Investor Appetite Surges As Groww IPO Oversubscribed 3.5 Times On Final Day

In Focus

• Groww IPO oversubscribed 3.5x amid soaring investor demand
• Retail quota fully booked across investor categories
• Day 3 reflects strong fintech momentum in Indian markets

Groww to list on November 12 after robust subscriptionIndia’s fast-growing online investment platform Groww witnessed overwhelming investor enthusiasm as its initial public offering (IPO) was oversubscribed 3.5 times by midday on the third and final day of bidding, according to Inc42.

The strong response across investor categories underscores continued confidence in the fintech firm’s growth prospects, positioning the Bengaluru-based company for one of the most anticipated listings in India’s technology sector this year.

Strong Retail Demand Fuels Subscription Momentum

Retail investors played a pivotal role in driving the oversubscription. The Groww retail investor quota full subscription reached nearly seven times its reserved limit, with bids totaling approximately 47 crore shares against an available 6.63 crore shares. Non-institutional investors (NIIs) also demonstrated solid interest, oversubscribing by around 5.65 times. Earlier this year, Groww reported a profit of ₹1,819 crore in FY25.

Meanwhile, Qualified Institutional Buyers (QIBs) subscribed modestly at 1.2 times, reflecting a more measured stance among institutional participants. The IPO’s price band of ₹95–₹100 per share places the company’s valuation at roughly ₹61,735 crore (about USD 7.4 billion). The issue comprises a fresh equity issuance of ₹1,060 crore and an Offer for Sale (OFS) of up to 55.72 crore shares.

Major Highlights From The Subscription Phase

• Retail participation far exceeded expectations with 7x oversubscription
• Institutional demand remained steady but conservative
• Price band capped at ₹100 signals investor confidence in valuation

Financial Performance And Strategic Outlook

Groww, operated by Nextbillion Technology Pvt Ltd, has reported a profitable turnaround after previous losses. For the fiscal year ending March 2025, the company posted a net profit of ₹1,824.4 crore, compared to a net loss of ₹805.5 crore in the prior fiscal year. Operating revenue rose nearly 50% year over year to ₹3,901.7 crore. On 17 September, 2025, Groww IPO became the first Indian startup to go public after relocating its headquarters from the United States back to India.

However, the first quarter of FY26 saw a slight revenue decline of 9.6%, totaling ₹904.4 crore compared to ₹1,000.7 crore in the same quarter last year, even as net profit climbed to ₹378.4 crore. The company plans to deploy IPO proceeds toward expanding its non-banking financial company (NBFC) operations, scaling its margin-trading subsidiary, strengthening cloud infrastructure, and exploring inorganic growth opportunities.

Key Developments At A Glance

• Profitability marks a strong turnaround from FY24 losses
• Decline in Q1 revenue warrants investor attention post-listing
• IPO funds to bolster technology and expansion strategy

What This Means For India’s Fintech Sector

The Groww IPO Day 3 performance signals a significant milestone for India’s digital finance ecosystem. With millions of first-time investors using online brokerage platforms, Groww’s public debut highlights the growing formalization of retail investing in the country.

The Groww listing date expected November 12 could attract notable market attention, with analysts watching closely for early performance cues. Investor enthusiasm around Groww’s offering mirrors a larger trend of fintech adoption, where technology-led brokers are challenging traditional financial intermediaries.

This IPO’s robust retail participation also reinforces the momentum of India’s capital markets, where digital-first financial firms continue to gain trust and visibility among younger investors and small business owners alike.