Groww IPO Fully Subscribed on Day 2: GMP, Subscription Status, and Expert Views

The IPO of Billionbrains Garage Ventures, the parent company of Groww, was fully subscribed (101%) by the second day of bidding on November 6.

This happened even though the grey market premium (GMP) dropped slightly for the ₹6,632 crore issue.

Strong Demand from Retail Investors

By 11:15 am, data from the NSE showed that investors had applied for 37 crore shares against 36.47 crore shares on offer.

Retail investors led the demand, subscribing 3.4 times their quota.

Non-Institutional Investors (NIIs) also fully booked their portion (121%).

Meanwhile, Qualified Institutional Buyers (QIBs) subscribed 10% of their reserved shares.

Grey Market Premium (GMP) Update

Unlisted shares of Groww were trading with a 13% premium over the IPO price, as per data from Investorgain.

This is lower than the 14.75% recorded a day earlier, and down from 16.7% before the IPO opened.

According to IPO Watch, the shares were seen with a 14% GMP in recent trades.

About Groww IPO

The Groww IPO opened for subscription on November 4 and will close on November 7.

The price band has been set at ₹95–₹100 per share.

The issue size is ₹6,632.30 crore, which includes a fresh issue worth ₹1,060 crore and an offer-for-sale of 55.72 crore shares valued at ₹5,572.30 crore.

Allotment is expected on November 10, and the shares are likely to list on November 12.