Groww
Shock for Groww investors! Shares drop 8% amid post-IPO rollercoaster
Mumbai/IBNS: Billionbrains Garage Ventures Ltd., the parent company of online investment platform Groww, saw its share prices fall by 8 percent on Thursday, widening losses after a 10 percent decline on Wednesday, media reports said.
The drop follows a sharp post-listing run, with Groww shares rising over 90 percent above the issue price just two days after its debut.
The market will closely watch Groww on Friday, when the company is scheduled to announce its quarterly results, the first since its listing last week. Another key date is December 10, when the one-month shareholder lock-in period ends.
Groww was listed on November 12 at Rs. 112, a 12% premium over its issue price. During the IPO subscription period from November 4-7, the Rs. 6,632 crore IPO was oversubscribed 17.6 times, reflecting strong investor demand.
The price band for the IPO was set at Rs. 95-100 per share with a lot size of 150 shares. In the grey market, the premium surged from Rs. 5 to Rs. 11 prior to listing.
About Groww
Founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, all former Flipkart employees, Groww is a Bengaluru-based fintech company.
It started as a platform for direct mutual fund investments and has since expanded to equity trading, derivatives, IPOs, ETFs, and U.S. stocks, simplifying investment access for retail investors.
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