Groww IPO debuts with 14% premium on listing day
Groww IPO debuts with 14% premium on listing day
Groww lists at 14% above issue price on Dalal Street, with strong demand and early gains for retail and HNIs as GMP chatter swirls.
Shares of Billionbrains Garage Ventures, the parent company of Groww, made a strong Dalal Street debut on Wednesday, November 12 as the new-age broking firm and financial solutions player was listed at Rs 114 on BSE, a premium of 14% over its issue price of Rs 100. The stock kicked off its maiden trading session with a premium of 12% at Rs 112 on NSE. The IPO was priced in a band of Rs 95-100 per share with a lot size of 150 shares and aimed to raise Rs 6,632.30 crore through a fresh share sale of Rs 1,060 crore and an offer-for-sale of up to 55,72,30,051 equity shares.
Ahead of listing, the grey market premium hovered around Rs 5 in the unofficial market, suggesting a listing pop above 5%. By the time trading began, retail investors who got a single lot of 150 equity shares were already in the green, making a profit of Rs 2,100 on their Rs 15,000 investment. High net-worth investors who received 14 lots (2,100 shares) booked a profit of roughly Rs 29,400 on an investment of Rs 2,10,000.
The issue was overall subscribed 17.60 times during the three-day bidding window. Qualified institutional buyers were subscribed 22.02 times, non-institutional investors 14.20 times, and retail investors 9.43 times. Groww, founded in 2017, is described as a new-age broking and financial solutions platform looking to expand its footprint in India’s evolving fintech and investment space.
Cover image source: Groww IPO shares to make market debut today; will they deliver any surprise? 🔗
