Key Points:
- Groww IPO raised Rs 2,984.5 crore from anchor investors.
- IPO includes Rs 1,060 crore fresh issue and Rs 5,572.3 crore offer for sale.
- Q1 profit Rs 378.4 crore; listing on Nov 12.
Bengaluru-based Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, has raised Rs 2,984.5 crore from 102 institutional investors through its anchor book on Nov. 3. The anchor placement came a day before the company’s Rs 6,632-crore initial public offering (Groww IPO) opened for public subscription on Nov. 4.
The IPO will remain open until Nov. 7, with Nov. 5 declared a market holiday for Prakash Gurpurb Sri Guru Nanak Dev. The price band has been fixed between Rs 95 and Rs 100 per share.
Fresh issue and offer for sale
The company plans to raise Rs 1,060 crore through a fresh issue of shares as part of the Groww IPO. Existing investors, including Peak XV Partners, YC Holdings, Tiger Global Management, Sequoia Capital, Alkeon Capital Management, and Ribbit Capital, will sell 55.72 crore shares valued at Rs 5,572.3 crore at the upper price band.
On Monday, Groww finalized the allocation of over 29.84 crore shares to anchor investors at Rs 100 per share. Prominent global investors such as Goldman Sachs, Morgan Stanley, the Government of Singapore, the Monetary Authority of Singapore, the Abu Dhabi Investment Authority, Prudential HK, Eastspring Investments, and Wellington Management participated in the anchor book.
Strong domestic fund participation
According to the company’s exchange filing, 13.89 crore shares, representing 46.6 percent of the total anchor allocation, were allotted to 17 domestic mutual funds through 54 schemes. Major domestic participants in the Groww IPO included HDFC Asset Management Company (AMC), Kotak Mahindra AMC, SBI Mutual Fund, Axis Mutual Fund, Nippon Life India, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Mirae Asset, and Tata Mutual Fund.
Utilization of proceeds
Groww plans to allocate Rs 152.5 crore of the fresh issue proceeds toward cloud infrastructure, and Rs 225 crore for brand building and performance marketing. Another Rs 205 crore will go to strengthen the capital base of its non-banking financial company (NBFC) subsidiary, Groww Creditserv Technology (GCS), while Rs 167.5 crore will support margin trading facility (MTF) operations of its subsidiary, Groww Invest Tech (GIT). The remainder will fund acquisitions and general corporate purposes.
Company performance and business overview
Founded by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh—former colleagues at Flipkart India—Billionbrains Garage Ventures operates Groww, which offers investment opportunities across multiple financial products. The company claims to be India’s largest investment platform by active users on the National Stock Exchange (NSE).
Groww competes with listed entities such as Angel One, Motilal Oswal Financial Services, 360 ONE Wealth Asset Management, and Nuvama Wealth Management. For the quarter ended June 2025, Groww reported a profit of Rs 378.4 crore, up from Rs 338 crore in the same period last year. However, revenue fell to Rs 904.4 crore from Rs 1,000.8 crore in the year-ago quarter.
Listing and management details
The company will finalize Groww IPO share allotments by Nov. 10, with trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) scheduled to begin on Nov. 12.
Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are the merchant bankers managing the IPO.
With strong interest from both global and domestic institutional investors, the Groww IPO is expected to draw significant attention in India’s capital markets this week.
