Groww
Massive surge! Groww shares explode nearly 94% past issue price — market buzzing
Mumbai/IBNS: The share prices of Billionbrains Garage Ventures Ltd., the parent company of online investment platform Groww, surged by another seven percent on Tuesday, media reports said.
The newly-listed company showed gains for the fifth straight session.
The Fintech star grew by nearly 94 percent from its issue price of Rs. 100.
Market expert Sudip Bandyopadhyay told CNBC TV 18, "I've been positive on Groww. I think in one of the earlier interactions I did mention that it is a stock worth buying. Even when it listed at around ₹120-130 levels it was worth buying.
"It's moved up a bit too fast, so not today but if opportunity comes a little bit of correction, Groww is definitely worth buying. This is a company which is going to get into a different orbit."
On November 12, Groww was listed at Rs. 112 with a premium of 12 percent above the issue price.
The firm had received a sound response during the subscription period from November 4 to 7.
The price band of Groww shares was kept at Rs. 95-100 per share with a lot size of 150 shares.
The IPO of Rs. 6,632 crore had witnessed an overall subscription of Rs. 17.6 times.
Prior to listing, the Groww shares were securing a Grey Market Premium (GMP) of Rs. 5 in the unofficial market. The GMP surged to Rs. 11 during the bidding.
What is Groww?
Groww is an Indian fintech company, headquartered in Bengaluru, Karnataka.
It was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh — all former employees of Flipkart.
Originally, Groww began as a platform for direct mutual-fund investments (simplifying access for retail investors).
Over time it expanded into equity trading, futures and options, IPOs, ETFs and even U.S. stocks.
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