Groww’s IPO kicked off on November 4, 2025, with a price band of 95-100 per share and a minimum bid of 150 shares, as the offer opens to investors.

Initial commentary broadly supports subscribing, citing Groww’s strong brand, active user engagement, loyalty, and in-house technical capabilities, while noting a high upper-band valuation and potential growth areas like MTM facilities, API trading, wealth management, and lending against securities.

Key figures show Groww’s FY25 results, expanding assets under management among retail users, and the prominent balance between OFS and fresh issue.

SBI Securities recommends subscribing, highlighting strong revenue and PAT growth (CAGR ~85-100% from FY23 to FY25), a large user base, diverse product offerings, and favorable sector dynamics for broking.

The issue comprises a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore, totaling Rs 6,632 crore.

Disclaimer: analyst views are not investment advice; readers should verify with licensed advisors before investing.

Subscribing is recommended for long-term investors, given the 26% market share and historical revenue growth, while noting near-term risks and FY24 one-time adjustments.

Analysts are mixed but generally positive on Groww’s long-term potential, cautioning about near-term valuation softness and regulatory risk impacting volume-driven growth.

Allocation is expected to follow the SEBI-approved structure: QIBs up to 75%, NIIs up to 15%, and retail investors up to 10%.

Risks highlighted include regulatory risk in F&O trading, heavy reliance on brokerage income (about 79.5% of FY25 revenue), cybersecurity/privacy concerns, and potential periods of losses or cash-flow pressure.

Groww’s strengths cited include a 26.27% market share in Indian demat accounts, 12.6 million active clients as of June 2025, a 44% net profit margin on ₹4,056 crore revenue in FY2025, and a mobile-first platform.

Analysts view the issue as fairly valued given Groww’s market position and growth, though FY24 weakness is linked to one-time tax-related accounting; long-term potential supports a subscribe view with caution on near-term upside.