IPO Details
Issue Opening Date: November 4, 2025
Issue Closing Date: November 7, 2025
Issue size : Rs. 6,632.30 Cr.(@ upper Price Band of Rs. 100)
Fresh Issue : Rs.1,060.00 Cr.
Offer For Sale : Rs. 5,572.30 Cr.
Face Value : Rs. 2
Price Band: Rs. 95 to Rs. 100 per Equity Share
Lot Size: 150 Shares & in multiples thereafter
Minimum Application Amount: Rs.15,000/- (150 Shares)
Maximum Application Amount: Rs.1,95,000/- (1,950 Shares)
Small HNI- Rs.2,10,000/- (2,100 Shares)
Big HNI- Rs.10,05,000/- (10,050 Shares)
Our View: Subscribe for Long Term Horizon
Company Overview
Billionbrains Garage Ventures Ltd. (BGVL) is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services.
They are India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025. Through its app and website, customers can invest and trade in stocks (including via IPOs),
derivatives, bonds, mutual funds, and other products. They can also take advantage of a margin trading facility and personal loans.
The main revenue streams include fees and commissions, and interest earned on fixed deposits earmarked with stock exchanges, personal loans and margin trading facility. It has a diverse customer
base from various socio-economic backgrounds across cities, towns, and villages in India, in 98.36% of pin-codes as of June 30, 2025. The number of Active Users on the company’s platform grew at a CAGR
of 52.74% from the beginning of FY 2023 through the 3 Months ended June 30, 2025.
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 is also the only investment app in India to cross 100 million cumulative downloads as
of June 30, 2025.
Key Highlights
“Groww” is 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
Objects of the Issue
Expenditure towards cloud infrastructure (₹ 152.5 Cr.)
Brand building and performance marketing activities (₹ 225 Cr.)
Investment in one of the Material Subsidiaries, GCS, an NBFC, for augmenting its capital base (₹ 205 Cr.)
Investment in one of the Material Subsidiaries, GIT, for funding its MTF business (₹ 167.5 Cr.)
Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Offer for sale of 557,230,051 equity shares. The company will not receive any proceeds from the Offer for Sale.
Our View
Incorporated in 2018, Billionbrains Garage Ventures Ltd. is among India’s leading fintech platforms that offers multiple financial products and services. It 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 is also the only investment app in India to cross 100 million cumulative downloads as of June 30, 2025. Total Customer Assets on their platform
grew at a CAGR of 91.09% from the beginning of Fiscal 2023 through the three months ended June 30, 2025.
However, risks to consider are highly regulated sector, Cybersecurity & Technology Dependence, revenue concentration from Broking Business (~84.5% in FY25 & 79.49% in Q1FY26), Intense Competition, Cyclicality of Retail Participation, Credit Exposure & Subsidiary Risk, negative cash flows from operations in the past could adversely affect liquidity and ability to fund operations.
On the financial front, the Revenue grew at CAGR of ~84.88% from FY23-FY25, Adjusted EBITDA grew at CAGR 135% from FY23-FY25. The company operated on an Adjusted EBITDA margin of 59.11% and
PAT margin of 44.92% a FY25 respectively. Its Contribution Margin stood at 85.38% at the same time.
The company incurred loss in FY24 primarily due to a one-time tax expense. Its SIP market share is ~13% in June 2025 and 1 in 8 rupees in SIP inflows were transacted through Groww during June 2025.
The issue is priced at a P/BV of 9.55 based on its NAV of Rs. 10.47 as of June 30, 2025. and asking price is at a P/E of ~40x if we attribute FY26 annualized earnings. The Industry average P/E is ~41. The issue seems fully priced.
The company has positioned itself as a high growth fintech leader in less than a decade’s time. With a strong brand name, diversified offerings reflect flexibility and favorable industry headwind driven by
rising investor awareness and digital acceptance, investors may consider investing to the issue with a long-term investment perspective.
Frequently Asked Questions (FAQs)
What are the GROWW IPO important dates?
Issue Opening Date - November 4, 2025. Issue Closing Date - November 7, 2025.
What is the price band and lot size for GROWW IPO?
Price Band: Rs. 95 to Rs. 100 per equity share. Lot Size: 150 shares and in multiples thereafter.
Is the GROWW IPO fully priced?
As per our note the issue seems fully priced (P/BV ~9.55 and P/E ~40x vs industry ~41). Investors should consider the pricing alongside growth and sector risks.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
9,484.71 |
40,616.45 |
27,959.90 |
12,609.60 |
| Total Expenditure |
4,446.67 |
15,964.86 |
20,681.10 |
7,571.18 |
| Adjusted EBITDA |
5,071.95 |
23,063.69 |
14,709.19 |
4,163.01 |
| Profit/(Loss) before Tax |
5,031.79 |
24,637.82 |
(6,184.82) |
5,038.42 |
| Profit/(Loss) after Tax |
3,783.67 |
18,243.73 |
(8,054.50) |
4,577.17 |
| E.P.S. (Diluted) |
0.63* |
3.19 |
(1.50) |
0.79 |
| P/E (x) (Diluted) |
- |
34 |
- |
- |
| RONW (%) |
6.31* |
37.57% |
(31.66%) |
13.80% |
*Not annualised for the three months ended June 30, 2025.
PRICE CHART (@ ₹ 100) (Retail Category)
| LOT SIZE |
| Amount |
| 150 |
15,000 |
| 300 |
30,000 |
| 450 |
45,000 |
| 600 |
60,000 |
| 750 |
75,000 |
| 900 |
90,000 |
| 1,050 |
105,000 |
| 1,200 |
120,000 |
| 1,350 |
135,000 |
| 1,500 |
150,000 |
| 1,650 |
165,000 |
| 1,800 |
180,000 |
| 1,950 |
195,000 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
2,100 |
210,000 |
| Big HNI |
10,050 |
1,005,000 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
10/11/2025 |
| Initiation of refunds/unblocking ASBA Fund |
11/11/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
11/11/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
12/11/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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