Groww IPO

About Groww IPO

A 100% book-built offer, the IPO of Groww comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹1060 crores and the offer for sale has equity shares aggregating up to 574,190,754. The price band is TBA and the lot size is TBA. The IPO opens on TBA and closes on TBA.

The listing date is on TBA and the allotment date is on TBA. The credit of shares to the Demat account will take place on TBA, while the initiation of refund will take place on TBA.

Groww is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It’s India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

Objectives of Groww IPO

The company proposes to utilise the IPO proceeds for:

• Expenditure towards cloud infrastructure
  
• Brand building and performance marketing activities
  
• Investment in one of its Material Subsidiaries, Groww Creditserv Technology Private Ltd (“GCS”), a non-banking financial company (“NBFC”), for augmenting its capital base
  
• Investment in one of its Material Subsidiaries, Groww Invest Tech Private Limited (“GIT”), for funding its margin trading facility (“MTF”) business
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes
  

Industry Outlook

As of June 30, 2025, India’s equity market (across exchanges) reached a market capitalization of ~₹462 trillion, solidifying its position as the fourth largest market globally after the US, China (including Hong Kong), and Japan, growing at a CAGR of ~17% over the last two decades. NSE is the third largest exchange globally by equity market trading volume as of March 2025.

Average Daily Turnover (“ADTO”) (Average value of securities traded on the exchange each day, indicating the liquidity and activity level of the market over a specific period) for the cash market segment stood at ~₹955 billion for Q4FY2025, leading to a share of 17.3% in global equity cash market trades for Q4FY2025.

In CY2024, India had 960 - 980 million bank-account holders. There are ~55 million unique mutual fund investors in June 2025. As per NSE data, ~48 million are NSE active clients as of June 30, 2025. As per NSE data, the number of NSE active clients as of March 31, 2025, reached ~49 million while the same was ~5 million on March 31, 2016.

This implies that the NSE active clients have grown ~10 times between March 31, 2016, and March 31, 2025. There’s a significant potential for expansion in India’s capital markets, supported by large pool of individuals equipped to participate in equities

Company Information

Groww is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It’s India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products.

They can also avail margin trading facility and personal loans. Using the Groww app or website, customers can access tools, information and market insights across its products and services and build their investment and trading strategies. It provides customers a friendly design and deploys an in-house technology platform to enhance the investing experience.

Strengths of Groww

• A well-known and preferred brand for investing across cities, towns and villages in India
  
• High customer retention, engagement and price in-elasticity
  
• Customer-friendly design for enhancing investing experience
  
• In-house technology stack to deliver a differentiated experience at low cost
  
• Entrepreneurial and ownership-driven culture
  
• Strong execution delivering growth and profitability
  

Risks of Groww

• Downturn or disruption of the financial markets may have a material adverse effect on business and financial condition
  
• System failures and interruptions could adversely affect the availability or performance of website, mobile applications or platform, and adversely impact business
  
• Downturn in customers’ willingness to use its broking services could have an adverse impact on business, financial condition and cash flows
  
• Changing laws, rules and regulations may adversely affect business, prospects and results of operations
  
• Failure to retain or acquire customers may adversely impact on operations, financial condition and results of operations
  
• Inability to generate adequate revenue growth and manage expenses and cash flows can affect profitability
  
• Actual or perceived cybersecurity, data or privacy breach could interrupt operations and adversely affect the company’s reputation and brand
  
• Any downturn in their subsidiaries performance could have a material adverse impact on business, financial condition, cash flows, and results of operations.
  

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Managers

• Registrar: KFin Technologies
• Book Running Lead Managers: JP Morgan India Pvt Ltd, Kotak

Mahindra Capital Company Ltd, Citigroup Global Markets Pvt Ltd, Axis Capital Ltd and Motilal Oswal Securities Ltd

Business Model

With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal loans. Its main revenue streams include fees and commissions, and interest earned on fixed deposits earmarked with stock exchanges, personal loans and margin trading facility.

Company Growth Trajectory

The revenue from operations of Groww increased from ₹1141.526 crores in FY 23 to ₹3901.723 crores in FY 25. The number of active users on Groww’s platform grew at a CAGR of 52.74% from the beginning of Fiscal 2023 through the three months ended June 30, 2025. Total Customer Assets on Groww’s platform grew at a CAGR of 91.09% from the beginning of Fiscal 2023 through the three months ended June 30, 2025.

Market Position

Groww is the highest rated investing app in India, with a rating of 4.61 out of 5 on Google Play as of June 30, 2025. It’s also the highest ranked (in the investment category) investment app on App Store in India as of June 30, 2025, based on the search results from App Store.

The company’s revenue from operations grew at a CAGR of 84.88% from Fiscal 2023 to Fiscal 2025, making Groww one of the two fastest growing companies amongst the Top 10 brokers as per NSE active customers as of June 30, 2025, according to the Redseer Report.

How to Check Allotment Status of Groww?

1. Visit the Registrar’s Website

• Visit the official website of KFin Technologies Ltd
• Click on ‘IPO Allotment Status’ from ‘Investors’ under ‘Products’
• Click on any one of the appearing links
• Choose IPO name and enter either your application number, Demat account or PAN number
• Enter captcha and click on ‘Submit’ to know the status

2. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of Groww IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Company name from dropdown
• Application number
• PAN Then click 'Submit' to know the allotment status.

3. Check on the Bombay Stock Exchange Website

• Go to the BSE website
• Click on ‘Status of Issue Application’ under ‘Investor Services’
• Click on ‘Application Status Check’
• Choose the ‘Issue Type’ and ‘Issue Name’
• Enter either your PAN or Application Number
• Tick the box ‘I’m not a robot’
• Click on ‘Search to view allotment status

How to Apply for Groww IPO?

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.