The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of stock brokerage firm Groww, concluded with strong interest from investors, closing with a subscription rate of 17.60 times on Friday.
Qualified institutional buyers (QIBs) showed particular enthusiasm, with a subscription rate of 22.02 times. Non-institutional investors and retail investors also participated actively, with subscriptions of 14.20 times and 9.43 times, respectively. Overall, the IPO attracted bids for approximately 641.87 crore shares, compared to the 36.48 crore shares available, according to exchange data.
The ₹6,632-crore IPO was offered within a price band of ₹95-100. It included a fresh issue of ₹1,060 crore and an offer-for-sale (OFS) component comprising 55.72 crore equity shares valued at ₹5,572 crore.
Backed by notable investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, the company intends to utilize the IPO proceeds for technology advancement and business expansion. Notably, Billionbrains Garage Ventures has secured just over ₹2,984 crore from anchor investors as part of the IPO process.
Specific allocations from the proceeds include ₹225 crore for brand development and performance marketing, ₹205 crore for Groww Creditserv Technology Pvt Ltd (GCS) to enhance its non-banking financial company (NBFC) capital base, ₹167.5 crore for Groww Invest Tech Pvt Ltd (GIT) to support its margin trading facility, and ₹152.5 crore to bolster cloud infrastructure. The remaining funds will be directed toward inorganic growth through acquisitions and other general corporate purposes.
Groww is scheduled to make its stock market debut on November 12.
