Groww IPO frenzy, investors rush as GMP soars
Billionbrains Garage Ventures Limited plans to raise more than 6,500 crore rupees through a public offering for Groww, its digital investment platform. The share sale will run from Monday through Thursday, with large institutional investors able to participate on Sunday. Trading on exchanges could begin on November 12.
The offering sets a price range between 95 and 100 rupees per share, targeting a market capitalization exceeding 61,700 crore rupees or approximately $7 billion. Fresh equity worth 1,060 crore rupees forms part of the deal alongside an offer for sale valued at 55.72 crore rupees.
Market indicators suggest strong demand, with the gray market premium reaching 16.7 rupees per share as of Sunday morning. This premium represents about a 16.7 percent increase above the maximum offer price. The premium has climbed steadily from 10 rupees on October 28 to 15 rupees on October 30 and 16 rupees on October 31. Based in Bengaluru, Groww operates a popular financial technology platform that enables users to trade equities, mutual funds, bonds, and exchange-traded funds through its mobile application.
