Groww IPO Day 2: Subscription Status and Key Details
Groww-parent Billionbrains Garage Ventures Ltd has opened its highly anticipated public issue for subscription. The IPO was subscribed 1.64 times on the second day on Thursday, indicating a strong demand for the shares.
The price band for the offering is fixed between Rs 95 and Rs 100 per share, with an issue size totaling Rs 6,632.3 crore. The IPO is structured as a mix of a fresh issue and an offer for sale by existing shareholders, aimed at funding growth initiatives like strengthening cloud infrastructure and investing in subsidiaries.
IPO Subscription Status
The IPO had garnered a little over Rs 2,984 crore from anchor investors on Monday, including Abu Dhabi Investment Authority and the Government of Singapore. The subscription status as of 5 p.m. on Thursday is as follows:
- Qualified Institutional Buyers (QIBs): 20%
- Non-Institutional Investors (NIIS): 2.26 times
- Retail Individual Investors: 5.02 times
Grey Market Premium (GMP)
According to InvestorGain, the latest grey market premium for the IPO was Rs 11.5 as of 6:53 p.m. on Nov 6. With an upper price band of Rs 100, the estimated listing price is Rs 115.5. This indicates an expected gain of 11.5% per share for investors.
Note: GMP does not represent official data and is based on speculation. Investors should not rely solely on GMP when making investment decisions.
Investing in the Groww IPO
To invest in the Groww IPO, you can follow these steps:
- Open a Demat Account with a registered broker.
- Check the IPO Subscription Status to ensure that the issue is still open.
- Place your bid through the ASBA Facility or through your broker’s online platform.
Listing Details
The shares of Billionbrains Garage Ventures (Groww) Ltd. are expected to list on the BSE and NSE on Nov. 12.
Kotak Mahindra Capital Ltd. is the book running lead manager and MUFG Intime India Pvt. is the registrar of the issue. The bankers handling the offer include JPMorgan, Kotak Mahindra Capital, Citigroup, Axis Capital, and Motilal Oswal.
Disclaimer
Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the Red Herring Prospectus thoroughly before placing bids.
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