Groww Sets IPO Price Band at ₹95–100, Targets $7 Billion Valuation
New Delhi: Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, has set a price band of ₹95–100 per share for its upcoming Initial Public Offering (IPO), aiming for a valuation exceeding ₹61,700 crore (around USD 7 billion).
The ₹6,632 crore IPO will open for public subscription on November 4 and close on November 7, as per a public announcement. Retail investors can place bids a day earlier, on November 3.
The issue comprises a fresh issue of shares worth ₹1,060 crore and an Offer for Sale (OFS) of 574.19 million equity shares by promoters and existing investors.
Under the OFS, Groww’s founders — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — will each sell up to 1 million shares. Investor shareholders, including Peak XV Partners Investments VI-1, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI Pte. Ltd., and Kauffman Fellows Fund, L.P, will also offload part of their holdings.
Groww’s founders currently hold 27.97% of the company and have been classified as promoters, with a 20% lock-in for 1.5 years post-listing. They plan to sell only 0.07% of the company’s total shares in the IPO.
Backed by marquee investors such as Peak XV Partners, Tiger Global, and Microsoft CEO Satya Nadella, Groww plans to utilize the IPO proceeds for technology development and business expansion.
From the fresh issue, ₹225 crore will go toward brand building and marketing, ₹205 crore will be invested in Groww Creditserv Technology Pvt Ltd (GCS) — its NBFC arm — to enhance its capital base, ₹167.5 crore will be infused into Groww Invest Tech Pvt Ltd (GIT) to fund its Margin Trading Facility (MTF) business, and ₹152.5 crore will be allocated to strengthen cloud infrastructure. The remainder will fund acquisitions and general corporate purposes.
Headquartered in Bengaluru, Groww filed its draft papers with SEBI in May 2025 through the confidential pre-filing route, receiving approval in August. This route allows companies to keep IPO details private during the early stages — a method increasingly favored by Indian startups for greater flexibility.
Founded in 2016, Groww has grown into India’s largest stockbroker, serving 12.6 million active clients with a 26% market share as of June 2025.
In FY25, the company reported a profit of ₹1,824 crore, while its Q1 FY26 profit stood at ₹378 crore. Groww operates with an 85% contribution margin and a 44% net profit margin, reflecting its efficient direct-to-consumer model.
The platform acquires over 80% of new customers organically and maintains a three-year retention rate of 77%. On the mutual funds side, Groww accounted for ₹34,000 crore in SIP inflows during FY25 — about 11.8% of total industry inflows, according to AMFI data.
In addition to stockbroking and mutual funds, Groww has expanded into wealth management, commodities trading, MTF, and loans against shares as part of its long-term growth strategy.
The company has earmarked 75% of the issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.
Groww is set to list on the stock exchanges on November 12.
