Groww IPO GMP Update: Issue gets fully subscribed on Day 2, retail portion booked over 3X

New Delhi: The initial public offering of Billionbrains Garage Ventures, the parent company of stock broking firm Groww, got fully subscribed on the second day of share sale on Thursday.

Groww IPO Subscription Day 2

The company's IPO received bids for 39,16,33,950 shares, as against 36,47,76,528 shares on offer, translating into 1.07 times subscription, as per data available with the NSE till 11:45 hours.

Retail Individual Investors (RIIs) part received 3.62 times subscription, while the quota for non-institutional investors got subscribed 1.32 times.

The category for Qualified Institutional Buyers (QIBs) fetched 10 per cent subscription.

Groww IPO GMP Update

As of November 6, Groww’s IPO is commanding a grey market premium (GMP) of about Rs 11.5, translating to a 11.5% gain over its issue price of Rs 100, with an estimated listing price of around Rs 111-112 per share.

The highest GMP for Groww at one point was around Rs 16-17 per share.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Groww IPO Structure

Billionbrains Garage Ventures on Monday garnered a little over Rs 2,984 crore from anchor investors.

The company's Rs 6,632 crore IPO would conclude on Friday.

The firm has fixed a price band of Rs 95-100 per share for its IPO, targeting a valuation of over Rs 61,700 crore (about USD 7 billion).

The IPO has a fresh issue of equity shares worth Rs 1,060 crore along with an Offer-for-Sale (OFS) component of 55.72 crore equity shares.

The company, which is backed by marquee investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds from the IPO to invest in technology development and business expansion.

Groww IPO Purpose

Of the fresh issuance, Rs 225 crore will be used for brand building and performance marketing activities, and Rs 205 crore will be invested in Groww Creditserv Technology Pvt Ltd (GCS), the NBFC arm, to augment its capital base.

Additionally, Rs 167.5 crore will be infused into Groww Invest Tech Pvt Ltd (GIT) to fund its margin trading facility business, while Rs 152.5 crore has been earmarked to strengthen cloud infrastructure.

The balance will be utilised for funding inorganic growth through acquisitions and for general corporate purposes.

About Groww

Headquartered in Bengaluru, Groww filed draft papers in May with markets regulator Sebi for an IPO through a confidential pre-filing route and received Sebi's approval in August.

Groww opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

Founded in 2016, Groww emerged as India's largest stockbroker, with over 12.6 million active clients and a market share of over 26 per cent as of June 2025.

Groww will make its stock market debut on November 12.