“Congrats on the IPO and best of luck,” Kamath posted on X (formerly Twitter). Then came the punchline. “Btw, about 20% of all Groww IPO applications are from @zerodhaonline customers.” The tongue-in-cheek remark showed grace even amid competition.
Groww IPO off to a decent start
Groww’s public issue opened on November 4 and by the end of Day 1, it had received bids for 20.6 crore shares as against 36.47 crore shares on offer, translating to 57% overall subscription.
The retail portion was the most enthusiastic — subscribed nearly two times — while the qualified institutional buyers (QIB) and non-institutional investors (NII) categories were slower on Day 1 but are expected to build momentum over the next sessions.
The IPO, which aims to raise Rs 6,632 crore, includes a fresh issue of shares worth Rs 1,060 crore and an offer for sale (OFS) of 55.7 crore shares by existing investors.
Groww has set its price band at Rs 95–100 per share, valuing the company at close to Rs 60,000 crore at the upper end. The offer closes on November 7, with listing likely on November 12 on both NSE and BSE.Groww and Zerodha may be fierce competitors, but both have built massive retail investor bases by simplifying investing for millions of first-time users.While Groww has now overtaken Zerodha in active client numbers — 12.07 million versus 7.26 million, according to NSE data — Zerodha remains India’s most profitable broker, posting Rs 8,500 crore revenue and Rs 4,200 crore profit in FY25.
Groww, on the other hand, reported Rs 3,902 crore in revenue and Rs 1,824 crore profit in FY25, a sharp turnaround from losses the previous year.
That financial muscle means both platforms are shaping the future of India’s investing ecosystem — Groww with its youthful, app-first user base and Zerodha with its deep, loyal trading community.