Groww extended its remarkable market rally on Thursday, briefly crossing the $10 billion (₹88,500 crore) valuation milestone in morning trade. The surge followed its blockbuster stock market debut, as investor enthusiasm continued to push the company’s shares to new highs.
At around 11:15 a.m., Groww’s stock was trading between ₹140 and ₹145 per share, after hitting an intra-day high of ₹153.50. This spike pushed its market capitalisation beyond the symbolic ₹90,000 crore threshold, strengthening its position as one of India’s most valuable fintech firms.
A Powerful Follow-Up to a Stellar Market Debut
The rally comes a day after Groww’s strong listing on Wednesday, where its stock closed 31% higher at:
- ₹130.94 on the BSE
- ₹128.85 on the NSE
This was significantly above its issue price of ₹100 per share, marking one of the most successful fintech listings in recent years.
Groww’s performance reflects rising investor confidence in tech-enabled retail investment platforms a segment that continues to expand despite a recent slowdown in the growth of retail participation.
IPO Subscribed 17.6 Times Amid Heavy Institutional Demand
Groww’s IPO generated massive investor interest, with the issue subscribed 17.6 times overall. Demand was particularly strong from institutional and high-net-worth investors, indicating long-term confidence in the company’s business model.
Subscription Breakdown:
- QIBs: 22.01×
- HNI/NII: 16.28×
- Retail Investors: 9.43×
In total, the Bengaluru-based firm raised ₹6,632 crore through the IPO.
Early Investors Book Exceptional Returns
The IPO also turned out to be a major wealth creation event for Groww’s early backers, many of whom secured extraordinary multipliers on their initial investments.
Peak XV Partners
- Sold 15.82 crore shares through the OFS
- Earned ₹1,582 crore
- Delivered a 52× return on its acquisition cost of ₹1.91 per share
Y Combinator
- Sold 10.54 crore shares
- Earned ₹1,054 crore
- Achieved 29× returns on its 2020 investment priced at ₹3.45 per share
Ribbit Capital
Ribbit Capital V, L.P.
- Earned ₹656 crore
- Secured a 43× return
GW-E Ribbit Opportunity V, LLC
- Booked a 2.6× return
These exits highlight the strength of Groww’s growth trajectory and overall profitability, which attracted significant interest even before the IPO.
A Defining Moment for India’s Fintech Market
Groww’s rapid rise to a $10 billion valuation within a day of listing underscores the scale of India’s digital investment revolution. The company’s consistent customer acquisition, profitable business model, and strong brand recall have positioned it as a leader in the modern retail investing space.
With investor enthusiasm showing no signs of slowing, Groww’s listing could mark a turning point for India’s fintech sector potentially paving the way for more profitable tech companies to tap the public markets.
