The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of Groww, India’s largest stock broking platform by active users, was fully subscribed on the second day of bidding on Thursday, according to data from the National Stock Exchange (NSE).
The IPO received bids for 39.16 crore shares against 36.47 crore shares on offer, translating to 1.07 times subscription as of 11:45 AM.
Strong retail participation
The Retail Individual Investors (RIIs) category was the most active, receiving 3.62 times subscription, while the Non-Institutional Investors (NIIs) segment was 1.32 times subscribed. The Qualified Institutional Buyers (QIBs) portion saw 10% subscription so far, data showed.
Issue details
The Bengaluru-based company, backed by Peak XV Partners and Tiger Global, is looking to raise Rs 6,632 crore through the issue, which closes on Friday. The price band has been set between Rs 95 and Rs 100 per share, implying a valuation of over Rs 61,700 crore (approximately USD 7 billion).
The IPO comprises a fresh issue of equity shares worth Rs 1,060 crore and an Offer for Sale (OFS) of 55.72 crore shares by existing shareholders, including early investors Tiger Global and Peak XV Partners.
On Monday, Groww had already raised Rs 2,984 crore from anchor investors, signalling strong institutional confidence in the issue.
High investor interest amid IPO boom
Groww’s issue comes amid a busy IPO season in India, with strong investor demand for tech-driven and consumer-facing businesses. Analysts note that Groww’s platform-based business model and rapid user expansion have made it one of the most sought-after IPOs this year.
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