Groww IPO

About Groww IPO

A 100% book-built offer, the IPO of Groww comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹1060 crores and the offer for sale has up to 557,230,051 equity shares, aggregating up to ₹5,572 crores. The price band is ₹95-₹100 per share and the lot size is 150. The IPO opens on November 4, 2025 and closes on November 7, 2025.

The allotment date of Groww IPO is on or about November 10, 2025. The credit of shares to the Demat accounts of the allottees will take place on or about November 11, 2025, while the initiation of refunds will also take place on November 11, 2025. The listing date for Groww IPO is on or about November 12, 2025.

Groww (Billionbrains Garage Ventures Ltd) is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It’s India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal loans.

Using the Groww app or website, customers can access tools, information and market insights across its products and services and build their investment and trading strategies. It provides customers a friendly design and deploy an in-house technology platform to enhance the investing experience.

Objectives of Groww IPO

The company proposes to utilise the IPO proceeds for:

• Expenditure towards cloud infrastructure
  
• Brand building and performance marketing activities
  
• Investment in one of its material subsidiaries, Groww Creditserv Technology (“GCS”), a non-banking financial company (“NBFC”), for augmenting its capital base
  
• Investment in one of its material subsidiaries, Groww Invest Tech (“GIT”), for funding its margin trading facility (“MTF”) business
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes
  

Industry Outlook

As of June 30, 2025, India’s equity market (across exchanges) reached a market capitalisation of ~₹462 trillion, solidifying its position as the fourth largest market globally after the US, China (including Hong Kong), and Japan, growing at a CAGR of ~17% over the last two decades. NSE is the third largest exchange globally by equity market trading volume as of March 2025.

Average daily turnover (“ADTO”) (Average value of securities traded on the exchange each day, indicating the liquidity and activity level of the market over a specific period) for the cash market segment stood at ~₹955 billion for Q4FY2025, leading to a share of 17.3% in global equity cash market trades for Q4FY2025.

In CY2024, India had 960 - 980 million bank-account holders. There are ~55 million unique mutual fund investors in June 2025. As per NSE data, ~48 million are NSE active clients as of June 30, 2025. As per NSE data, the number of NSE active clients as of March 31, 2025, reached ~49 million while the same was ~5 million on March 31, 2016.

This implies that the NSE active clients have grown ~10 times between March 31, 2016, and March 31, 2025. There’s a significant potential for expansion in India’s capital markets, supported by large pool of individuals equipped to participate in equities

Groww Company Information

Groww operates under its parent entity, Billionbrains Garage Ventures Ltd. Groww (Billionbrains Garage Ventures Ltd) is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It’s India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products.

They can also avail margin trading facility and personal loans. Using the Groww app or website, customers can access tools, information and market insights across its products and services and build their investment and trading strategies. It provides customers a friendly design and deploys an in-house technology platform to enhance the investing experience.

Strengths of Groww IPO

• A well-known and preferred brand for investing across cities, towns and villages in India
  
• High customer retention, engagement and price in-elasticity
  
• Customer-friendly design for enhancing investing experience
  
• In-house technology stack to deliver a differentiated experience at low cost
  
• Entrepreneurial and ownership-driven culture
  
• Strong execution delivering growth and profitability
  

Risks of Groww IPO

• Downturn or disruption of the financial markets may have a material adverse effect on business and financial condition
  
• System failures and interruptions could adversely affect the availability or performance of website, mobile applications or platform, and adversely impact business
  
• Downturn in customers’ willingness to use its broking services could have an adverse impact on business, financial condition and cash flows
  
• Changing laws, rules and regulations may adversely affect business, prospects and results of operations
  
• Failure to retain or acquire customers may adversely impact operations, financial condition and results of operations
  
• Inability to generate adequate revenue growth and manage expenses and cash flows can affect profitability
  
• Actual or perceived cybersecurity, data or privacy breach could interrupt operations and adversely affect the company’s reputation and brand
  
• Any downturn in its subsidiaries performance could have a material adverse impact on business, financial condition, cash flows, and results of operations.
  
• Continuous financial support to subsidiaries may adversely affect consolidated results of operations
  
• Failure to generate sufficient cash from operations could adversely affect liquidity and its ability to fund operations.
  

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 3, 2025.

IPO Registrar and Book Running Lead Managers

• Registrar: MUFG Intime India
• Book Running Lead Managers: JP Morgan India, Kotak Mahindra Capital Company, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors

Groww Business Model

With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal loans. Its main revenue streams include fees and commissions, and interest earned on fixed deposits earmarked with stock exchanges, personal loans and margin trading facility.

Groww Growth Trajectory

The revenue from operations of Groww increased from ₹1141.526 crores in FY 23 to ₹3901.723 crores in FY 25. The number of active users on Groww’s platform grew at a CAGR of 52.74% from the beginning of fiscal 2023 through the three months ended June 30, 2025.

Groww Market Position

Groww is the highest rated investing app in India, with a rating of 4.61 out of 5 on Google Play as of June 30, 2025. It’s also the highest ranked (in the investment category) investment app on App Store in India as of June 30, 2025, based on the search results from App Store.

The company’s revenue from operations grew at a CAGR of 84.88% from fiscal 2023 to fiscal 2025, making Groww one of the two fastest growing companies amongst the top 10 brokers as per NSE active customers as of June 30, 2025, according to the Redseer Report.

How to Apply for Groww IPO?

• Log in to your Kotak Neo Demat account
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

Check Groww IPO Allotment Status