Introduction
Groww, one of India’s fastest-growing investment platforms, is all set to launch its much-awaited Initial Public Offering (IPO) in November 2025. Following the success stories of Paytm and Zomato, Groww’s IPO is poised to become a defining moment for India’s fintech sector, targeting a valuation of over $8 billion. With a rapidly expanding user base, diversified financial services, and a digital-first approach, the company is well-positioned to capture significant investor interest.
Groww Company Business Model
Groww operates as a fully digital investment platform, allowing users to invest seamlessly in mutual funds, stocks, ETFs, IPOs, fixed deposits, and more. Its mobile-first architecture and user-friendly interface cater especially to new-age investors and millennials.
Groww has continuously innovated with technology, reducing cost of customer acquisition and boosting engagement through educational content and tools. In addition to broking, Groww has expanded into lending, insurance, and wealth management, building a diversified fintech ecosystem.
IPO Details
Here’s a summary of Groww IPO details for quick reference.
| IPO Details | Groww IPO 2025 |
|---|---|
| Issue size | ₹6,632 crore |
| Fresh Issue | ₹1,060 crore |
| Offer for Sale | ₹5,572.30 crore |
| Number of Shares | 55.72 crore (OFS) |
| Price Band | ₹95 – ₹100 per share |
| Lot Size | 150 shares |
| Open Date | 4 Nov 2025 |
| Close Date | 7 Nov 2025 |
| Allotment Date | 10 Nov 2025 |
| Refund Initiation | 11 Nov 2025 |
| Listing Date | 12 Nov 2025 |
| Listed Exchanges | BSE & NSE |
| Registrar | MUFG Intime India |
| GMP (Grey Market Premium) | ₹10 (approx) |
| Lead Managers | Kotak, JP Morgan, Citi, Axis, Motilal Oswal |
| Anchor Investor Lock-in | 50%: 10 Dec, Rest: 8 Feb 2026 |
Utilization of Funds
- Cloud infrastructure upgrades
- Brand building and performance marketing
- Investment in NBFC and MTF business units
- Funding inorganic growth (acquisitions)
- General corporate purposes
Groww Financials
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EBITDA Margin (%) | Active Clients (Cr) | Net Profit Margin (%) |
|---|---|---|---|---|---|
| FY2023 | 1,435 | (239)* | 31% | 0.89 | -16.7 |
| FY2024 | 3,145 | (805)** | 59.7% | 1.19 | -25.6 |
| FY2025E | 4,056 | ~1,785† | 44% | 1.26 | 44 |
- *Parent company (Billionbrains Garage) net profit was ₹448.7Cr in FY23.
- **Includes one-time tax cost of shifting domicile to India; operational profit before tax was ₹535Cr.
- †Projected net profit margin from recent analyst notes.
Key Strengths
- Largest active investor base in India (26% market share)
- Rapid revenue growth and operational profitability
- Technology-driven cost advantage and scalability
- Strong brand recall among young investors
Risks
- Regulatory changes impacting broking and derivatives segments
- Dependence on retail investor sentiment and market volumes
- Tech maintenance, data security, and competitive threats
- Market volatility affecting trading frequency and engagement
Broker Recommendations
Top brokers remain optimistic on Groww, citing solid financials, user growth, profitability, and an expanding product suite. Here are some summarized views:
- Nuvama: “Groww’s leadership in client acquisition and ultra-low CAC, backed by strong brand and tech, make it a must-watch IPO for fintech exposure.”
- Motilal Oswal: “Robust revenue growth and operational efficiency—Ideal for growth-oriented portfolios.”
- ICICI Direct (Consensus): “Potential to deliver multi-year growth; market leader with high scalability and strong balance sheet.”
- Angel One: “Diversified revenue and expansion beyond broking. Long-term value likely as sector penetration remains low.”
Most brokers recommend “Subscribe” for those seeking fintech and digital brokerage exposure.
GMP (Grey Market Premium)
Groww IPO is currently commanding a GMP of ₹10 per share ahead of its opening date, indicating positive secondary market sentiment amongst investors.[1]
How to Check Allotment
Investors can check Groww IPO allotment status via the MUFG Intime India Registrar or respective exchange links after finalization on November 10th.
This article is for educational purposes only and does not constitute investment advice. Please do your own research before investing in any IPO.
