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Updated - November 06, 2025 at 12:07 PM.

Billionbrains Garage Ventures Limited’s (Groww) initial public offering was fully subscribed on Thursday, the second day of bidding, receiving bids 1.07 times the shares on offer by 11.45 am. The ₹6,632 crore issue, priced at ₹95-100 per share, has garnered particularly strong interest from retail investors.

Retail Individual Investors (RIIs) have bid for shares 3.62 times their reserved portion, making them the most enthusiastic category. Non-Institutional Investors bidding between ₹2-10 lakh also showed robust demand at 2.02 times subscription. However, Qualified Institutional Buyers remain subdued with only 0.10 times subscription, primarily driven by mutual funds bidding for nearly 2 crore shares.

The overall Non-Institutional Investor category recorded 1.32 times subscription. The issue, which closes on November 7, comprises a fresh issue of ₹1,060 crore and an offer for sale of ₹5,572 crore.

Choice Equity Broking has assigned a “Subscribe for Long Term” rating, noting the company is valued at 33.1 times trailing twelve-month earnings, which “appears fully priced.” Anand Rathi Research concurred with a similar rating, stating the IPO “appears fully priced” at 33.8 times FY25 P/E but acknowledged Groww’s strong fundamentals and growth prospects.

Groww, India’s largest investment platform by NSE active users, reported revenue growth of 49.5 per cent year-on-year to ₹3,902 crore in FY25, with a profit margin of 46.8 per cent.

Published on November 6, 2025

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