Groww IPO: Retail investors oversubscribed their share nearly twice
Groww's parent company, Billionbrains Garage Ventures, kicked off its IPO on Tuesday and it's already getting a lot of buzz.
On Day 1 alone, retail investors oversubscribed their share by nearly twice (1.91 times), while non-institutional investors also showed solid interest.
The IPO aims to raise ₹6,670 crore and wraps up this Friday.
Grey market is hinting at a strong debut
The gray market is hinting at a strong debut for Groww shares—they're trading at a premium of ₹17.25 above the top price band (₹100), which could mean a 17% bump on listing day.
The IPO includes both fresh shares and an offer for sale from founders and early backers like Peak XV Partners and YC Holdings II.
If you're curious: Groww started in 2016, now leads India's stockbroking space with 12.6 million active clients and holds a hefty 26% market share.
Minimum investment? ₹15,000 for one lot (150 shares).