Groww crosses $10B valuation a day after IPO

Investment platform Groww extended its market rally on Thursday, briefly crossing the $10 billion (Rs 88,500 crore) valuation mark in morning trade as investor enthusiasm carried over from its blockbuster debut.

At around 11:15 a.m., Groww's shares were hovering between Rs 140 and Rs 145 apiece, after briefly touching an intra-day high of Rs 153.50, pushing its market capitalisation above the symbolic Rs 90,000 crore threshold.

The surge follows Groww's strong debut on Wednesday, when the company's stock closed 31% higher at Rs 130.94 on the BSE and Rs 128.85 on the NSE, against an issue price of Rs 100.

Groww's listing marked one of the most successful fintech debuts in recent years, underscoring strong investor appetite for profitable, technology-driven retail investing platforms. The company's IPO—subscribed 17.6 times overall—drew particularly heavy interest from institutional investors, signalling long-term confidence in India's retail investing boom, despite the recent slowdown in retail participation growth.

The Bengaluru-headquartered company raised Rs 6,632 crore via the IPO, which was subscribed 17.6 times.

Qualified institutional buyers (QIBs) led the charge, with bids exceeding their quota by more than 22 times, while the high-net-worth investor (HNI) segment saw subscription of 16.28 times. Retail investors subscribed 9.43 times.

Early backers of the fintech firm, including Peak XV Partners and Y Combinator, have booked massive profits from the company’s initial public offering.

Peak XV Partners earned about Rs 1,582 crore by selling 15.82 crore shares through the offer for sale (OFS), priced at the top end of the Rs 95–Rs 100 range. The exit delivered a remarkable 52x return on its average acquisition cost of just Rs 1.91 per share.

Y Combinator, one of Groww’s earliest international investors, sold 10.54 crore shares for roughly Rs 1,054 crore, generating a 29x gain on its 2020 investment, made at an average cost of Rs 3.45 per share.

Ribbit Capital also pared its stake through two affiliated funds. Its vehicle, Ribbit Capital V, L.P., netted Rs 656 crore, translating to a 43x return, while GW-E Ribbit Opportunity V, LLC, booked a more modest 2.6x gain.