Groww's IPO: A Resounding Success with 1.64x Subscription

Billionbrains Garage Ventures, parent of stock brokerage Groww, had its IPO fully subscribed on the second day, achieving a subscription rate of 1.64 times. The firm, which aims for a valuation of over Rs 61,700 crore, plans to invest IPO proceeds into technology, business expansion, and other initiatives.

Billionbrains Garage Ventures, the parent company of Groww, saw its IPO fully subscribed on the second day, reaching 1.64 times demand by market close. Investors bid for nearly 60 million shares, surpassing the 36.5 million shares available, according to NSE data.

Retail Individual Investors demonstrated robust interest with 5.02 times subscription, while non-institutional investors subscribed 2.26 times their quota. Meanwhile, Qualified Institutional Buyers (QIBs) contributed to 20% of their designated portion.

Having raised more than Rs 2,984 crore from anchor investors earlier in the week, Billionbrains aims to use IPO proceeds to enhance technology and expand operations. The company is backed by notable investors, including Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella.

(With inputs from agencies.)