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HomeMarket NewsGroww IPO GMP between ₹14 to ₹16 as issue opens for subscription today; Details here
Groww IPO: Out of the total allocation of shares, 13.89 crore equity shares worth ₹1,389 crore or 46% of the total anchor book has been issued to 17 domestic mutual funds, who have applied in the issue through a total of 54 schemes.
The three-day Initial Public Offer (IPO) of Billionbrains Garage Ventures Ltd., also known as Groww, opens for subscription on Tuesday, November 4.
The ₹6,632 crore IPO will be a mix of a fresh issue of shares worth ₹1,060 crore and an Offer For Sale (OFS) for the rest of the issue size.
Price band for the issue has been fixed between ₹95 to ₹100 per share. Retail investors can bid for one lot of 150 shares, which will entail a minimum investment of ₹15,000, and then in multiples of 150 thereof. At the upper-end of the price band, the company will have a market capitalization of ₹61,736 crore.
Only 10% of the IPO is reserved for retail investors, while 75% is for Qualified Institutional Bidders (QIBs) and the rest for NIIs. The issue will close for subscription on Friday, November 7.
Allotment of shares will take place on Monday, November 10, while the stock will make its trading debut on Wednesday, November 12.
Ahead of the issue opening, the company has approved the allotment of 29.84 crore equity shares to over 100 eligible anchor investors at a price of ₹100 per share, raising a total of ₹2,984 crore.
HDFC MF, Government of Singapore, Kotak MF, Government Pension Fund Global, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs, Axis MF, Aditya Birla Sun Life MF, Motilal Oswal MF, Mirae Asset MF, Tata MF, Amundi Funds, Societe Generale, ICICI Prudential MF, Massachusetts Institute of Technology, Malabar India Fund, Sundaram MF, Morgan Stanley, Trust MF, Abakkus Flexi Edge Fund-I, are some of the prominent anchor investors to whom the shares have been issued.
Out of the total allocation of shares, 13.89 crore equity shares worth ₹1,389 crore or 46% of the total anchor book has been issued to 17 domestic mutual funds, who have applied in the issue through a total of 54 schemes.
Ahead of the issue opening, reports in the Grey Market indicate that the stock is trading at a premium of ₹14 to ₹16 per share. However, it must be noted that these reports are speculative in nature and prices are subject to sharp swings, and the actual listing price may differ from what the GMP indicates.
