Billionbrains Garage Ventures Ltd (Groww

Billionbrains Garage Ventures Ltd (Groww) is a fintech company, which has emerged as the largest Indian brokerage in terms of broking volumes and number of active customers. Its digital investment platform (Groww) provides a direct to customer (DTC) platform for investors to participate in equity markets, F&O markets, mutual fund investments, Index ETFs, Gold ETFs, Bonds and other asset classes. The company also offers the margin trading facility (MTF) as well as algorithmic trading platform for investors. It is among key discount brokerage companies in the Indian capital markets, but is also profitable.  

The IPO is a combination of a fresh issue and an offer for sale (OFS) by the promoters and other early investors. The fresh issue proceeds will be used for tech stack spending, cloud infrastructure, brand & market share building, investments in subsidiaries, and to take on inorganic growth opportunities through M&A. The issue is being lead-managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets, Axis Capital, and Motilal Oswal Investment Advisors; while MUFG Intime India Private Ltd will be the registrars to the IPO. The company has been promoted by Lalit Kehsre, Harsh Jain, Ishan Bansal, and Neeraj Singh. The promoters currently hold 28% of the pre-issue capital. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Billionbrains Garage Ventures Ltd (Groww). 

1. The IPO of will be open from November 04th, 2025 to November 07th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹95 to ₹100 per share. The anchor bidding and anchor allocation will happen late on November 03, 2025.
2. The IPO of Billionbrains Garage Ventures Ltd (Groww) will be a combination of a fresh issue and an offer for sale (OFS) of shares by the promoters and the early investors of the company.
3. The fresh portion comprises the issue of 10,60,00,000 shares (1,060.00 lakh shares), which at the upper price band of ₹100 per share translates into ₹1,060 crore.
4. The OFS of the IPO comprises the sale of 55,72,30,051 shares (5,572.30 lakh shares), which at the upper price band of ₹100 per share translates into ₹5,572.30 crore.
5. The overall IPO will comprise of a fresh issue and OFS of 66,32,30,051 shares (6,632.30 lakh shares) worth ₹6,632.30 crore at the upper band price of ₹100 per share. 

The IPO of Billionbrains Garage Ventures Ltd (Groww) will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Billionbrains Garage Ventures Ltd (Groww) 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Billionbrains Garage Ventures Ltd (Groww) for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 150 shares) 

Financial Highlights

The table captures the key financials of Billionbrains Garage Ventures Ltd (Groww) for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has reported very strong profits with net margins of over 40%. The loss in FY24 is more due to the one-time domicile tax paid by Groww for shifting its headquarters from Delaware to Bengaluru. This is an exceptional tax item and needs to be ignored while calculated the trending profits. Excluding that one-time tax cost of ₹1,340 Crore, the company was profitable in FY24 also. The company does have a large equity and asset base. 

Valuation Metrics

At the current issue price of ₹100 per share, the valuation of the company is at a P/E ratio of 31.3X in terms of latest year EPS of ₹3.19. In terms of number of active clients and in terms of volumes, Groww is among the leaders in the Indian capital markets. However, in terms of profitability it still lags behind Zerodha, despite having more active clients. One challenge for Groww will be the large asset and equity base, which will make it increasingly difficult to sustain ROE and ROA at higher levels. Having said that, the company does bring some positives to the table; both in terms of tangibles and intangibles. Here is a quick dekko. 

Due to its digital franchise, Groww has been able to build a very strong customer franchise. It has active users across over 98% of the pin codes, which is substantial spread, especially in the non-metros. Among the active participants in the capital market, over 77% of the customers have stayed with the platform for 3 years, something quite tough in a competitive business. Its cost to serve ratio as percentage of revenues has remained between 12% and 15%, which assures steady growth in profits. Investors have to look at this IPO as a long-term bet on the Indian financial intermediation and wealth management space. However, patience will be the key in this case! 

A Brief on the Anchor Allocation

The anchor issue of Billionbrains Garage Ventures Ltd (Groww) saw a strong response on 03rd November 2025 with 45.00% of the IPO size absorbed by anchors. Out of 66,32,30,051 shares (6,632.30 lakh shares) on offer in the IPO, anchors picked up 29,84,53,523 shares (2,984.54 lakh shares) accounting for 45.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹100 per share. This includes the face value of ₹2 per share plus a share premium of ₹98 per share. The anchor bidding process opened and closed on 03rd November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Billionbrains Garage Ventures Ltd (Groww) 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 03rd November 2025, Billionbrains Garage Ventures Ltd (Groww) allotted 29,84,53,523 shares to 102 anchor investors. The allocation was done at the upper IPO price band of ₹100 per share which resulted in overall anchor allocation of ₹2,984.54 crore. The anchors have already absorbed 45.00% of the total issue size of ₹6,632.30 crore. Listed below are the Top 10 IPO anchor investors accounting for anchor collection of ₹1,206.12 crores, or, 40.41% of the overall anchor allocation of shares in Billionbrains Garage Ventures Ltd (Groww) done on November 03, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251103-52&attachedId=dac98745-d0a8-4442-aa0b-344da1de42bf 

Out of the 29,84,53,523 shares allocated to the anchors in the IPO, there were a total of 13,89,81,300 shares allocated to mutual funds registered with SEBI. The allocation was made to 54 mutual fund schemes across 17 AMCs. Mutual funds accounted for 46.57% of the total anchor allocation of the IPO. Global FPIs, AIFs, sovereign funds and insurance companies were very active in participating in the anchor allocation of Billionbrains Garage Ventures Ltd (Groww). 

Next Step in the IPO

Post the closure of the IPO subscription on 07th November 2025, the basis of allotment will be finalized on 10th November 2025 and the refunds will be initiated on 11th November 2025. In addition, the demat credits are expected to also happen on 11th November 2025 and the stock will list on 12th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th November 2025 under ISIN (INE0HOQ01053). 

IPO Subscription Status On Day-1

As of 5.30 pm on 04th November 2025, out of the 3,647.77 lakh shares on offer in the IPO (excluding anchor portion), Billionbrains Garage Ventures Ltd (Groww) saw bids for 2,063.07 lakh shares. This implies an overall subscription of 0.57X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Billionbrains Garage Ventures Ltd (Groww) was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 07, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.30 pm on 06th November 2025, out of the 3,647.77 lakh shares on offer in the IPO (excluding anchor portion), Billionbrains Garage Ventures Ltd (Groww) saw bids for 5,982.35 lakh shares. This implies an overall subscription of 1.64X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Billionbrains Garage Ventures Ltd (Groww) was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 07, 2025, at which point we will know the final subscription status of the IPO.