Groww, India's largest investment platform, made a strong debut on the stock market today, with its shares listing at a premium of 14% over the initial public offering (IPO) price. The fintech company's successful listing marks a significant milestone in its journey since its founding in 2016.

Listing Details

The shares opened at ₹114.00 on the Bombay Stock Exchange (BSE) and ₹112.00 on the National Stock Exchange (NSE), compared to the IPO price of ₹100.00 per share.

IPO Performance

Groww's ₹6,632-crore IPO garnered substantial interest from investors:

About Groww

Founded by former Flipkart executives, Groww has rapidly grown to become India's largest investment platform. Key statistics include:

• Over 10 crore registered users
• More than 60 lakh active investors

IPO Structure and Proceeds

The IPO comprised two components:

1. Fresh issue: ₹1,060 crore
2. Offer for sale: ₹5,572 crore

Groww plans to utilize the fresh issue proceeds for:

• Expanding technology infrastructure
• Developing new financial products
• Potential acquisitions

Market Outlook

Analysts view Groww favorably, citing India's expanding financialisation trend as a key growth driver. They recommend:

• Long-term investors: Hold the stock
• New investors: Consider entry on post-listing corrections

The strong market debut of Groww underscores the growing investor interest in fintech platforms and the broader digital financial services sector in India. As the company leverages its large user base and expands its product offerings, it is well-positioned to capitalize on the increasing adoption of digital investment solutions in the country.

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

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:

1. Enhancing cloud infrastructure
2. Marketing initiatives
3. Investments in subsidiaries
4. Potential acquisitions
5. 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.