Setting foot with a strong market sentiment, digital investment platform Groww entered the stock market foray with a 12 per cent gain on October 12.
The stock opened at Rs 112 on the National Stock Exchange (NSE). The debut valued Groww above listed peers Motilal Oswal Financial Services and Angel One, and offered relief to IPO investors after subdued market entries from Lenskart Solutions, Orkla India, and Studds Accessories earlier this month. Currently, shares of Groww are trading at a 14 per cent premium to the listing price.
Grow IPO officially began public bidding on November 4, and investors were encouraged to apply for a minimum investment of Rs 14,25 for a lot of 150 shares. The price range was set around Rs 95-100. If an individual has not been allotted shares, their invested amount will be unblocked and refunded within a week.
As per the information available on the official website of NSE, Groww IPO was subscribed a total of 17.6 times. Qualified Institutional buyers were the majority, with 22.02 times the subscription. Meanwhile, Non Institutional Investors subscribed 14.2 times and Retail Individual Investors subscribed 9.43 times.
Founded in 2016, Groww is among the country's largest online investment platforms, offering trading in equities, mutual funds, and fixed-income products.
The Bengaluru-based firm reported a profit of 3.78 billion rupees for the June quarter, though revenue slipped about 10 per cent as regulatory tightening in the derivatives segment weighed on trading volumes.
(With inputs from Reuters)