By UnlistedZone | 11 October 2025
Bengaluru-based brokerage platform Groww is gearing up for one of India’s most anticipated IPOs of the year, eyeing a massive ₹7,000-crore public issue in the first week of November 2025. The issue marks a significant milestone for India’s new-age fintech ecosystem, especially as the industry faces evolving regulatory scrutiny.
According to banking sources, the Groww IPO will comprise:
Total Issue Size: ₹7,000 crore
Fresh Issue: ₹1,060 crore (infusion of new capital)
Offer for Sale (OFS): ~₹5,940 crore, representing the exit or dilution of existing investors
Notably, the OFS will include up to 57.42 crore shares sold by early investors and stakeholders — among them Microsoft CEO Satya Nadella, who personally invested in Groww.
The company is targeting a valuation of up to $8 billion (around ₹70,400 crore), positioning it as one of India’s most valuable fintech startups on the public markets.
The price band is expected to be announced by end-October, with the issue likely opening for subscription in early November.
Groww’s investor list reads like a who’s who of global finance and technology. Backed by Billionaire Satya Nadella and marquee investors such as:
Billworths’s Garage Ventures (Parent)
Matrix Partners, Ribbit Capital, and Sequoia Capital India (from earlier rounds)
The IPO’s book-running lead managers include Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
Founded in 2016 by former Flipkart executives Lalit Keshre, Harish Jain, Neeraj Singh, and Ishan Bansal, Groww has transformed the way Indians invest in equities, mutual funds, and ETFs.
From being a simple mutual fund platform, it has evolved into a full-stack investment ecosystem with:
Stock broking
Mutual funds
ETFs & IPOs
F&O trading
And digital gold
As of June 2025, Groww had 12.6 million active clients on the National Stock Exchange (NSE), commanding a 25.27% market share in the retail segment — a clear indicator of its leadership among India’s discount brokerages.
In the June 2025 quarter, Groww reported:
Operating Revenue: ₹904 crore (down 0.6% YoY from ₹910 crore)
Profit After Tax (PAT): ₹378 crore (up 12% YoY)
While revenue saw a slight dip due to lower trading volumes amid market volatility, profits rose on the back of higher efficiency and lower acquisition costs.
Groww’s IPO arrives at a time when the stockbroking industry is under increasing regulatory oversight, particularly regarding Futures & Options (F&O) trading — an area the regulator views as high-risk for retail investors.
Despite these headwinds, the company’s sustained profitability and expanding client base demonstrate its strong business fundamentals and operational resilience.
The ₹7,000-crore issue will be among the top IPOs of the year, following:
Tata Capital: ₹15,500 crore
LG Electronics India: ₹11,600 crore
HDB Financial Services: ₹12,500 crore
This positions Groww firmly among the heavyweights debuting on Indian bourses in 2025.
Groww’s upcoming listing could serve as a bellwether for India’s fintech IPO wave, inspiring other startups in the financial services space to tap the capital markets.
If successfully executed, this IPO will not only reward early backers like Nadella but also signal the maturity of India’s digital investing revolution — from startup garage to stock exchange.
“Groww’s IPO isn’t just about capital — it’s about credibility. From disrupting traditional brokers to becoming India’s most trusted investing app, Groww now faces the ultimate market test: investor confidence.”
UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.
