Performance

Groww has reported the following financial performance:

The company has also reported significant market presence:

• 47.9 million active NSE users
• 98% coverage across Indian pin codes

Brokerage Recommendations

Several brokerages have issued 'Subscribe' ratings for the Groww IPO, including:

• SBI Securities
• Religare Securities
• Anand Rathi

As Groww's IPO progresses, investors will be monitoring the subscription trends. The strong retail interest and grey market premium have been noted, but investors are advised to conduct their own research and consider their risk appetite before making investment decisions.

In a surprising turn of events, Zerodha co-founder Nithin Kamath revealed that approximately 20% of all IPO applications for rival fintech platform Groww came from Zerodha customers. This significant overlap between the two platforms highlights the growing interest in fintech investments among retail investors.

Groww IPO Details

Groww's Initial Public Offering (IPO) has garnered substantial attention in the market. Here are the key details:

Notable Anchor Investors

The IPO has attracted significant interest from institutional investors, with some notable names including:

• Abu Dhabi Investment Authority
• Government of Singapore

Market Response

The first day of the IPO saw a mixed response across different investor categories:

• Retail Investors: Showed the strongest interest with 1.91 times subscription
• Institutional Buyers: Demonstrated cautious approach with 10% subscription
• Non-Institutional Investors: Displayed moderate interest with 59% subscription

Zerodha-Groww Connection

The revelation by Nithin Kamath about Zerodha customers' participation in Groww's IPO underscores the interconnected nature of the fintech ecosystem. This crossover suggests that:

1. Retail investors are actively exploring opportunities across multiple platforms
2. There's growing interest in investing in the fintech sector itself
3. Users of one platform are not necessarily exclusive to it, indicating a competitive and dynamic market

Market Sentiment

The grey market premium of ₹17.25 indicates positive sentiment towards Groww's IPO. If this sentiment holds, it could potentially lead to a listing price of ₹117.25 per share, representing a 17.25% premium over the upper end of the price band.

As the IPO progresses, it will be interesting to see how the subscription rates evolve and whether the strong retail investor interest translates into a successful listing for Groww.