Groww shares continue stellar surge, up 60% from issue price. What are analysts saying?
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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 third straight session on Monday, November 17, climbing as much as 8% to an intraday high of Rs 160 on the NSE. The stock has now delivered an impressive 60% return over its IPO price of Rs 100 and is up 40% from its BSE listing price of Rs 114. The company’s Rs 6,632-crore IPO, which was open between November 4 and 7, drew robust interest with an overall subscription of 17 times, led primarily by qualified institutional buyers. The retail category was subscribed 9 times, while non-institutional bidders subscribed 14 times. Allotment was finalised earlier this week. Founded in 2016 by former Flipkart executives, Groww has evolved into a major digital platform offering stock broking, mutual funds, and derivatives, with a strong customer base of first-time retail investors. The platform has...