Groww shares nearly double from issue price in just 5 sessions! Should investors still buy the stock?
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Shares of newly listed Billionbrains Garage Ventures Ltd., the parent of investment platform Groww, continued their strong post-listing momentum for the fourth straight session on Tuesday, November 18, climbing as much as 11.4% to a record high of Rs 194 on the NSE. The stock has now delivered a staggering 94% return over its IPO price of Rs 100 and is up 70% from its BSE listing price of Rs 114. Groww’s Rs 6,632-crore IPO, which ran from November 4 to 7, saw strong demand across categories, with overall subscription at 17 times. The bulk of the interest came from qualified institutional buyers, while the retail portion was subscribed to 9 times, and non-institutional investors subscribed 14 times. The allotment process was completed earlier this week. Launched in 2016 by former Flipkart executives, Groww has grown into a prominent digital investment platform offering equity broking, mutual funds and derivatives. The company has rapidly s...