The Groww IPO allotment is being finalised today, and the stock is expected to debut on the NSE and BSE on November 12. The public issue was a mix of a fresh issue worth Rs 1,060 crore and an offer for sale of Rs 5,572 crore, priced in the Rs 95–100 band.
Strong demand, but fading enthusiasm
The IPO received a strong response across investor categories, with the issue subscribed 17.6 times overall. Qualified institutional buyers (QIBs) led the show with a 22x subscription, followed by non-institutional investors (14.2x) and retail investors (9.4x).
Despite this strong demand, the fall in GMP from Rs 16 at its peak to Rs 5 now reflects a more realistic market tone after the Lenskart listing disappointment, where the stock debuted nearly 19% below its IPO price.
While Groww’s brand and profitability are positives, valuation concerns and risk aversion toward new-age tech IPOs are weighing on short-term sentiment.
India’s fintech favourite
Founded in 2017, Groww is among India’s most popular investment platforms, offering access to mutual funds, stocks, ETFs, derivatives, and IPOs. Its easy-to-use mobile app and focus on first-time investors have helped it gain strong traction among millennials and small-town users.
The company reported a net profit of Rs 1,824 crore in FY25 on a revenue of Rs 4,061 crore, marking a 45% rise in revenue and a 327% jump in profits from the previous year.However, analysts point out that the stock’s valuation of nearly 40x FY25 earnings is fully priced. Groww is expected to see a mildly positive listing given the subdued GMP.Still, experts believe Groww’s fundamentals remain strong. The company has a dominant share in India’s retail investing space, high user engagement, and improving profitability.
With the allotment likely later today and listing around the corner, all eyes are on whether Groww can defy the dull mood and deliver a better debut than Lenskart.