Groww shares debut on firm note, listed at 14% premium over IPO price

Groww Shares Debut:  Shares of Billionbrains Garage Ventures, the parent company of stockbroking firm Groww, were listed on the stock exchange on Wednesday. Significantly, the company's shares listed at a premium of 14%. During the trading session, the company's shares saw a 24% increase over the issue price. This indicates that Groww's listing is receiving a positive response in the stock market. With the exception of LG Electronics, no other company has received such a response in the past few days.

Later, the shares rose 24% to ₹124 per share on the BSE and NSE, respectively.

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Groww Shares Get Strong Listing

Shares of Billionbrains Garage Ventures, the parent company of stockbroking firm Groww, made a strong market debut on Wednesday, listing at a 14 percent premium over the issue price of ₹100. Trading began at ₹114 on the BSE, a 14 percent increase over the issue price. On the NSE, the shares listed at ₹112 per share, a 12 percent premium. Later, the shares rose 24 percent to ₹124 per share on the BSE and NSE, respectively.

At 10:55 am, the company's shares were trading at ₹122.88, up nearly 23 percent from the issue price. On the NSE, the company's shares were trading at ₹122.48, up more than 22 percent. The company's market cap on the NSE stood at ₹73,786.83 crore.

Where will the money be spent?

The company, backed by prominent investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use the IPO proceeds to invest in technology development and business expansion. ₹225 crore from the new issue will be used for brand building and marketing, and ₹205 crore will be invested in its NBFC arm, Grow Creditserve Technology Private Limited (GCS), to expand its capital base.

In addition, ₹167.5 crore will be infused into Grow Invest Tech Private Limited (GIT) to finance its margin trading facility business, while ₹152.5 crore will be earmarked for strengthening its cloud infrastructure.

Where will the money be spent?

Backed by prominent investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, the company plans to use the IPO proceeds to invest in technology development and business expansion.

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The backed company plans to use the IPO proceeds to invest in tech development and business expansion. ₹225 crore from the new issue will be used for brand building and marketing, and ₹205 crore will be invested in its NBFC arm, Grow Creditserve Technology Private Limited (GCS), to expand its capital base.

In addition, ₹167.5 crore will be infused into Grow Invest Tech Private Limited (GIT) to finance its margin trading facility business, while ₹152.5 crore will be earmarked for strengthening its cloud infrastructure.