Groww’s four promoters — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — will each sell 10 lakh shares in the offer-for-sale (OFS) portion of the IPO, with the issue priced between Rs 95 and Rs 100 per share.
At the upper band, each founder will rake in Rs 10 crore. But what stands out is the scale of returns they’re set to make from their early investments.
Lalit Keshre, who acquired his shares at a weighted average cost of Rs 1.98, will see his Rs 19.8 lakh holding balloon to Rs 10 crore, translating into a staggering 4,950% gain.
Harsh Jain, who bought shares at Rs 2.37, will turn his Rs 23.7 lakh investment into Rs 10 crore, yielding a 4,119% return.
Ishan Bansal, whose average cost per share was Rs 3.18, will see his Rs 31.8 lakh stake rise to Rs 10 crore, a 3,044% return.Neeraj Singh, who acquired shares at Rs 2.54, will convert his Rs 25.4 lakh investment into Rs 10 crore, delivering a 3,837% return.
IPO details and market backdrop
The IPO will open for public subscription on November 4 and close on November 7. It comprises a fresh issue of Rs 1,060 crore and an OFS of 55.72 crore shares by early investors, including Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund.
Groww’s parent, Billionbrains Garage Ventures, is targeting a valuation of up to $8 billion (about Rs 70,400 crore) through the offering. The issue will be managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
The listing follows a blockbuster October for IPOs, featuring Tata Capital’s Rs 15,500 crore issue and LG Electronics India’s Rs 11,600 crore offering, with Lenskart’s Rs 2,150 crore IPO also slated to open on October 31.
A fintech success story?
Founded in 2016, Groww has transformed from a stockbroking app into a full-fledged financial services marketplace, spanning wealth management, commodities, margin trading facilities, and loans against shares.
The company reported a net profit of Rs 1,824 crore in FY25, a sharp turnaround from a loss of Rs 805 crore in FY24, as revenues surged 49% year-on-year to Rs 3,902 crore. In Q1 FY26, it posted Rs 904 crore in revenue and Rs 378 crore in profit, underscoring continued growth momentum.
As of June 2025, Groww had 12.6 million active clients on the National Stock Exchange, commanding a 26.3% share among retail investors — putting it on par with industry leader Zerodha.
While brokers are facing regulatory uncertainty around futures and options trading, Groww’s diversified model and profitability streak have boosted investor confidence ahead of the listing.
If the IPO sails through, Groww could cement its place among India’s most successful fintech stories, joining the ranks of Paytm and Zomato — but with a stronger balance sheet and a sharper focus on profitability.
Also read | Groww announces IPO dates as regulatory uncertainty looms over stock brokers(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
