The initial public offering (IPO) of Billionbrains Garage Ventures, which operates the investment and trading platform Groww, launches today with a price range set between ₹95 and ₹100. The total IPO size is ₹6,632.3 crore, with a lot size of 150 equity shares, and offerings made in multiples of 150 shares.
This IPO comprises a fresh issue of ₹1,060 crore (10.6 crore shares) and an offer-for-sale (OFS) totaling ₹5,572.30 crore (5.52 crore shares). The selling shareholders in the OFS include major investors such as Peak VI Partners Investments, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI, Kauffman Fellows Fund, Alkeon Innovation Master Fund, Propel Venture Partners, and Sequoia Capital Global Growth Fund III.
The allocation strategy for the IPO designates up to 75% of the shares for qualified institutional buyers (QIBs), 15% for non-institutional investors, and up to 10% for retail investors.
On Monday, Billionbrains Garage Ventures secured approximately ₹2,984.5 crore from 102 funds, including the Government of Singapore, the Monetary Authority of Singapore, Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley. Domestic mutual funds also participated, with notable contributions from HDFC Mutual Fund, Kotak Mahindra MF, Nippon India MF, SBI MF, Axis MF, Aditya Birla Sun Life MF, Mirae Asset, Motilal Oswal MF, and ICICI Prudential Life Insurance.
The funds from the fresh issue will be allocated toward cloud infrastructure expenses (₹152.5 crore), brand building and performance marketing (₹225 crore), and investments in subsidiaries Groww Creditserv Technology Pvt. Ltd (₹205 crore) and Groww Invest Tech Pvt. Ltd (₹167.5 crore) to enhance its margin trading facility operations. The company also intends to fund future acquisitions as well as general corporate purposes.
Lead managers for the IPO include Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors, while MUFG Intime India Pvt. Ltd serves as the registrar.
As of June 25, Billionbrains Garage Ventures Ltd. is recognized as India’s largest and fastest-growing broking platform based on active users on the National Stock Exchange (NSE), with 12.6 million active users. The number of active users on the Groww platform has experienced a compound annual growth rate (CAGR) of 53% from fiscal year 2023 to the first quarter of fiscal year 2026. The company was established in 2016 by former Flipkart colleagues: Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh.
Groww provides a digital investment platform where users can invest and trade in stocks, derivatives, bonds, exchange-traded funds (ETFs), initial public offerings (IPOs), and mutual funds—offering additional services such as the Margin Trading Facility (MTF) and credit solutions.
SBI Securities has rated the IPO as a ‘Subscribe’ option, noting that at the upper price band, the stock reflects a price-to-earnings (P/E) ratio of 33.8 times FY25 earnings per share (EPS) and 40.8 times annualized EPS for the first quarter of FY26. The firm’s robust growth—exceptionally strong revenue and profit after tax (PAT) growth at a CAGR of 85% and 100%, respectively—positions it favorably within India’s digital investment sector. They project growth in the broking industry to remain robust, with a CAGR of 14% to 16% forecasted from FY25 to FY30.
Reliance Securities describes Groww as more than a stock brokerage firm; they view it as a nascent fintech infrastructure platform that integrates credit, data, and distribution over its transactional framework, acknowledging the potential for sustained growth given strong execution and regulatory compliance. They, too, recommend subscribing to the IPO.
Anand Rathi Research highlights that at the upper price band, the valuation translates to a post-issue market cap of ₹61,736 crore, emphasizing Groww’s focus on building trust, transparency, and financial inclusion as integral to its brand strategy. They project that the company will expand customer engagement and enhance its product offerings, including MTF, commodity derivatives, API trading, wealth management, loan against securities, and bonds.
Conversely, Angel One has assigned a ‘Neutral’ rating due to high valuation concerns, noting that the company, at ₹100 per share, has a post-issue P/E ratio of 40.79 times, which appears high compared to industry peers.
Key risks identified include dependency on capital market performance and trading volumes, potential regulatory challenges affecting its broking and non-banking financial company (NBFC) operations, and susceptibility to technological failures or data security breaches that may undermine customer trust.
This article was published on November 4, 2025.
