Strong debut: Groww lists at 14% premium

New Delhi: Shares of Billionbrains Garage Ventures, the parent company of stock broking firm Groww, made a strong market debut on Wednesday, listing with a premium of 14 per cent against the issue price of Rs 100.

The stock began trading at Rs 114, up 14 per cent from the issue price on the BSE. On the NSE, the shares listed at Rs 112 apiece, premium of 12 per cent. Later, the stock climbed 19.52 per cent each to Rs 119.52 and Rs 118.92 apiece, on the BSE and NSE, respectively.

The company’s market valuation stood at Rs 73,786.83 crore on the NSE. On Friday, the Initial Public Offering (IPO) of Billionbrains Garage Ventures, the parent company of stock broking firm Groww, received 17.60 times subscription on the final day of the share sale.

Billionbrains Garage Ventures garnered a little over Rs 2,984 crore from anchor investors on November 3. The firm has fixed a price band of Rs 95-100 per share for its IPO, targeting a valuation of over Rs 61,700 crore (about USD 7 billion).

The IPO has a fresh issue of equity shares worth Rs 1,060 crore along with an Offer for Sale (OFS) component of 55.72 crore equity shares.

The company, which is backed by marquee investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds from the IPO to invest in technology development and business expansion.