Groww Surges 30% on Blockbuster Market Debut, Defying Muted Listings

On November 12, 2025, shares of Billionbrains Garage Ventures, the parent company of online brokerage Groww, made a strong debut on the stock exchanges, soaring nearly 30% over their issue price. The stock opened at ₹112 and hit a high of ₹134.4 before settling at ₹128.85 on the National Stock Exchange (NSE), representing a 28.85% gain over the IPO price of ₹100.

The robust debut, which exceeded market expectations, valued Groww at ₹79,547 crore ($8.9 billion), up from its initial public offering (IPO) valuation of ₹61,736 crore ($7 billion). Analysts attributed the strong investor appetite to Groww's dominant position in India's rapidly growing retail investing ecosystem, which has seen the number of demat accounts cross 210 million. Groww commands a 26% share of the NSE's 45.2 million active clients, solidifying its status as the country's largest stockbroker.

The company's IPO, which was subscribed 18 times, comprised a fresh issue of ₹1,060 crore and an offer for sale (OFS) of ₹5,572 crore by early backers such as Tiger Global and Peak XV Partners. Proceeds from the fresh issue will be used to strengthen Groww's cloud infrastructure, invest in subsidiaries, and explore potential acquisitions.

Groww's listing comes amid a surge in retail participation across direct equities and mutual funds, with the company accounting for about a fourth of all active clients and nearly one in three systematic investment plans (SIPs) flowing through its platform. While analysts see Groww as a compelling fintech growth story, they also caution that the current valuations, at a significant premium to peers, already factor in much of the optimism.