Billionbrains Garage Ventures — the parent company of online investment platform Groww — has made a striking market debut with its anchor book raising INR 2,984.5 crore on 3 November 2025, a day before the public subscription opened. The allocation, finalized by the company’s IPO Committee in consultation with its lead managers, represents one of the most robust pre-IPO institutional participations of the year.
Groww IPO anchor book, comprising 29,84,53,523 equity shares at an allocation price of INR 100 per share, drew bids exceeding INR 50,000 crore — oversubscribed more than 15 times against its estimated size of INR 2,950–3,000 crore.
This overwhelming response underscores investor confidence in Groww’s profitability trajectory and expanding role as India’s largest digital investment platform.
Groww IPO Anchor Book Allocation
According to the company’s filing dated 03 November 2025, 102 institutional investors were allotted shares. Prominent participants included HDFC Mutual Fund, SBI Mutual Fund, Kotak Mahindra AMC, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Mirae Asset, Franklin Templeton, Tata Mutual Fund, HSBC Mutual Fund, Trust Mutual Fund, and Mahindra Manulife.
Out of the total allocation, 46.6% (13.90 crore shares) went to 17 domestic mutual funds through 54 schemes, reflecting strong domestic institutional appetite. The remaining shares were subscribed by global sovereign wealth funds, foreign portfolio investors, and leading asset management firms.
Notable international investors included:
- Government of Singapore and the Monetary Authority of Singapore
- Abu Dhabi Investment Authority (ADIA)
- Government Pension Fund Global (Norway’s Norges Bank Investment Management)
- Goldman Sachs, Morgan Stanley, Wellington Management, Eastspring Investments, and Amundi Funds
- Prudential Hong Kong, Ashoka WhiteOak, and Societe Generale
Each share was allotted at INR 100, carrying a face value of INR 2 and a share premium of INR 98.
Groww IPO Anchor Top Allocations and Major Investors
Among the largest allocations were:
- Nippon India Multi Cap Fund and Government Pension Fund Global – 1.60 crore shares each
- Kotak Flexicap Fund – 1.50 crore shares
- Government of Singapore – 1.40 crore shares
- Abu Dhabi Investment Authority (Monsoon) – 1.30 crore shares
- Goldman Sachs India Equity Portfolio – 1.08 crore shares
- Axis Midcap Fund – 0.97 crore shares
- Motilal Oswal Multi Cap Fund – 0.95 crore shares
- Ashoka WhiteOak India Opportunities Fund – 0.87 crore shares
These allocations highlight the global breadth of interest in Groww’s public issue, spanning mutual funds, sovereign institutions, insurance firms, and hedge funds.
Groww IPO Structure and Valuation
The INR 6,632.3 crore IPO of Billionbrains Garage Ventures consists of:
- Fresh issue of 10.6 crore shares aggregating to INR 1,060 crore
- Offer for sale (OFS) of 55.72 crore shares aggregating to INR 5,572.3 crore
The issue is priced between INR 95 and INR 100 per share. At the upper price band, the company commands a valuation of INR 61,736 crore, translating to a P/E multiple of 33.8x FY25 earnings. The IPO opens for public subscription on 4 November 2025 and closes on 7 November 2025, with share allotments to be finalized on 10 November and trading expected to commence on 12 November 2025 on both the BSE and NSE.
Financial Performance and Growth Momentum
Groww’s financial trajectory has witnessed a dramatic turnaround:
- FY24: Net loss of INR 805.5 crore
- FY25: Net profit of INR 1,824.4 crore (a 326% swing to profitability)
- Q1 FY26: Profit of INR 378.4 crore (up 11.9% YoY)
- Revenue: Grew 49.5% YoY to INR 3,901.7 crore in FY25
Its EBITDA margin expanded to nearly 60.8%, and its Return on Net Worth (RONW) reached 37.6% in FY25 — signaling operational efficiency and high scalability of its platform.
Groww IPO: Use of Proceeds
The company plans to deploy the fresh issue proceeds toward:
- Cloud infrastructure expenditure: INR 152.5 crore
- Brand building and performance marketing: INR 225 crore
- Capital infusion into NBFC subsidiary Groww Creditserv Technology (GCS): INR 205 crore
- Funding MTF business of subsidiary Groww Invest Tech (GIT): INR 167.5 crore
- Inorganic acquisitions and general corporate purposes
Strategic and Market Positioning
Founded by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — all ex-Flipkart colleagues — Groww has grown into India’s most popular retail investment platform, serving customers across 98.36% of pin codes. Over 81% of its users reside outside major metros, signaling deep penetration in Tier-2 and Tier-3 cities.
The company continues to diversify into lending, wealth management, bonds, MTF, and API trading, targeting higher engagement and average revenue per user.
Groww IPO Broker Recommendations and Market Sentiment
Market analysts across leading brokerages have rated the IPO as a “Subscribe” or “Subscribe for Long Term”, citing Groww’s brand strength, financial turnaround, and scalable model.
- SBI Securities (Subscribe) — “Dominant Retail Fintech with Sustainable Scale”
- BP Equities (Subscribe for long term) — “Financial Turnaround and Cost Efficiency Stand Out”
- Ventura Securities (Subscribe) — “Technology Is the Competitive Moat”
As of 4 November 2025, Groww’s unlisted shares traded at a grey market premium (GMP) of INR 17, suggesting a potential 17% listing gain.
Conclusion
The overwhelming response to the Groww IPO anchor book underscores a defining moment for India’s fintech public markets. A mix of long-only funds, sovereign wealth institutions, and domestic AMCs signals deep conviction in Groww’s sustained profitability, brand equity, and retail investor franchise.
With trading scheduled to commence on 12 November 2025, Groww’s listing is poised to be one of the largest and most-watched IPOs of the year, alongside those of Tata Capital, HDB Financial, and LG Electronics India — marking another milestone in the evolution of India’s technology-driven financial ecosystem.