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Shares of investment tech major Groww made a stellar debut on the bourses, listing 14% above their issue price at INR 114 apiece on the BSE.
The stock got listed at INR 112 per share on the NSE, marking a premium of 12% to the issue price of INR 100.
The shares rose following the listing and were trading at INR 116.55 on the BSE at 10:03 IST. The company’s market capitalisation stood at INR 72,848 Cr (about $8.2 Bn).
Groww’s IPO, which comprised a fresh issue of up to INR 1,060 Cr and an OFS component of up to 55.72 Cr shares, closed with an oversubscription of 17.6X.
Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, True Bridge Capital, Alkeon, Propel Sequoia, Fraile and Nirman.VC sold shares via the OFS, raking in big returns.
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is a full-stack financial platform spanning mutual funds, stockbroking, asset management, margin trading, and wealth management solutions. It claims to have over 1.8 Cr active users.
With an eye to expand its offerings further, the company has been engaged in launching new business verticals and undertaking acquisitions in the past few months. Groww began piloting commodities trading on its platform last month. Prior to that, it completed the acquisition of Fisdom to bolster its wealth tech foray
(The story will be updated soon)
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