For investors, it can be quite challenging to decide if the Groww IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Groww IPO. This will help you analyze the strengths, risks, and financial details of the Groww IPO, making your investment decision better.
About Company
Groww is India’s largest and fastest-growing direct-to-customer digital investment platform that is involved in offering a wide range of financial services and products. With the help of Groww, people can easily invest and trade in stocks, including IPOs, F&O, ETFs, digital gold, derivatives, bonds, mutual funds (including Groww Mutual Fund), and other products. Aside from that, through using the Groww app and websites, people can literally access various tools, check market insights, and information to build their investment strategies. They offer a user-friendly design and an in-house technology platform that makes the investment and trading experience easy and wonderful.
Groww serves customers across 98.36% of India’s pin codes, reaching almost every part of the country as of June 30, 2025. The company’s goal is to meet the customer’s changing needs by offering them a smooth investing experience by building long-term relationships with them. Groww includes a total of 1415 employees as of June 30, 2025.
Strengths
- Groww is known for being one of the most reliable and preferred brands for investing in India.
- They offer a user-friendly design and interface to their customers, making the investing experience easier and seamless than ever before.
- The company uses in-house technology to provide a unique experience at a low cost.
- They incorporate a strong execution strategy that promotes both growth and profitability.
Weaknesses
- Their business depends on smooth access to the platform. Any interference that happens or the system fails can adversely affect the business, cash flow, and financials.
- The company’s success mostly depends on attracting new clients and keeping old clients engaged on the platform. If one fails to do so can badly impact the overall business, financial condition, and cash flow.
- Groww’s business is mostly dependent on market activity, and any slowdown or volatility in the financial markets could negatively impact its revenue and growth.
- The company depends on accurate and complete KYC information from the customers. If the information is wrong or incomplete can harm the business, revenue, and future growth.
Groww IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Capital Market | May Apply |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Groww IPO Details
| IPO Open Date: | November 4, 2025 |
| IPO Close Date: | November 7, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹95 to ₹100 Per Share |
| Issue Size: | ₹6,632.30 Crores |
| Fresh Issue | ₹1,060 Crores |
| Offer-for-Sale | Up to 55,72,30,051 equity shares |
| Registrar | MUFG Intime India Pvt.Ltd. |
| IPO Lead Managers | Kotak Mahindra Capital Co.Ltd. JP Morgan India Pvt.Ltd. Citigroup Global Markets India Pvt.Ltd. Axis Capital Ltd. Motilal Oswal Investment Advisors Ltd. |
| Basis of Allotment | November 10, 2025 |
| IPO Listing Date: | November 12, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars (in ₹ Cr) | FY23 | FY24 | FY25 | Q1FY26 |
| Total Income | 1,260.9 | 2,796.0 | 4,061.6 | 948.5 |
| EBITDA | 398.8 | -780.9 | 2,371.0 | 418.8 |
| PAT | 457.7 | -805.5 | 1,824.4 | 378.4 |
| Net Worth | 3,316.8 | 2,542.6 | 4,855.4 | 5,995.5 |
| RoNW | – | -31.7% | 37.6% | – |
| PAT Margin | – | -28.8% | 44.9% | – |
Key Performance Indicator
| KPI | Values |
| RoNW | 37.57% |
| PAT Margin | 44.92% |
| EBITDA Margin | 59.11% |
| Price to Book Value | 11.76 |
| Market Capitalization | 61735.97 |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | EPS (Diluted)(₹) | RoNW (%) | NAV(₹) |
| Groww | ₹2 | [●] | ₹3.34 | ₹3.19 | 37.57% | ₹8.89 |
| Domestic Peers | ||||||
| Angel One Limited | ₹10 | 19.80x | ₹130.05 | ₹126.82 | 20.85% | ₹623.72 |
| Motilal Oswal Financial Services Limited | ₹1 | 24.88x | ₹41.83 | ₹41.00 | 22.64% | ₹185.24 |
| 360 One WAM Limited | ₹1 | 45.20x | ₹27.14 | ₹26.08 | 14.37% | ₹188.89 |
| Nuvama Wealth Management Limited | ₹10 | 26.85x | ₹276.66 | ₹268.54 | 28.22% | ₹979.11 |
| Prudent Corporate Advisory Services Limited | ₹5 | 58.92x | ₹47.25 | ₹47.25 | 29.30% | ₹161.25 |
| Global Peers | ||||||
| Robinhood Markets, Inc. | ₹0.01 | 86.11x | ₹132.80 | ₹129.48 | 17.70% | ₹750.95 |
| Interactive Brokers Group, Inc | ₹0.83 | 38.77x | ₹580.17 | ₹575.19 | 17.64% | ₹3,258.99 |
| Nordnet AB (publ) | [●] | 25.64x | ₹92.31 | ₹92.23 | 35.45% | ₹268.47 |
Promoters & Track Records, if any
- Lalit Keshre, born on June 26, 1981, aged 44 years, is a Promoter, a Whole-time Director on the Board, and Chief Executive Officer of the Company. He holds 559,064,671 shares, representing 9.12% of pre-Issue paid-up capital in the company.
- Harsh Jain, born on September 26, 1982, aged 43 years, is a Promoter, a Whole-time Director on the Board, and Chief Operating Officer of the Company. He holds 411,579,773 shares, representing 6.72% of pre-issue paid-up capital in the company.
- Ishan Bansal, born on April 10, 1988, aged 37 years, is a Promoter, a Whole-time Director on the Board, and Chief Financial Officer of the Company. He holds 277,715,210 shares, representing 4.53% of pre-issue paid-up capital in the company.
- Neeraj Singh, born on March 6, 1983, aged 42 years, is a Promoter, a Whole-time Director on the Board, and Chief Technology Officer of the Company. He holds 383,199,310 shares, representing 6.25% of pre-issue paid-up capital in the company.
Information on Industry’s P/E Ratio
The company Groww did not show the P/E ratio in the RHP. However, let’s check out the financial services industry’s P/E ratio to understand it more.
The industry peer group has a highest P/E ratio of 86.11, a lowest of 19.80, and an industry composite P/E ratio of 40.77 times.
Expansion
- The proceeds raised from the fresh issue will be utilized towards cloud infrastructure.
- A portion of funds will be used towards brand building and performance marketing activities.
- Some funds will be utilized for the Investment in one of the Material Subsidiaries, GCS, an NBFC, to augment its capital base.
- A portion of funds towards an Investment in one of the Material Subsidiaries, GIT, for funding its MTF business.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Groww IPO – Should You Apply or Not?
Groww features a strong digital investment platform, rapid revenue growth, strong brand recognition, and a profitable and scalable model, giving investors a great chance to be part of one of India’s largest and fastest-growing investment platforms. But rising competition, dependency on market activity, regulatory risks, and high valuation are some of the key risks one must keep in mind.
Short-term investors can apply for the IPO for listing gain, given the strong brand value. Long-term or Caveat investors evaluate GMP, higher valuation, and market sentiment before subscribing. As of October 31, the GMP of the Groww IPO is 15, indicating a listing gain of around 14% to 16%.
Please note:
Investors are advised to make their own decisions and apply entirely at risk. This article uses information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
