Groww IPO closes today: What current GMP reveals about listing
What's the story
The bidding for Billionbrains Garage Ventures Ltd.'s (Groww) Initial Public Offering (IPO) will conclude today. The ₹6,632 crore issue has been subscribed 1.64 times by Thursday's close. Retail investors have led the subscription, with Groww receiving bids for 59.82 crore shares against the IPO's offer of 36.47 crore shares. The retail investor portion has been subscribed 5.02 times with bids for 33.28 crore shares against an offer of 6.63 crore shares.
Investor participation
Institutional bidding expected to increase today
The portion reserved for non-institutional investors has also been subscribed 2.26 times by Thursday's close. However, the portion reserved for institutional investors (QIBs) was only subscribed 20% by then. Generally, institutional bidding increases on the final day of an IPO. Ahead of the final day's bidding, Groww shares were reported to be trading at a 13% premium to their issue price of ₹100 per share in the unlisted market.
Financial details
What do we know about the IPO?
Before the subscription period began, Groww had allotted 29.84 crore equity shares to over 100 eligible anchor investors at ₹100 per share, raising ₹2,984 crore. The IPO comprises both a fresh issue of equity and an Offer For Sale (OFS) from existing shareholders. At the upper end of the price band, Groww could be valued at nearly ₹62,000 crore—more than its peers Angel One, Motilal Oswal Financial Services Ltd., 360 ONE WAM Ltd., and Nuvama Wealth Management.