Updated: 6 Nov 2025, 4:45 pm IST
What happened today (6 Nov)
- The ₹6,632.3‑crore Groww IPO was fully subscribed on Day 2, with overall bids at 1.47x by mid‑afternoon; retail participation led the charge at 4.65x, NIIs at 1.88x, and QIBs at 0.20x (as per NSE data tracked during the session).
- Grey market premium (GMP) cooled through the day, fluctuating in the ~11–15% range versus the issue price.
- Zerodha’s Nithin Kamath congratulated Groww and said about 20% of Groww IPO applications are coming from Zerodha customers, underscoring crossover retail interest.
- A broad “Subscribe” chorus from top brokerages continued today, with some caution on valuation. The Economic Times
Subscription status: the scoreboard at a glance
- Overall: 1.47x (147%)
- Retail: 4.65x (465%)
- NII/HNI: 1.88x (188%)
- QIB: 0.20x (20%)
Snapshot reflects live tallies captured around 3:24 pm IST on Day 2. Final end‑of‑day figures can vary once the exchanges publish consolidated data.
A separate mid‑day cut from global wires also flagged the issue as “fully booked” by late morning today, driven by retail demand. Reuters
Price band, lot size, structure, and key dates
- Price band: ₹95–₹100 per share
- Lot size:150 shares (₹15,000 for one lot at the upper band)
- Issue size:₹6,632.30 crore, comprising a ₹1,060 crore fresh issue and an OFS of ₹5,572.30 crore by existing investors
- Timeline: Closes Nov 7 (Fri); allotment expected Nov 10 (Mon); listing likely Nov 12 (Wed) on BSE & NSE
- Anchor round:₹2,985 crore allocated to anchors on Nov 3 (≈29.84 crore shares at ₹100)
These terms and dates were reiterated across exchange‑tracked updates and publisher reports today.
Who’s going public?
The issuer is Billionbrains Garage Ventures Ltd, the parent of Groww, a mobile‑first investing platform spanning equities, F&O, mutual funds, and bonds. Recent coverage highlights Groww’s push beyond broking into wealth, commodities, and margin products—strategies expected to broaden revenue mix over time.
Day‑2 talking points the market cared about
1) Retail momentum stayed strong
Retail investors continued to power the book, pushing the retail tranche near 5x by mid‑afternoon. That enthusiasm fits the pattern of retail‑led tech/fin‑serv listings through 2024–25 and often compensates for slower early bids from institutions.
2) GMP cooled but remained positive
Unofficial grey‑market indicators trended ~₹11–₹15 above the upper band during the session, implying a ~11–15% indicative pop versus the issue price—but GMP is not an official data point and can change quickly into listing.
3) Cross‑platform flow is real
Nithin Kamath (Zerodha) publicly applauded Groww’s IPO and noted that ~20% of Groww IPO applications are flowing from Zerodha customers—an unusual, friendly signal from a rival and a proof‑point of India’s deepening retail participation.
What top brokerages said on Day 2
An ET Markets round‑up today captured a broad “Subscribe” consensus with a few neutral/valuation‑focused takes:
- SBI Securities: Subscribe, citing leadership with ~12.6 million active NSE clients and strength in MF AUM/SIPs.
- Anand Rathi: Subscribe – Long Term; “fully priced” but backed by strong engagement and expansion into MTF/wealth/bonds. The Economic Times
- Kunvarji Wealth: Subscribe (M–L term); mobile‑first, scalable platform; in‑house tech a differentiator.
- Religare (WealthVia): Subscribe; calls Groww a “fintech infrastructure company in the making”; notes NBFC arm Groww Creditserv. The Economic Times
- SMIFS: Subscribe for long term; integrated digital ecosystem and rapid client growth.
- Master Capital Services (MasterTrust): Subscribe (LT); benefits from fintech penetration and largest user base by active NSE clients.
- Choice & Asit C. Mehta: Subscribe for long term; strong brand, retention, engagement; valuation “fully priced” vs peers. The Economic Times
- Bajaj Broking: Neutral (non‑rated); cites ~29.9x FY25 earnings valuation and strong retail presence.
- Angel One:Neutral; flags post‑issue P/E ~40.8x at the upper band as steep.
How the numbers stack up
- Scale & engagement: Brokerages point to Groww’s ~12.6 million active NSE clients and leadership in net new demat additions and active SIPs (June 2025), plus 100M+ cumulative app downloads—all inline with a retail‑first franchise.
- Valuation lens: Street notes range from ~29.9x FY25 (Bajaj Broking perspective) to ~40.79x post‑issue P/E (Angel One) at ₹100, reinforcing the “quality + premium” debate. The Economic Times+1
- Use of proceeds / structure: A majority OFS by existing investors with a ₹1,060 crore primary component; anchors already absorbed ₹2,985 crore at ₹100.
GMP watch: why it matters—and why it doesn’t
GMPs offer a sentiment snapshot, not a forecast. Today’s 11–15% range signals healthy interest but has already softened from earlier days (e.g., ~14.75% yesterday). Liquidity, day‑3 QIB demand, and market tone can all shift this quickly before listing.
Key dates you need to know
- Day 3 (Final day to bid):Fri, Nov 7
- Allotment:Mon, Nov 10
- Listing:Wed, Nov 12
- Lot size:150 shares (₹15,000 at ₹100)
Keep an eye on QIB bids tomorrow; institutional demand typically firms up on the final day and often sets the tone for listing sentiment.
FAQ (Investor quick‑read)
What is the Groww IPO price band and issue size?
₹95–₹100 per share; ₹6,632.30 crore (₹1,060 crore fresh + ₹5,572.30 crore OFS).
How much was subscribed on Day 2?
Overall 1.47x by ~3:24 pm; Retail 4.65x, NII 1.88x, QIB 0.20x (intra‑day snapshot).
What is the lot size and minimum investment?
150 shares; ₹15,000 at the upper band for one lot.
What are brokerages recommending?
Mostly “Subscribe (long term)”, with valuation caution from some houses (e.g., Angel One neutral). The Economic Times+1
When will Groww list?
Tentatively Nov 12, 2025, subject to timelines.
Editorial note
This article summarizes today’s developments (6 Nov) around Groww’s IPO, combining exchange‑tracked subscription snapshots with publisher reports. Nothing here is investment advice. Please consult a SEBI‑registered advisor before investing.
Sources
- Subscription, GMP & structure: Moneycontrol live updates and story on Day 2.
- Rival reaction & anchors; timeline: NDTV (Kamath’s post; allotment/listing schedule; anchor allocation details).
- Brokerage verdicts & metrics (active clients/SIP share): ET Markets Day‑2 recap of top‑10 broker views.
- Mid‑day confirmation of full subscription: Reuters update.
