Massive IPO Alert: Groww Backed Billionbrains Garage Ventures to Hit Stock Exchanges This November

Introduction to Groww IPO

Billionbrains Garage Ventures Ltd., widely recognized by its brand name Groww, is launching one of India’s most anticipated Initial Public Offerings (IPOs) in November 2025. As of June 30, 2025, the company serves people from all parts of India, covering 98.36% of pin codes, making it one of the country’s most accessible digital investment platforms.

This article covers everything you need to know about the Groww IPO, including price band details, subscription dates, allotment process, grey market premium (GMP), and expert recommendations for retail investors.

What is Groww IPO?

The Groww IPO represents the public market debut of Billionbrains Garage Ventures Ltd., India’s largest retail stockbroker by active clients. Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has revolutionized digital investing in India.

Key Highlights:

• Total Issue Size: ₹6,632.30 crores
• Fresh Issue: ₹1,060 crores (for company expansion)
• Offer for Sale (OFS): ₹5,572.30 crores (existing shareholders selling)
• Company Valuation: ₹61,735.97 crores post-IPO
• Listing Exchanges: BSE and NSE

The company provides a direct-to-customer digital investment platform offering multiple financial products including stocks, mutual funds, F&O trading, ETFs, IPOs, digital gold, and U.S. stock derivatives.

Groww IPO Price Band and Lot Size

Price Band Details

The Groww IPO price band has been fixed between ₹95 to ₹100 per equity share, with a face value of ₹2 per share. This pricing reflects the company’s strong market position and growth trajectory.

Investment Requirements by Category

For Retail Investors:

• Minimum Investment (1 lot): 150 shares = ₹15,000
• Maximum Investment (13 lots): 1,950 shares = ₹1,95,000

For Small High Net-worth Individuals (sHNI):

• Minimum: 14 lots (2,100 shares) = ₹2,10,000
• Maximum: 66 lots (9,900 shares) = ₹9,90,000

For Big HNI (bHNI):

• Minimum: 67 lots (10,050 shares) = ₹10,05,000

The lot size of 150 shares ensures accessibility for retail investors while maintaining sufficient investment thresholds for institutional participation.

Groww IPO Date and Timeline

Important Dates to Remember

Mark your calendar for these critical dates, especially if you’re planning to apply through UPI, as mandate confirmation is required before the deadline.

Groww IPO Retail Quota and Reservation

Share Allocation Structure

The Groww IPO follows SEBI’s standard allocation guidelines for mainboard offerings:

• Qualified Institutional Buyers (QIB): Minimum 75% of net offer
• Non-Institutional Investors (NII): Maximum 15% of net offer
• Retail Individual Investors: Maximum 10% of net issue

This allocation ensures that retail investors get a fair opportunity, though the 10% quota means competition will be intense given Groww’s brand recognition.

What This Means for You

With retail quota limited to 10%, expect high subscription rates in the retail category. The company’s popularity and strong financials suggest that the retail portion could see oversubscription of 10x or more, reducing individual allotment chances.

Groww IPO GMP (Grey Market Premium) Today

Current Grey Market Premium

As per recent market reports, Groww IPO GMP is approximately ₹10-11 as of October 30, 2025. The unlisted shares are trading at around ₹110, indicating a premium of approximately 10% over the upper price band.

⚠️ Important Disclaimer: Grey Market Premium (GMP) is completely unofficial and unregulated. It is not recognized or endorsed by stock exchanges (BSE/NSE) or SEBI. GMP figures should never be the sole basis for investment decisions.

Understanding Grey Market Premium

What is GMP? Grey Market Premium (GMP) represents the unofficial premium at which IPO shares trade before listing. It reflects market sentiment and expected listing gains but is not regulated by any authority.

Expected Listing Price Calculation (Indicative Only):

• IPO Upper Price: ₹100
• Reported GMP: ₹10-11
• Expected Listing Price: ₹110-111 (approximately)
• Potential Return: 10-11% (purely speculative)

Important GMP Disclaimers

⚠️ Critical Note: GMP is not guaranteed and can fluctuate significantly based on:

• Overall market conditions
• Subscription numbers
• Institutional investor sentiment
• Competitive IPO launches
• Regulatory announcements

The grey market is unregulated, and prices are indicative only. Never make investment decisions solely based on GMP.

Groww IPO Allotment Status: How to Check

Step-by-Step Allotment Checking Process

Method 1: Through Registrar Website (MUFG Intime India)

1. Visit the official registrar link: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
2. Select “Billionbrains Garage Ventures Limited” from the company dropdown
3. Enter your Application Number, PAN, DP/Client ID, or Account Number/IFSC
4. Complete the verification
5. Click “Submit” to view your allotment status

Method 2: Through BSE Website

1. Go to BSE’s IPO allotment page
2. Select “Equity” as issue type
3. Choose “Billionbrains Garage Ventures” from the list
4. Enter Application Number and PAN
5. Submit to check status

Method 3: Via Groww App

Groww users can check their allotment status directly through the app:

1. Open Groww app
2. Navigate to “IPO” section
3. Click on “Groww IPO”
4. View your application status

What Happens After Allotment?

• If Allotted: Shares credited to your demat account by November 11, 2025
• If Not Allotted: Full refund initiated to your bank account by November 11, 2025

How to Invest in Groww IPO

Three Ways to Apply

1. Through Groww Platform (Most Convenient)

• Login to your Groww account
• Navigate to the IPO section
• Select “Groww IPO”
• Choose number of lots
• Confirm application with UPI

2. Through ASBA (Application Supported by Blocked Amount)

• Visit your bank’s net banking portal
• Go to ASBA/IPO section
• Search for “Billionbrains Garage Ventures”
• Enter bid details and submit

3. Through Other Broker Platforms

You can apply through any SEBI-registered broker like Zerodha, Angel One, Upstox, or ICICI Direct.

Application Process Timeline

1. Place Application: Between Nov 4-7, 2025
2. UPI Mandate Approval: Within 24 hours
3. Amount Blocked: Funds blocked in bank account
4. Allotment Result: November 10, 2025
5. Amount Debited/Refunded: November 11, 2025

What is Pre-Apply IPO in Groww?

Pre-apply IPO is a feature that allows investors to express interest in upcoming IPOs before the official subscription period opens.

How Pre-Apply Works:

1. Early Registration: Submit your interest before IPO opening
2. Reminders: Get notifications when IPO opens
3. Quick Application: One-click application when subscription starts
4. Priority Processing: Faster UPI mandate generation

Benefits of Pre-Apply:

✅ Never miss IPO opening ✅ Avoid last-minute rush ✅ Better preparation time ✅ Automatic reminders

Note: Pre-apply doesn’t guarantee allotment; it only expedites the application process.

Understanding Key IPO Terms on Groww

What is Bid in IPO Groww?

A bid represents your application to purchase shares in the IPO. Key components include:

• Bid Price: The price you’re willing to pay (within price band)
• Bid Quantity: Number of shares (in multiples of lot size)
• Bid Options: Either at Cut-off price or specific price

Types of Bids:

1. Cut-off Bid: You accept whatever final price is determined
2. Price Bid: You specify exact price within the band

Recommendation: Retail investors should use cut-off bids to maximize allotment chances.

What is Cutoff Price in IPO Groww?

The cutoff price is the final price at which shares are allocated, determined after evaluating all bids. When you apply at “cutoff,” you agree to pay whatever final price is set within the price band.

For Groww IPO:

• Price Band: ₹95 – ₹100
• If you bid at cutoff and final price is ₹100, you pay ₹100
• Ensures your application isn’t rejected for price reasons

What is Subscription Rate in IPO Groww?

Subscription rate indicates how many times the IPO has been subscribed compared to shares available.

Example:

• If retail quota is 1 crore shares
• Applications received for 10 crore shares
• Subscription rate = 10x

Interpretation:

• Below 1x: Undersubscribed (poor demand)
• 1-5x: Moderately subscribed
• 5-20x: Highly subscribed
• Above 20x: Exceptionally high demand

Higher subscription reduces individual allotment chances but often signals strong listing performance.

What is Bond IPO in Groww?

While this IPO is for equity shares, Groww platform also facilitates bond investments. Bonds are debt instruments where you lend money to companies/government for fixed returns.

Differences:

• Equity IPO: Ownership stake, variable returns
• Bond IPO: Loan to company, fixed interest

Groww’s bond offerings are separate from this equity IPO.

What is the Brokerage Charges of Groww for IPO?

IPO Application Charges

Good News for Investors: Groww offers completely FREE IPO application services to all customers. There are ZERO charges for applying to IPOs through the Groww platform.

Zero Charges for:

✅ IPO application submission (₹0)

✅ UPI mandate processing (₹0)

✅ Application modification (₹0)

✅ Application cancellation (₹0)

✅ No hidden fees or charges

This makes Groww one of the most cost-effective platforms for IPO investments, as many traditional brokers may charge application fees.

Trading Charges After Listing

Once Groww shares list and you want to trade them, here are the charges:

Equity Delivery & Intraday:

• Brokerage: Lower of ₹20 or 0.05% per executed order
• Example 1: Trade value ₹10,000 → Brokerage = ₹5 (0.05% of ₹10,000)
• Example 2: Trade value ₹1,00,000 → Brokerage = ₹20 (capped at ₹20)
• Minimum charge: ₹5 per trade

F&O Trading:

• Brokerage: Flat ₹20 per executed order

Demat Charges (DP Charges):

• ₹18.50 per ISIN per day when selling (for male investors)
• ₹18.25 per ISIN per day for female investors
• Breakdown: CDSL charges (₹3.50) + Groww charges (₹15 + GST)
• Note: From June 21, 2025, DP charges apply per transaction instead of per ISIN per day

Additional Regulatory Costs:

• STT (Securities Transaction Tax): As per government rates (0.1% on delivery sell, 0.025% on intraday)
• GST: 18% on brokerage and DP charges
• Exchange charges: BSE/NSE transaction charges (minimal)
• SEBI Turnover Fee: ₹10 per crore
• Stamp Duty: 0.015% on buy side (₹1,500 per crore)

Cost Example

If you sell Groww shares worth ₹50,000 post-listing:

• Brokerage: ₹20 (lower of ₹20 or ₹25)
• DP Charges: ₹18.50
• GST on Brokerage (18%): ₹3.60
• GST on DP Charges (18%): ₹3.33
• STT (0.1% on sell): ₹50
• Exchange Transaction Charges: ~₹3.25
• SEBI Charges: ~₹0.50
• Stamp Duty: ₹0 (on sell side)
• Total approximate cost: ₹99-105 including all charges

Note: These are approximate calculations. Actual charges may vary slightly based on exchange and transaction specifics.

How to Remove UPI ID from Groww IPO?

Steps to Change or Remove UPI ID

Method 1: Before Application

1. Go to Groww app settings
2. Select “Payment Methods”
3. Manage linked UPI IDs
4. Remove unwanted UPI ID
5. Add new UPI ID if needed

Method 2: During Application

1. While applying for IPO
2. Select different UPI ID from dropdown
3. System will send mandate to new UPI

Method 3: After Application (Modification)

1. Cannot remove UPI ID after mandate approval
2. Can cancel application and reapply
3. Possible only before IPO closing date

Important Points:

⚠️ Once UPI mandate is approved, you cannot change the UPI ID ⚠️ Ensure correct UPI ID before confirming application ⚠️ Have sufficient balance in linked bank account

Company Fundamentals and Financials

Business Overview

Groww operates as a comprehensive digital investment platform with multiple revenue streams:

Core Products:

1. Broking Services: Equity and derivatives trading
2. Mutual Fund Platform: Direct fund investments
3. Margin Trading Facility (MTF): Leveraged trading
4. Credit Solutions: Lending products
5. Groww AMC: Asset management company

Market Position:

• Active Clients: 12.6 million (as of June 2025)
• Market Share: 26.3% in retail brokerage
• Employee Strength: 1,415 employees
• Geographic Reach: 98.36% of Indian pin codes

Financial Performance Analysis

Revenue Growth Trajectory

Key Observation: Consistent revenue growth with FY24 showing explosive 122% increase, normalizing to sustainable 45% in FY25.

Profitability Metrics

Critical Insight: Remarkable turnaround from FY24 losses (₹805 Cr) to FY25 profit (₹1,824 Cr), demonstrating business model scalability and operational efficiency.

Valuation Metrics

At IPO Price (₹100 per share):

• Market Capitalization: ₹61,735.97 crores
• P/E Ratio: 40.79x (post-issue basis)
• Price to Book Value: 11.76x
• Return on Net Worth (RoNW): 37.57%
• EPS (Post-IPO): ₹2.45

Peer Comparison

Observation: Groww commands premium valuation justified by higher growth rates, larger market share, and superior margins.

Use of IPO Proceeds

The ₹1,060 crore fresh issue proceeds will be utilized strategically:

Strategic Rationale:

1. Cloud Infrastructure (₹152.50 Cr)

• Enhanced platform scalability
• Reduced downtime and latency
• Better data security and compliance
• Support for growing user base

2. Marketing Activities (₹225 Cr)

• Largest allocation shows growth focus
• Customer acquisition in Tier 2/3 cities
• Brand awareness campaigns
• Performance marketing optimization

3. NBFC Capital (₹205 Cr)

• Regulatory capital requirement
• Lending business expansion
• MTF and credit product growth

4. Inorganic Growth

• Potential acquisitions of complementary businesses
• Technology partnerships
• International expansion possibilities

Risk Factors to Consider

Regulatory Risks

SEBI Oversight:

• Recent regulatory changes impacting F&O volumes
• Increased compliance requirements
• Potential fee structure restrictions
• Market conduct regulations

“We also expect Groww to be less hurt by any reduced F&O trading as we estimate a 5 per cent drop in F&O orders shall drag Groww’s Q1FY26 revenue/EBDAT/APAT by 2.5 per cent/4.8 per cent/4.4 per cent”, according to Nuvama Institutional Equities.

Competitive Landscape

Key Competitors:

1. Zerodha: Strong brand, first-mover advantage
2. Angel One: Listed peer with established presence
3. Upstox: Technology-focused competitor
4. Jio Financial Services: Potential market disruptor

“Groww has shown strong financials but the industry is looking at disruption might be caused after Jio’s entry in the broking foray”, noted Hitesh Dharawat from Dharawat Securities.

Market Dependency

• Revenue Volatility: Directly linked to market trading volumes
• Margin Pressure: Price competition among discount brokers
• Economic Cycles: Retail participation drops during bearish markets
• Technology Risk: Platform stability and cybersecurity threats

Business Model Risks

Customer Acquisition Costs:

• Rising CAC as market saturates
• Need for continuous marketing spend
• Competition for same customer base

Regulatory Capital:

• NBFC business requires higher capital
• Lending business credit risk
• Regulatory compliance costs

Expert Analysis and Recommendations

Investment Perspective

For Long-Term Investors (3-5 years):

Positive Factors:

✅ Market leadership position

✅ Strong financial turnaround

✅ High margin business (59% EBITDA)

✅ Growing retail investor participation

✅ Multiple revenue streams

Recommendation: SUBSCRIBE with allocation of 50-70% of intended investment

For Short-Term/Listing Gain Investors:

Positive Factors:

✅ Strong brand recognition

✅ Moderate GMP indicates listing gains

✅ High quality management team

Concerns:

⚠️ Large issue size may limit listing pop

⚠️ High OFS component (84% of issue)

⚠️ Premium valuation leaves limited upside

Recommendation: NEUTRAL TO SUBSCRIBE with 30-50% allocation

Risk-Reward Assessment

Potential Scenarios:

Best Case (30% probability):

• Listing at ₹115-120 (15-20% gains)
• Strong subscription across categories
• Positive market sentiment

Base Case (50% probability):

• Listing at ₹105-110 (5-10% gains)
• Moderate oversubscription
• Stable market conditions

Worst Case (20% probability):

• Listing at ₹95-100 (flat to negative)
• Market correction during listing week
• Profit booking in fintech stocks

Frequently Asked Questions (FAQ)

Key Takeaways

1. Largest Fintech IPO: ₹6,632 crore issue makes it among India’s biggest fintech listings
2. Strong Financials: Turnaround to ₹1,824 Cr profit demonstrates business model strength
3. Premium Valuation: 40.79x P/E reflects market confidence but limits margin of safety
4. Market Leadership: Largest retail broker with 12.6 million active clients
5. Growth Potential: India’s expanding retail investor base supports long-term growth
6. Moderate GMP: ₹11 premium suggests healthy but not excessive market expectations
7. Zero Application Charges: Free IPO application through Groww platform

Conclusion

The Billionbrains Garage Ventures Ltd. (Groww) IPO represents a significant opportunity to invest in India’s digital investment revolution. With strong fundamentals, market leadership, and impressive financial turnaround, Groww appears well-positioned for long-term growth.

However, the premium valuation (40.79x P/E) and large OFS component suggest limited short-term upside. Retail investors should approach this IPO with realistic expectations, focusing on long-term wealth creation rather than quick listing gains.

Final Rating: 7.5/10

• Fundamentals: 9/10
• Valuation: 6/10
• Growth Prospects: 8.5/10
• Risk Factor: 6.5/10

Bottom Line: Subscribe with 50-70% of intended allocation for long-term portfolio, especially if you believe in India’s digital investment future and Groww’s execution capabilities.

Important Disclaimer

This content is for informational and educational purposes only. It should not be construed as investment advice or a recommendation to buy, sell, or hold securities. IPO investments carry market risks, and past performance doesn’t guarantee future results. Readers should conduct their own research, assess their risk tolerance, and consult with a qualified financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred based on information provided in this article. All data has been compiled from publicly available sources including RHP, SEBI filings, and market reports. Grey Market Premium (GMP) figures are unofficial and subject to change. Invest at your own risk.

For official information, always refer to the company’s Red Herring Prospectus (RHP) and SEBI filings. Visit Groww’s investor relations page or SEBI website for authentic documents.