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Groww IPO: That the retail portion saw 1.91x demand on Day 1 itself underscores the work Zerodha, Groww and their ilk has done in growing India's investor base.
Updated on: Nov 04, 2025 8:54 PM IST
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One out of five Groww IPO applications is originating on Zerodha, CEO Nithin Kamath said on Tuesday. That, more that anything else, shows the depth of India's investor base that the likes of Zerodha and Groww have built.
“Congrats on the IPO @lkeshre & team, and best of luck,” Kamath wrote on X, formerly Twitter, after Groww operator Billionbrains Garage Ventures Ltd. launched its ₹6,650-crore IPO. “Btw, about 20% of all @_groww IPO applications are from @zerodhaonline customers. :P”
That the retail portion of the Groww IPO saw 1.91 times demand on the first day itself underscores the work Zerodha, Groww and their ilk have done to build the investor base for the world's fourth largest stock market.
It also highlights the growing culture of cross-platform investing—retail investors often use multiple platforms to apply for IPOs to improve their chances of allocation.
That also mirrors Groww's growth story.
Groww's IPO journey
Founded by four former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal as a mutual-fund platform in 2017, Groww expanded into online stockbroking in 2020 to tap into the pandemic-fueled interest in investing. That investor boom made Zerodha a household name and Kamath brothers Nikhil and Nithin overnight billionaires.
Except, Groww has overtaken Zerodha to become India's largest online broker.
Groww's active client base grew at a compounded annual growth rate of over 100% between FY21 and FY25. As of June, it had over 4.79 crore registered users and 1.26 crore active clients, giving the online-broking platform a market share of around 26%.
That translates into a retention rate of 77.7% of users over three years.
The client metrics reflect in financial performance as well: In FY25, net profit of the online broker reached ₹1,824.3 crore on revenue that grew at a CAGR of 85% to ₹3,901.7 crore.
Groww IPO Day 1
The IPO of Billionbrains Garage Ventures Ltd. saw 57% subscription, with the retail portion commanding nearly 2x demand on the first day itself. In all, the Groww IPO has received bids for 20.64 crore shares as against 36.47 crore on offer, raising ₹2,064.05 crore from 5,84,063 applications.
| 1 |
| 0.10 |
| 0.97 |
| 1.91 |
| 0.57 |
Groww IPO Details
On offer in the Groww IPO are 66.32 crore shares—10.60 crore new and 55.72 crore via an offer for sale—in a price range of ₹95-100 to raise up to ₹6,632.30 crore, according to the company's red-herring prospectus. The lot size for retail investors is set at 150 shares for a minimum investment of ₹15,000.
That pegs Groww's valuation at ₹61,735 crore as against ₹58,500 crore in July 2025. That's about 30 times earnings for the fiscal year ended 31 March—meaning, the company wants investors to pay ₹30 for every rupee it earns.
Earlier, the Groww IPO raised about ₹3,000 crore from 102 anchor investors, including funds managed by Goldman Sachs Group Inc., Morgan Stanley, HSBC Holdings Plc, Abu Dhabi Investment Authority and Singapore.
| Billionbrains Garage Ventures Ltd. (Groww) |
| A direct-to-consumer retail investment and broking platform |
| Zerodha, Angel One, Motilal Oswal, Sharekhan, 5Paisa, etc. |
| 4-7 November 2025 |
| ₹95-100 per share |
| ₹6,632.30 crore = ₹1,060 crore fresh + ₹5,572.30 OFS |
| ~$7 billion ( ₹65,000 crore) |
| 150 shares |
| ₹15,000 |
| 12 November (NSE & BSE) |
Analysts on Groww IPO
- Anand Rathi has assigned a “Subscribe – Long Term” rating, seeing Groww as a compelling long-term bet despite the valuation being “fully priced”.
- Angel One has assigned a “Neutral” rating for investors with a long-term perspective, noting the steep valuation compared to peers.
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