In November 2025, India’s primary markets will see one of the most-awaited technology–financial services listings as Groww (Billionbrains Garage Ventures Ltd.) heads to the bourses. After a strong run in digital broking, mutual funds, and wealth-tech platforms, Groww is tapping the capital markets to fund technology, brand building, and expansion of its lending/MTF businesses. The issue opens on November 4, 2025.
About Groww (Billionbrains Garage Ventures Ltd.)
Incorporated in 2017 and headquartered in Bengaluru, Groww is a direct-to-customer digital investment platform that enables retail investors to invest in:
- Mutual funds, stocks, F&O, ETFs, IPOs
- Digital gold and U.S. stocks
- Credit and margin trading facilities through its NBFC/MTF arms
Groww is known for its simple app interface, pan-India brand recall, and low-cost, tech-first stack. Its business model is driven by:
- Growing its customer base, especially in Tier-2/3 India
- Deepening relationships with existing customers via more products (MFs → Stocks → F&O → Credit → AMC)
Products & Services:
- Broking (equities, F&O)
- Investment products (mutual funds, NFOs, ETFs, IPOs)
- Margin Trading Facility (MTF)
- Credit solutions
- Groww AMC (to strengthen its asset management presence)
As of June 30, 2025, Groww had 1,415 employees.
Promoters:
- Lalit Keshre
- Harsh Jain
- Ishan Bansal
- Neeraj Singh
Groww IPO Details
| IPO Date | November 4, 2025 to November 7, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹95 to ₹100 per share |
| Lot Size | 150 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 66,32,30,051 shares (aggregating up to ₹6,632.30 Cr) |
| Fresh Issue | 10,60,00,000 shares (aggregating up to ₹1,060.00 Cr) |
| Offer for Sale | 55,72,30,051 shares of ₹2 (aggregating up to ₹5,572.30 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,06,75,96,631 shares |
| Share Holding Post Issue | 6,17,35,96,631 shares |
| Lead Manager | Kotak Mahindra Capital Co. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Nov 4, 2025 |
| IPO Close Date | Fri, Nov 7, 2025 |
| Basis of Allotment (Tentative) | Mon, Nov 10, 2025 |
| Initiation of Refunds | Tue, Nov 11, 2025 |
| Credit of Shares to Demat | Tue, Nov 11, 2025 |
| Listing Date (Tentative) | Wed, Nov 12, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 7, 2025 |
Groww IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the net offer |
| NII | Not more than 15% of the net offer |
| Retail | Not more than 10% of the net offer |
Groww IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 150 | ₹15,000 |
| Retail (Max) | 13 | 1,950 | ₹1,95,000 |
| s-HNI (Min) | 14 | 2,100 | ₹2,10,000 |
| s-HNI (Max) | 66 | 9,900 | ₹9,90,000 |
| b-HNI (Min) | 67 | 10,050 | ₹10,05,000 |
Groww Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 28% |
Groww (Billionbrains Garage Ventures Ltd.) Financials
Financial Information (Restated Consolidated, ₹ in Crore):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 12,713.18 | 10,077.31 | 10,819.10 | 8,017.97 | 4,807.78 |
| Total Income | 948.47 | 4,061.65 | 1,047.58 | 2,795.99 | 1,260.96 |
| Profit After Tax | 378.37 | 1,824.37 | 338.01 | -805.45 | 457.72 |
| EBITDA | 418.75 | 2,371.01 | 482.66 | -780.88 | 398.78 |
| Net Worth | 5,995.45 | 4,855.35 | 2,886.28 | 2,542.64 | 3,316.75 |
| Reserves & Surplus | 5,506.78 | 3,251.92 | 2,821.41 | 2,477.76 | 4,445.63 |
| Total Borrowing | 324.08 | 351.99 | 117.66 | 24.06 | — |
Key Performance Indicators (KPI):
| KPI | Value |
| Market Cap | ₹61,735.97 Cr |
| RoNW | 37.57% |
| PAT Margin | 44.92% |
| EBITDA Margin | 59.11% |
| Price to Book Value | 11.76 |
EPS | P/E Ratio
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | 3.01 | 2.45 |
| P/E (x) | 33.26 | 40.79 |
Objects of the Issue (Use of Proceeds)
| S.No. | Objects of the Issue | Amount (₹ in Cr) |
| 1 | Expenditure towards cloud infrastructure | 152.50 |
| 2 | Brand building and performance marketing | 225.00 |
| 3 | Investment in material subsidiary GCS (NBFC) to augment its capital base | 205.00 |
| 4 | Investment in material subsidiary GIT for funding its MTF business | 167.50 |
| 5 | Funding inorganic growth via acquisitions and general corporate purposes | Balance |
This mix makes it clear Groww is using the fresh issue mostly to strengthen tech + brand + lending/MTF rails, while the bulk of the issue value is OFS from existing shareholders.
Groww: Industry Outlook
- Retail investing in India has seen strong growth with demat accounts crossing hundreds of millions by mid-2020s, with high adoption from Tier-2/3 cities.
- Digital-first brokers like Groww benefit from:
- lower acquisition costs,
- higher engagement through MF + stock + IPO in the same app,
- ability to cross-sell credit/MTF/AMC products.
- Regulatory environment continues to encourage transparency and digitisation in broking and mutual funds.
- With increasing financialization of savings, platforms with strong brand recall and product depth are best positioned to capture lifetime value.
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Conclusion
The Groww IPO is a rare, large-cap fintech + broking + investment platform listing. The company has:
- strong brand recall,
- rapidly rising revenues (45%+ jump),
- a turnaround from losses (FY24) to strong profitability (FY25),
- and a clear plan to deploy fresh capital into tech, marketing, and scaling MTF/NBFC operations.
However, investors should note:
- this is a highly valued, high-growth tech-financial business (pre-IPO P/E ~33x, post-IPO ~41x),
- bulk of the issue is offer for sale (OFS) — i.e. existing shareholders partially exiting,
- post-listing performance will depend on growth sustaining at FY25 levels and on competitive intensity in broking/wealth-tech.
For investors comfortable with growth + fintech + premium valuation, Groww can be a consideration; conservative investors may prefer to watch listing and post-listing numbers before entering.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
