Groww
Groww storms the market! Fintech star debuts with a stunning 14 percent premium
Mumbai/IBNS: Groww’s parent company Billionbrains Garage Ventures Ltd on Wednesday made a strong debut in the stock market with strong gains in Dalal Street, media reports said.
The brokerage firm was listed at Rs. 114 on BSE with a premium of 14 percent above the issue price of Rs. 100.
On NSE, it has been listed at Rs. 112 with a premium of 12 percent above the issue price.
The firm had received a sound response during the subscription period from November 4 to 7.
The price band of Groww shares was kept at Rs. 95-100 per share with a lot size of 150 shares.
The IPO of Rs. 6,632 crore had witnessed an overall subscription of Rs. 17.6 times.
Prior to listing, the Groww shares were securing a Grey Market Premium (GMP) of Rs. 5 in the unofficial market. The GMP surged to Rs. 11 during the bidding.
Should you buy, sell or hold Groww stocks after listing?
Prashanth Tapse of Mehta Equities said as quoted by CNBC TV 18, "Post listing, we continue to believe Groww represents a strong long-term structural story and can serve as a proxy for India’s expanding capital market participation.
"Investors should view it as a medium- to long-term investment opportunity."
What is Groww?
Groww is an Indian fintech company, headquartered in Bengaluru, Karnataka.
It was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh — all former employees of Flipkart.
Originally, Groww began as a platform for direct mutual-fund investments (simplifying access for retail investors).
Over time it expanded into equity trading, futures and options, IPOs, ETFs and even U.S. stocks.
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