At close, Groww IPO subscribed 18x

MUMBAI: The Rs 6,632-crore IPO for online financial services platform Groww was subscribed 17.6 times at close on Friday, with institutional investors leading the bidding. However, with the stock market witnessing sharp volatility, the grey market premium (GMP), the mark-up over the upper band of the offer price in the unofficial market for stocks, fell sharply to Rs 5, from as high as Rs 17 a few days ago.The bidding in Groww IPO was also weighed by the weak listing of Studds Accessories on Monday. The stock was listed nearly 2% down from its IPO price of Rs 585, at Rs 570 and closed the day down 4.2%, at Rs 560.Market players, however, say that GMP keeps fluctuating all the time, and could change hours before the listing of the shares.In the Groww IPO, the institutional part was subscribed over 20 times, HNI part 14 times and the retail part over nine times, data on BSE showed. On the opening day, on Oct 4, the IPO was subscribed 57%, with retail investors taking the lead. On the second day the offer was fully subscribed.Pine Labs, that opened its Rs 3,900-crore IPO on Friday, was subscribed 13%.