In the grey market, the IPO’s GMP (grey market premium) has eased to an 11% premium, down from an earlier 14.75%. The public issue, which opened on November 5, will close today, November 7.
Brokerage houses including SBI Securities, Religare Securities, and Anand Rathi have all issued a ‘Subscribe’ recommendation, citing the company’s strong brand presence and growth prospects.
Groww IPO subscription status update
As per data available on the BSE, the Groww IPO was subscribed 1.64 times overall by the end of Day 2.
The issue saw strong participation from Retail Individual Investors (RIIs), who bid for 5.02 times the 6.63 crore shares reserved for them. Non-Institutional Investors (NIIs) subscribed 2.26 times the 9.94 crore shares set aside for their category.
Meanwhile, Qualified Institutional Buyers (QIBs) subscribed to 20% of their 19.89 crore shares allocation, suggesting that institutional investors are likely adopting a wait-and-watch approach, possibly assessing broader market trends before making significant bids.
Overall, the subscription data highlights robust retail enthusiasm, with institutional participation expected to strengthen as the IPO moves into its final day.
Groww IPO GMP today
As of November 7, 2025, the Groww IPO is trading at a grey market premium (GMP) of Rs 11, or about 11% above its issue price of Rs 100, indicating an expected listing price of around Rs 111. This marks a slight decline from the earlier 14.5% premium observed in the grey market.
However, investors should note that the GMP is an unofficial indicator and does not guarantee the stock’s listing price. It merely reflects market sentiment and speculative demand ahead of the IPO’s market debut.
IPO structure and use of proceeds
The Groww IPO comprises a fresh issue of Rs 1,060 crore and an Offer for Sale (OFS) worth Rs 5,572 crore by existing shareholders. Proceeds from the fresh issue will be used to strengthen cloud infrastructure, enhance brand-building and marketing initiatives, and provide capital support to subsidiaries — Groww Creditserv Tech (for NBFC operations) and Groww Invest Tech (for margin trading activities).
The IPO is being jointly managed by Kotak Mahindra Capital, JP Morgan, Citigroup, Axis Capital, and Motilal Oswal Investment Advisors, while MUFG Intime serves as the registrar.
Bidding for the IPO opened on November 4, 2025, and will close on November 7, 2025. The basis of allotment is expected to be finalised on November 10, 2025, with the company’s listing on the BSE and NSE likely on November 12, 2025.
A digital-first market leader
Founded in 2017 by former Flipkart executives Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww has rapidly emerged as India’s largest retail investing platform, boasting 47.9 million active NSE users as of June 2025 — a ninefold increase since 2016.
Headquartered in Bengaluru, Groww operates a direct-to-consumer digital platform offering investments and trading across stocks, mutual funds, derivatives, bonds, ETFs, IPOs, and digital gold, along with margin trading and personal loan services.
Known for its intuitive user experience, transparent pricing, and scalable technology, Groww has built an extensive nationwide footprint — covering over 98% of Indian pin codes, with 81% of its active users located outside the top six cities. This reflects the company’s deep market penetration and strong brand resonance among India’s growing base of retail investors.
Financials and performance
In FY25, Groww reported operating revenue of Rs 3,901 crore, representing a 49% year-on-year growth, along with a profit after tax (PAT) of Rs 1,824 crore — a remarkable turnaround from earlier losses. The company’s EBITDA margin expanded to 60.8%, highlighting the efficiency of its asset-light business model and strong customer retention.
Approximately 78% of new users were acquired organically, reducing marketing costs and further boosting profitability.
Groww serves a broad spectrum of investors, from aspirational retail investors (with assets below Rs 25 lakh) to affluent clients who generate higher average revenue per user (ARPU). The ARPU increased to Rs 3,339 in FY25, compared to Rs 2,541 in FY23, reflecting enhanced monetisation and deeper user engagement across its platform.
Broker recommendations
SBI Securities:
SBI Securities has assigned a “Subscribe” rating to the Groww IPO, highlighting the company’s market leadership with 12.6 million active NSE clients and strong growth in mutual fund AUM and SIP inflows. The brokerage expects Groww to sustain its dominance in the retail investing space, supported by ongoing technology innovation and continued product diversification.
Anand Rathi:
Anand Rathi has issued a “Subscribe – Long Term” recommendation, stating that while the IPO appears fairly valued, it rests on solid business fundamentals and high user engagement levels. The firm believes that Groww’s expansion into new asset classes — including margin trading facilities (MTF), wealth management, and bonds — will act as key long-term growth catalysts.
SMIFS:
SMIFS recommended Subscribe for long-term gains, appreciating Groww’s integrated digital ecosystem and rapid growth in active clients. It highlighted the company’s expansion in mutual funds and F&O, calling the business scalable and profitable over time.
Bajaj Broking:
Bajaj Broking took a neutral stance (non-rated) but acknowledged Groww’s strong retail presence and 42% CAGR in active clients over FY22–FY25. It pegged valuation at 29.9x FY25 earnings and said the company was well placed to capture India’s expanding investing base.
Kunvarji Wealth Solutions:
Kunvarji Wealth Solutions has rated the issue “Subscribe (Medium to Long Term)”, emphasising Groww’s strong customer retention, in-house technology capabilities, and scalable, mobile-first platform. The brokerage views Groww’s operational efficiency and digital-first approach as significant competitive advantages within the fintech ecosystem.
Religare Securities (WealthVia Research):
Religare’s WealthVia Research team described Groww as a “fintech infrastructure company in the making”, assigning a “Subscribe” rating. The report highlighted the launch of Groww Creditserv (NBFC) as a strategic step that integrates lending into its broader investment ecosystem, enhancing the company’s revenue diversity and customer value proposition.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)