Groww IPO Day 2 GMP Live: Subscription Opens for Round 2 – Should You Apply or Avoid?
The much-awaited Groww IPO has entered its second day of subscription, drawing significant investor attention in the fintech space. The public issue, which opened on November 4, has quickly become one of the most closely followed IPOs in recent months. The three-day bidding window will remain open until Friday, November 7.
Groww IPO Overview
The Groww IPO comprises a fresh issue worth ₹1,060 crore and an offer for sale (OFS) amounting to ₹5,572 crore, aggregating to a total issue size of ₹6,632 crore. According to Deven Choksey Research, the funds raised from the fresh issue will be used for:
Performance marketing: ₹400 crore
Technology and inorganic growth: ₹300 crore
NBFC capital: ₹200 crore
Working capital: ₹160 crore
Groww IPO Valuation – Deven Choksey Research View
Deven Choksey Research highlighted that the IPO is priced at a P/E ratio of 41x (FY25 EPS) and an EV/EBITDA multiple of 25x (TTM). Though the valuation appears premium compared to listed peers, it is considered fair and justified given the company’s strong growth trajectory.
With revenue expected to grow by 50% in FY25 and PAT margins improving to 47%, the brokerage believes Groww is well-positioned to leverage the expanding wealth-tech market. The firm has assigned a “Subscribe” rating to the issue.
Groww IPO Day 2 GMP & Angel One’s View
According to Angel One, at the upper price band of ₹100 per share, Groww is valued at a post-issue P/E of 40.79x. While the valuation is on the higher side compared to peers, the brokerage suggests that long-term investors may consider the issue. It has, therefore, given a ‘Neutral’ rating to the IPO.
Business Overview
Groww, operated by Billionbrains Garage Ventures, provides brokerage services in equities and derivatives, alongside a broad suite of investment products such as Mutual Funds, Margin Trading Facility (MTF), Credit, and Groww AMC.
As of June 2025, the company employed 1,415 people across its operations.
Groww’s Market Share and Client Growth
According to NSE data, Groww’s active client base surged from 5.37 million in March 2023 to 12.58 million in June 2025, reflecting a sharp rise in user acquisition. In contrast, the total industry active clients increased from 35.60 million to 47.89 million during the same period.
This remarkable growth helped Groww expand its market share from 15.09% in March 2023 to 26.27% in June 2025, firmly establishing it as a top player in India’s retail broking segment. Between June 2023 and June 2025, Groww’s active clients more than doubled, solidifying its leadership in the wealth-tech space.
Groww IPO Allotment and Listing Timeline
Basis of allotment: Monday, November 10
Refund initiation: Tuesday, November 11
Shares credited to demat accounts: Tuesday, November 11
Listing date: Wednesday, November 12 on NSE and BSE
Groww IPO Price Band and Lot Size
Price band: ₹95 – ₹100 per share
Lot size: 150 shares and multiples thereof
Minimum investment (retail): ₹15,000 for one lot at the upper price band
Groww IPO Issue Size and Offer Structure
The total issue size stands at ₹6,632.30 crore, including:
₹1,060 crore through fresh issue
₹5,572 crore through OFS (Offer for Sale)
Prominent investors such as Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund are among those reducing their stakes in the OFS.
Should You Subscribe to the Groww IPO?
While Groww’s valuation appears premium, strong financial performance, robust user growth, and leadership in the retail investing space make it an attractive opportunity for investors seeking long-term exposure to India’s fintech revolution. Analysts, however, advise investors to assess their risk appetite and holding period before applying.
