Billionbrains Garage Ventures, the parent company of India’s largest discount broking platform Groww, made a strong debut on both Indian stock exchanges. On Wednesday, November 12, Groww’s shares were listed at a price higher than their IPO issue price.
The IPO issue price for Groww was set at Rs 100. On the Bombay Stock Exchange (BSE), the stock opened at Rs 114, a 14% premium over the issue price. On the National Stock Exchange (NSE), it debuted at Rs 112, which is 12% higher than the issue price. Before the listing, the IPO’s grey market premium (GMP) stood at around 5%, but the actual listing price surpassed those expectations.
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The rally did not stop at the higher listing. After debuting, the stock continued to rise further on both exchanges. Before 11 a.m., Groww’s share price had already crossed Rs 122 on both the BSE and NSE, marking a gain of over 22% on the very first day. This gave investors who participated in the IPO a significant first-day profit.
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Through its IPO, Groww raised Rs 6,632 crore from the market. Of this, Rs 1,060 crore came from the fresh issue of 10.6 crore shares, while Rs 5,572 crore was raised through the offer-for-sale of 55.72 crore shares. The IPO price band was set between Rs 95 and Rs 100, and the issue received strong demand with 17.6 times subscription.
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