Home / Business and Economy / Groww Shares Tumble on Major Block Deal
Groww Shares Tumble on Major Block Deal
12 May
Summary
- Groww's share price fell over 6.82% following a large block deal.
- Early investors offloaded shares worth up to ₹4,750 crore.
- The block deal's floor price was set at ₹177 per share.
Groww's stock price saw a sharp decline of more than 6.82% on Tuesday, settling at ₹180.33 per share. This downturn was attributed to a significant block deal reportedly worth ₹4,750 crore.
Early investors in Groww's parent company, Billionbrains Garage Ventures, initiated this sale. The transaction involved approximately 4.3% of Groww's total outstanding shares. Among the notable sellers were Peak XV Partners, Sequoia Capital, and Y Combinator.
The block deal's floor price was set at ₹177 per share, marking an 8.5% discount compared to its closing price on Monday. Despite this sell-off, Groww's market capitalization has seen substantial growth since its listing, nearly doubling to around ₹1.25 trillion from its initial IPO valuation of approximately ₹62,000 crore.
