Shares of Billionbrains Garage Ventures, the parent company of popular stockbroker Groww, experienced a significant 15% surge on an intraday basis following its listing at a premium of 14% over the IPO price. The stock opened at Rs 114 on the BSE, surpassing the issue price of Rs 100. This positive performance propelled the market capitalization of Groww to nearly Rs 81,000 crore.
Shivani Nyati of Swastika Investmart commented on the successful IPO debut, stating, ‘Groww made a good IPO debut, reflecting healthy investor confidence driven by strong brand recall and rapid user growth in the Indian digital investing ecosystem.’
In parallel, the Indian stock market witnessed a bullish trend on Wednesday, with the NIFTY50 surpassing 25,900 and the SENSEX jumping 730 points in the afternoon session. Notable stocks like Adani Enterprises, BSE, and Groww were among the top performers, with Groww shares gaining 10% intraday after listing at a 14% premium, elevating its market capitalization to Rs 76,000 crore.
Furthermore, Groww’s market performance continued to impress as its shares surged 29% from the issue price on the first day, ending up 15% after a firm debut. The IPO listed with a premium over the issue price, with shares opening at Rs 112 on the NSE and Rs 114 on the BSE, marking premiums of 12% and 14% respectively.
Additionally, the inspiring journey of Groww’s CEO Lalit Keshre, from a small village in MP to leading a successful IPO debut, showcases the company’s remarkable growth trajectory since its establishment in 2016. Backed by Microsoft CEO Satya Nadella, Groww has emerged as one of the country’s largest retail brokerage firms, solidifying its position in the market.
