Groww
Big jolt for investors: Groww crashes 10% in first post-listing decline!
Mumbai/IBNS: The share prices of Billionbrains Garage Ventures Ltd., the parent company of online investment platform Groww, reported its first decline since listing on Wednesday.
The price band for the shares was revised to 10 percent from earlier 20 percent.
The Fintech star grew by nearly 94 percent from its issue price of Rs. 100 on Tuesday.
On November 12, Groww was listed at Rs. 112 with a premium of 12 percent above the issue price.
The firm had received a sound response during the subscription period from November 4 to 7.
The price band of Groww shares was kept at Rs. 95-100 per share with a lot size of 150 shares.
The IPO of Rs. 6,632 crore had witnessed an overall subscription of Rs. 17.6 times.
Prior to listing, the Groww shares were securing a Grey Market Premium (GMP) of Rs. 5 in the unofficial market. The GMP surged to Rs. 11 during the bidding.
What is Groww?
Groww is an Indian fintech company, headquartered in Bengaluru, Karnataka.
It was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh — all former employees of Flipkart.
Originally, Groww began as a platform for direct mutual-fund investments (simplifying access for retail investors).
Over time it expanded into equity trading, futures and options, IPOs, ETFs and even U.S. stocks.
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