Groww makes a strong debut with 12% gain on listing day

Mumbai (Maharashtra) [India], November 12 (ANI): Online investment platform Groww made a strong debut on the stock exchanges on Wednesday, listing at Rs 112 per share, a 12 per cent gain over its issue price of Rs 100.

The listing marks a moderate but positive start for the much-awaited IPO, reflecting healthy investor sentiment toward the fintech sector.

The company's Rs 6,632 crore initial public offering (IPO) had witnessed robust participation across investor categories, being subscribed 17.6 times on its third and final day.

The issue attracted strong demand from qualified institutional buyers (QIBs), whose portion was subscribed 22.02 times, while the non-institutional and retail investor segments saw 14.2 times and 9.4 times subscription, respectively.

Groww offers a digital platform that enables users to invest in mutual funds, stocks, futures and options (F&O), exchange-traded funds (ETFs), IPOs, digital gold, and U.S. stocks.

Over the years, the company has emerged as one of India's leading investment platforms, with a growing user base driven by ease of access and digital innovation.

In terms of revenue mix, broking remains the largest contributor to the company's income, accounting for nearly 85 per cent of total revenue. The remaining 15 per cent primarily comes from interest-related income.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited acted as the book-running lead managers for the issue. (ANI)

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