Billionbrains Garage Ventures Ltd, the parent company of popular online investment platform Groww, has announced the price band for its upcoming initial public offering (IPO) in the range of ₹95 to ₹100 per equity share with a face value of ₹2 each.
The Groww IPO will open for public subscription on Tuesday, November 4, and close on Friday, November 7. The anchor investor allocation is scheduled for Monday, November 3.
The floor price and cap price are 47.5 times and 50 times the face value, respectively. The lot size for investors has been fixed at 150 equity shares and in multiples thereof.
IPO Reservation Structure
The issue reserves not less than 75% of shares for Qualified Institutional Buyers (QIBs), not more than 15% for Non-Institutional Investors (NIIs), and not more than 10% for retail investors.
Important Dates
- Basis of allotment: Monday, November 10
- Refund initiation: Tuesday, November 11
- Shares credited to demat: Tuesday, November 11
- Listing date: Wednesday, November 12 (BSE and NSE)
IPO Details
Groww aims to raise ₹1,060 crore through a fresh issue and will also see an Offer for Sale (OFS) of 55.72 crore shares by existing shareholders.
Prominent selling investors include Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund.
Fund Utilisation
The net proceeds from the fresh issue will be used for:
- Cloud infrastructure expenses: ₹152.5 crore
- Brand development and performance marketing: ₹225 crore
- Inorganic growth and strategic investments
- Subsidiary support:
- Groww Creditserv Technology Pvt. Ltd (NBFC): ₹205 crore for capital augmentation
- Groww Invest Tech Pvt. Ltd: ₹167.5 crore for margin trading facility (MTF) operations
Company Overview
Founded in Bengaluru, Groww operates one of India’s largest digital investment platforms, offering retail investors a range of financial products such as stocks, mutual funds, derivatives, bonds, and IPOs.
As of June 30, 2025, Groww was India’s largest investment platform by active NSE users, with 12.6 million clients, representing a 26.3% retail market share.
The company reported a net profit of ₹1,824 crore in FY25, a sharp turnaround from a loss of ₹805 crore in FY24, while revenues surged 49% year-on-year to ₹3,902 crore. In Q1 FY26, Groww posted revenues of ₹904 crore and a profit of ₹378 crore, reflecting strong operational performance.
Peer Comparison
According to the red herring prospectus, Groww’s listed Indian peers include:
- Angel One Ltd (P/E: 19.80)
- Motilal Oswal Financial Services Ltd (P/E: 24.88)
- 360 One WAM Ltd (P/E: 45.20)
- Nuvama Wealth Management Ltd (P/E: 26.85)
- Prudent Corporate Advisory Services Ltd (P/E: 58.92)
Global peers mentioned include Robinhood Markets, Inc (P/E: 86.11), Interactive Brokers Group, Inc (P/E: 38.77), and Nordnet AB (P/E: 25.64).
Lead Managers and Registrar
The issue is being managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
The registrar to the issue is MUFG Intime India Pvt. Ltd.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice. Investors should carefully review the Red Herring Prospectus (RHP) and consult their financial advisors before making any investment decisions related to the IPO.
