The initial public offering (IPO) of Billionbrains Garage Ventures Pvt Ltd, the parent firm of online investment platform Groww, was fully subscribed on the second day of bidding, or November 6, despite a marginal dip in grey market premium (GMP) for the Rs 6,632 crore issue.
Retail Investors Drive Groww IPO Subscription
By 11:15 AM, data from the National Stock Exchange (NSE) showed that Groww’s IPO had received bids for nearly 37 crore shares, against an offer size of 36.47 crore shares, translating to 101 per cent subscription.
Retail investors led the surge, subscribing their reserved portion 3.41 times (341 per cent), while the Non-Institutional Investors (NII) category was also fully booked at 121 per cent. Qualified Institutional Buyers (QIBs) had subscribed 10 per cent of their allocated quota by the same time.
Groww IPO Grey Market Premium Slips Slightly
Ahead of the listing, the company’s unlisted shares were trading with a 13 per cent grey market premium (GMP) over the issue price, as per Investorgain. This is a decline from the 14.75 per cent recorded on Tuesday and the 16.70 per cent seen before the IPO opened for subscription.
According to IPO Watch, Groww’s unlisted shares were trading with a 14 per cent GMP over the IPO price.
Groww IPO Details: Price Band, Issue Size, And Listing Date
The Groww IPO opened for public subscription on November 4 and will close on November 7, with a price band of Rs 95 – Rs 100 per share. The company aims to raise Rs 6,632.30 crore, including a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of 55.72 crore shares worth Rs 5,572.30 crore by existing investors.
The share allotment is expected to be finalised by November 10, and listing on stock exchanges is likely on November 12. Investors can bid for a minimum of 150 shares, amounting to approximately Rs 15,000 at the upper end of the price range.
Groww, one of India’s largest retail investment platforms, is backed by major global investors including Peak XV Partners, YC Holdings, Tiger Global Management, and Sequoia Capital.
