The IPO of Billionbrains Garage Ventures, the parent company of digital investment platform Groww, garnered nearly 17.6 times subscription, attracting bids worth around ₹64,000 crore.
The qualified institutional buyers (QIB) category was subscribed 22 times, while the non-institutional investor (NII) segment saw 14.2 times demand. Retail investors subscribed their portion 9.4 times.
Groww's ₹6,632 crore IPO comprised a fresh issue of ₹1,060 crore and an offer for sale (OFS) of ₹5,572 crore.
Early backers, including Tiger Global and Peak XV Partners, pared part of their holdings through the OFS. At the top end of the ₹95-₹100 price band, the company is valued at ₹61,736 crore (about $7 billion).
Proceeds from the fresh issue will be used to bolster the companys cloud infrastructure, invest in subsidiaries, and pursue potential acquisitions.
Growws listing comes at a time of rising retail participation in the securities market, both in direct equities and through mutual funds.
The platform accounts for roughly a quarter of India's active trading clients, and nearly one-third of all systematic investment plans (SIPs) are routed through Groww.
-- Business Standard
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