- The anchor book opening on Monday, November 3.
- Bids can be made for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter.
- Fresh Issue to Fuel Tech Expansion, Marketing and NBFC Growth
- Strong FY25 Profitability and 11.8% SIP Market Share Underscore Fintech’s Industry Leadership
- Listing on NSE & BSE Slated for November 14; Kotak, JP Morgan, Citi, Axis, and Motilal Oswal as BRLMs
NE BUSINESS BUREAU
AHMEDABAD, OCT 31
Billionbrains Garage Ventures Ltd, the parent company of Groww, India’s largest online investment platform, on Friday announced it will launch the Initial Public Offering (IPO) on Tuesday, November 4, 2025, with a price band of ₹95–₹100 per share. The issue will close on Friday, November 7, with the anchor book opening on Monday, November 3.
Bids can be made for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter.
Issue Size and Structure
The IPO comprises a fresh issue of ₹1,060 crore and an Offer for Sale (OFS) of 55.72 crore equity shares worth ₹5,572.3 crore, taking the total issue size to ₹6,632.3 crore at the upper price band. The offering values the Bengaluru-based fintech at over ₹61,700 crore (USD 7 billion).
Promoters Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal will each offload up to 1 million shares, representing a modest 0.07% of total equity. Key investors participating in the OFS include Peak XV Partners, YC Holdings II, Ribbit Capital, GW-E Ribbit Opportunity, Internet Fund VI, Alkeon Innovation Master Fund, Propel Venture Partners, and Sequoia Capital Global Growth Fund III.
Founders hold 27.97% equity and have agreed to a 20% lock-in for 1.5 years post-listing, demonstrating long-term confidence in the company.
Reservation and Listing
The share allocation pattern will see 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. Investors can bid for a minimum of 150 equity shares and multiples thereafter.
Groww’s shares will list on both NSE and BSE on November 14, 2025, with a grey market premium (GMP) of ₹10, hinting at a 10% listing gain.
Use of IPO Proceeds
The fresh issue proceeds will be deployed strategically to strengthen Groww’s technology, marketing, and financial services footprint:
- ₹225 crore for brand building and performance marketing.
- ₹205 crore to Groww Creditserv Technology Pvt. Ltd. (NBFC arm) for capital augmentation.
- ₹167.5 crore to Groww Invest Tech Pvt. Ltd. (MTF business) for margin funding.
- ₹152.5 crore for enhancing cloud and IT infrastructure.
- Balance to be used for acquisitions and general corporate purposes.
Financial Performance
Groww reported robust profitability in FY25, clocking a net profit of ₹1,824.37 crore on revenue of ₹4,061.65 crore, reversing losses from FY24. In Q1 FY26, it posted a net profit of ₹378.37 crore on ₹948.47 crore revenue.
The company maintains a contribution margin of 85% and a net profit margin of 44%, reflecting its lean, direct-to-customer digital model.
Groww commands over 34,000 crore SIP inflows, representing 11.8% of India’s mutual fund industry share, according to AMFI data. Over 80% of new users are acquired organically, with a 77% three-year retention rate.
Business Overview
Founded in 2017, Groww has evolved into India’s largest digital investment ecosystem, offering products across mutual funds, stocks, F&O, ETFs, IPOs, digital gold, US equities, and wealth management. Its app remains the most popular among mutual fund investors and has expanded into commodities, loans against shares, and algorithmic trading.
Book Running Lead Managers (BRLMs)
Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets, Axis Capital, and Motilal Oswal Financial Services are the Book Running Lead Managers, while MUFG Intime India acts as the Registrar to the issue.
Strategic Outlook
The company aims to channel IPO proceeds toward deepening financial inclusion through technology, expanding its NBFC and margin trading ecosystem, and strengthening its digital moat across Tier-II and Tier-III cities.
As India’s capital markets see a surge in first-time investors, Groww’s IPO marks a defining moment for the fintech sector — combining scale, profitability, and purpose-driven digital innovation.
