Groww announces IPO dates as regulatory uncertainty looms for stockbrokers

Online brokerage Groww will kick off one of the most anticipated public releases of the year in the first week of November. The issue opens for public subscription on November 4 and closes on November 7. The price range will be announced later today, marking the formal start of its journey to the public markets.

The IPO, which will include a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of 55.72 crore shares by early backers Peak

Groww’s parent company, Billionbrains Garage Ventures, is reportedly targeting a valuation of up to $8 billion (about Rs 70,400 crore) through the IPO. The issue will be managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors.

The listing follows a successful October that already saw major offerings like Tata Capital (Rs 15,500 crore) and LG Electronics India (Rs 11,600 crore), while Lenskart’s Rs 2,150 crore IPO was set to open on October 31.

Interestingly, Groww’s unlisted shares have seen sharp volatility ahead of the issuance, down as much as 17% in the past month, reflecting caution on valuation.

The fundamentals seem healthy. The Bengaluru-based fintech, which counts Microsoft CEO Satya Nadella among its investors, has quickly grown from an exchange platform to a full-fledged financial services marketplace spanning asset management, commodities, margin trading facilities (MTF) and lending against equity. Groww reported a net profit of Rs 1,824 crore in FY25, a sharp turnaround from a loss of Rs 805 crore in FY24, while revenues soared 49% year-on-year to Rs 3,902 crore. In the first quarter of FY26, the company posted revenues of Rs 904 crore and profits of Rs 378 crore, underscoring the strong momentum. As of June 2025, Groww had 12.6 million active customers on the NSE, translating into a 26.3% market share among retail investors – a level that puts it neck-and-neck with older players like Zerodha and Angel One.

While Zerodha is still the industry benchmark with a turnover of Rs 8,370 crore in FY24 and a profit of Rs 4,700 crore, Groww’s growth rate and expansion of new products have made it the fastest growing fintech brokerage in India.

The IPO comes as the brokerage industry grapples with tighter regulation of futures and options (F&O) trading, which has hit retail volumes. However, Groww’s diversified business model – which combines investments, lending and asset services – could help mitigate these headwinds.

If successful, Groww’s stock market listing could become a defining moment for India’s new fintech sector, following in the footsteps of Paytm and Zomato – but with a stronger path to profitability.