Groww IPO Sparks Investor Interest with Strong Start

The IPO of Billionbrains Garage Ventures, Groww's parent company, saw a 29% subscription on its first day. Retail investors showed robust interest, exceeding their quota, while anchor investors contributed Rs 2,984 crore. The IPO, targeting a Rs 61,700 crore valuation, concludes on November 7.

The initial public offering (IPO) of Billionbrains Garage Ventures, the parent entity of Groww, attracted a subscription of 29% on its first day, illustrating strong interest from investors.

Retail investors showed enthusiasm by fully subscribing their quota 1.16 times over, while non-institutional investors' interest stood at 27% subscription. Anchor investors committed over Rs 2,984 crore ahead of the official IPO close on November 7.

Seeking a valuation of Rs 61,700 crore, or USD 7 billion, the IPO features equity shares worth Rs 1,060 crore and offers several shares for sale by key promoters and investors. Proceeds aim to bolster Groww's technological and business strategies.

(With inputs from agencies.)