Billionbrains Garage Ventures Ltd, the parent company of stockbroking major Groww, is all set to make its debut on the Indian primary market with a ₹6,632 crore initial public offering (IPO).
The company has filed its Red Herring Prospectus (RHP) and fixed the price band between ₹95 and ₹100 per equity share. The issue will open for public subscription on November 4, 2025, and will close on November 7, 2025. The anchor investor allocation is scheduled for November 3.
Key Takeaways
- IPO Size: ₹6,632 crore (₹1,060 crore fresh issue + OFS of 55.72 crore shares)
- IPO Dates: Opens November 4, closes November 7, 2025
- Price Band: ₹95-₹100 per equity share
- Lot Size: 150 shares per lot
- Anchor Investor Date: November 3, 2025
- Listing Date: November 12, 2025 (BSE, NSE)
- Use of Funds: Cloud infra, marketing, NBFC capital base, and margin trading operations
- FY25 Performance: ₹3,902 crore revenue, ₹1,824 crore profit
IPO Structure and Offer Details
The Groww IPO comprises a fresh issue of ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares by existing investors. The lot size has been set at 150 equity shares per lot.
As per the company’s filing:
- 75% of the issue is reserved for Qualified Institutional Buyers (QIBs),
- 15% for Non-Institutional Investors (NIIs), and
- 10% for Retail Individual Investors (RIIs).
The company will finalize the basis of allotment on November 10, issue refunds and credit shares on November 11, and list them on the BSE and NSE on November 12, 2025.
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Use of IPO Proceeds
Groww plans to deploy the IPO proceeds strategically across multiple business areas:
- ₹152.5 crore for expanding cloud infrastructure,
- ₹225 crore for brand building and marketing,
- ₹205 crore to strengthen the capital base of its NBFC arm, Groww Creditserv Technology, and
- ₹167.5 crore to support margin trading operations through Groww Invest Tech.
The remaining funds will be utilize for general corporate purposes.
Lead Managers and Registrar
A consortium of leading investment banks, including Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors, is managing the IPO.
MUFG Intime India Private Limited has been appointed as the registrar for the issue.
Company Overview
Founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, all former Flipkart executives, Groww has become one of India’s largest online investment platforms. The company provides retail investors with access to stocks, mutual funds, derivatives, bonds, ETFs, and IPOs through its digital platform.
As of June 2025, Groww had 12.6 million active clients on the NSE, accounting for a 26.3% share of retail active clients as of September 2025.
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Financial Performance
Groww has shown a remarkable financial turnaround in the past fiscal year. In FY25, the company reported a net profit of ₹1,824 crore, recovering from a loss of ₹805 crore in FY24. Its revenue surged 49% YoY to ₹3,902 crore in FY25.
For the first quarter of FY26, Groww posted a revenue of ₹904 crore and a net profit of ₹378 crore, signaling continued momentum in profitability and user growth.
