Groww IPO Day 3: The IPO of Groww’s parent company, Billionbrains Garage Ventures Ltd, has caught strong investor attention as it entered the second day of its public issue. The offer has already been subscribed 1.64 times by Thursday evening by showing that the Investors are showing big trust in the company’s growth story. The price band for the IPO is fixed between Rs 95 and Rs 100 per share, with a total issue size of Rs 6,632.3 crore.
Groww IPO Day 2: Strong investor response
The IPO is a mix of a fresh issue and an offer for sale from existing shareholders. The money raised from the fresh issue will help the company grow faster. It plans to use the funds to strengthen its cloud system and also invest more in its subsidiaries to improve its overall business performance.
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The company had already received a great response from big investors earlier in the week. On Monday, it collected more than Rs 2,984 crore from anchor investors, including Abu Dhabi Investment Authority and the Government of Singapore
Listing details
According to the company, the shares of Billionbrains Garage Ventures (Groww) Ltd. are expected to list on both the BSE and NSE on November 12. The IPO is managed by some of the top financial firms in India.
Kotak Mahindra Capital Ltd is the lead manager of the issue, and MUFG Intime India Pvt. Ltd. is the registrar. Other major banks handling the offer include JPMorgan, Citigroup, Axis Capital, and Motilal Oswal.
Subscription status
Subscription Status The Billionbrains Garage Ventures IPO has been subscribed 1.64 times as of 5 p.m. on Thursday.
- Qualified Institutional Buyers (QIBs): 20% Non-Institutional Investors (NIIS): 2.26 times
- Retail Individual Investors: 5.02 times
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Grey market premium investors
As per InvestorGain, the grey market premium (GMP) for the Groww IPO was Rs 11.5 as of 6:53 p.m. on November 6. With the upper price band at Rs 100, the estimated listing price is around Rs 115.5 per share.
This means investors could get an expected gain of 11.5% per share on listing day if the current sentiment continues.
