Groww IPO: Retail bidders flock to it despite tepid GMP; right for you?
The Groww IPO has become an example of how retail bidders can ignore lackluster GMP and valuation concerns to apply for a strong band. The IPO closes its bidding window today. Despite overall subscription of 1.64 times, the retail segment has witnessed more than 5 times subscription till the end of November 6.
Kolkata: Today, November 7, is the last day to bid for the Groww IPO, which intends to raise Rs 6,632.30 crore from the market. It has already demonstrated significant retail interest in the with bidders applying for 5.02 times the shares earmarked for this category. Till the end of November 6, the Groww IPO was subscribed 1.64 times overall -- 5.02 times in the retail category, 0.20 times in QIB (ex anchor) category and 2.26 times in the NII category.
Billionbrains Garage Ventures is the holding company of Groww IPO. It successfully placed Rs 29.84 crore of shares to anchor investors to raise Rs 2,984.5 crore. Institutions made a beeline to subscribe and 102 funds bid including Abu Dhabi Investment Authority, Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, Morgan Stanley, HDFC Mutual Fund, Kotak Mahindra MF, Nippon India MF, SBI MF, Axis MF, Aditya Birla Sun Life MF, Mirae Asset, Motilal Oswal MF and ICICI Prudential Life Insurance.
Groww IPO GMP
According to investorgain, the GMP of Groww IPO in early morning of November 7 stood at Rs 11. Considering the upper end of the price band at Rs 100, the listing gain indicated by this level of GMP is 11.00%. It is a consistent journey downhill. The following are the GMPs of the IPO over the past few days. However, it must be kept in mind that GMP is an unofficial gauge that changes with time and does not guarantee anything — listing gain or loss.
Nov 6 (early morning): Rs 14.75 (Listing gain indicated: 14.75%)
Nov 5: Rs 14.75 (14.75%)
Nov 4: Rs 14 (14.00%)
Nov 3: Rs 16.5 (16.50%)
Nov 1: Rs 16.7 (16.70%)
Oct 31: Rs 16 (16.00%)
Oct 30: Rs 15 (15.00%)
Groww IPO price band, lot size
The Groww IPO price band is Rs 95-100. For a retail investor the minimum investible lot is 150 shares for which he/she has to pay an application amount of Rs 15,000. For sNII category of investors, the smallest investible lot is 2,100 shares. For the bNII category of investors the smallest lot is 10,050 shares.
The date for allotment of shares is November 10, while the refund of application money to unsuccessful bidders is November 11. Shares will be credited to the demat account of successful bidders is November 11. The shares will be listed both in NSE and BSE on November 12.
Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.