Groww IPO Sparks Investor Interest with Strong Start
The IPO of Billionbrains Garage Ventures, Groww's parent company, saw a 29% subscription on its first day. Retail investors showed robust interest, exceeding their quota, while anchor investors contributed Rs 2,984 crore. The IPO, targeting a Rs 61,700 crore valuation, concludes on November 7.
- Country:
- India
The initial public offering (IPO) of Billionbrains Garage Ventures, the parent entity of Groww, attracted a subscription of 29% on its first day, illustrating strong interest from investors.
Retail investors showed enthusiasm by fully subscribing their quota 1.16 times over, while non-institutional investors' interest stood at 27% subscription. Anchor investors committed over Rs 2,984 crore ahead of the official IPO close on November 7.
Seeking a valuation of Rs 61,700 crore, or USD 7 billion, the IPO features equity shares worth Rs 1,060 crore and offers several shares for sale by key promoters and investors. Proceeds aim to bolster Groww's technological and business strategies.
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