Brokerage firms 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, Groww’s IPO had been subscribed to a total of 1.64 times at the end of Day 2.
The issue saw strong participation from Retail Individual Investors (RIIs), who bid for 5.02 times the shares of Rs 6.63 crore reserved for them. Non-institutional investors (NIIs) subscribed 2.26 times the Rs 9.94 crore shares reserved for their category.
Meanwhile, Qualified Institutional Buyers (QIBs) have subscribed to 20% of their equity allocation of Rs 19.89 crore, indicating that institutional investors are likely to take a wait-and-see approach and may assess broader market trends before making a significant bid.
Overall, the subscription data indicates robust enthusiasm among the retail industry, with institutional participation expected to increase as the IPO enters its final day.
Groww IPO GMP today
As of November 7, 2025, Groww’s IPO will trade at a gray market premium (GMP) of Rs 11, or around 11% above the issue price of Rs 100, indicating an expected listing price of around Rs 111. This marks a slight decline from the previous premium of 14.5% observed in the gray 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 destination of proceeds
Groww’s IPO includes 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 new 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 operations).
The IPO is jointly managed by Kotak Mahindra Capital, JP Morgan, Citigroup, Axis Capital and Motilal Oswal Investment Advisors, while MUFG Intime serves as the registrar.
The bidding for the IPO began on November 4, 2025 and will end on November 7, 2025. The allotment basis is expected to be finalized on November 10, 2025, with the company’s listing on the BSE and NSE likely to take place 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 quickly become India’s largest retail investing platform, with 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 that offers investments and trading in equities, mutual funds, derivatives, bonds, ETFs, IPOs and digital gold, along with margin trading and personal lending services.
Known for its intuitive user experience, transparent pricing and scalable technology, Groww has built an extensive nationwide footprint – covering over 98% of India’s PINs, while 81% of active users are outside the top six cities. This reflects the company’s deep market penetration and strong brand resonance among India’s growing retail investor base.
Financial figures and performance
In FY25, Groww reported an operating revenue of Rs 3,901 crore, registering a 49% year-on-year growth, along with a profit after tax (PAT) of Rs 1,824 crore – a remarkable turnaround from previous losses. The company’s EBITDA margin increased 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 increasing profitability.
Groww serves a broad spectrum of investors, from ambitious retail investors (with assets under Rs 25 lakh) to affluent customers generating higher average revenue per user (ARPU). ARPU rose to Rs 3,339 in FY25, compared to Rs 2,541 in FY23, due to improved monetization and deeper user engagement across the platform.
Broker recommendations
SBI securities:
SBI Securities has assigned a ‘Subscribe’ rating to the Groww IPO, underscoring the company’s market leadership with 12.6 million active NSE customers and strong growth in mutual fund AUM and SIP inflows. The brokerage expects Groww to maintain its dominance in retail investment, supported by continued technological innovation and continued product diversification.
Anand Rathi:
Anand Rathi has issued a ‘Subscribe – Long Term’ recommendation, stating that while the IPO appears reasonably valued, it rests on solid business fundamentals and a high level of user engagement. The company believes that Groww’s expansion into new asset classes – including margin trading facilities (MTF), asset 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 customers. It highlighted the company’s expansion in mutual funds and F&O, making the company scalable and profitable over time.
Bajaj Broking:
Bajaj Broking took a neutral stance (unrated) but acknowledged Groww’s strong retail presence and 42% CAGR among active customers over FY22-FY25. It pegged the valuation at 29.9x FY25 earnings and said the company was well positioned to leverage India’s growing investment base.
Kunvarji Power Solutions:
Kunvarji Wealth Solutions has rated the issue as ‘Subscribe (Medium to Long Term)’, highlighting 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 Effects (WealthVia Research):
Religare’s WealthVia Research team described Groww as a “fintech infrastructure company in the making” and assigned a “Subscribe” rating. The report highlighted the launch of Groww Creditserv (NBFC) as a strategic move that integrates lending into the broader investment ecosystem, increasing the company’s revenue diversity and customer value proposition.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times.)
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