Shares of BillionBrains Garage Ventures, the parent company of stock broking firm Grow, were listed in the stock market on Wednesday. The special thing is that the company’s shares were listed at a premium of 14 percent. During the trading session, the company’s shares saw a rise of 24 percent compared to the issue price. This means that the listing of Grow is getting good response in the stock market. In the past few days, except LG Electronics, no company could get such a response. If experts are to be believed, we may see further increase in the shares of the company. Let us also tell you what kind of figures are being seen for the shares of Grow.
Strong listing found in Grow shares
Shares of BillionBrains Garage Ventures, the parent company of stock broking firm Grow, made a strong debut in the market on Wednesday and were listed at a premium of 14 percent over the issue price of Rs 100. Share trading on BSE started at Rs 114, which is 14 percent more than the issue price. On NSE, the shares were listed at Rs 112 per share, which is a 12 per cent premium. Later, shares on BSE and NSE rose 24 per cent to Rs 124 per share, respectively. However, at 10:55 am, the company’s shares are trading at Rs 122.88, about 23 per cent higher than the issue price. The company’s shares are trading at Rs 122.48 on NSE with a rise of more than 22 percent. The market cap of the company on NSE stood at Rs 73,786.83 crore.
How was the response?
On Friday, the initial public offering (IPO) of BillionBrains Garage Ventures, the parent company of stock broking firm Groww, was subscribed 17.60 times on the last day of share sale. BillionBrains Garage Ventures raised a little over Rs 2,984 crore from anchor investors on November 3. The company had fixed the price band of Rs 95-100 per share for its IPO. After which the valuation of the company was seen to be more than Rs 61,700 crore (about 7 billion US dollars). The IPO involved issuing new equity shares worth Rs 1,060 crore and also included an offer for sale (OFS) of 55.72 crore equity shares.
Where will the money be spent?
The company, backed by key investors like Peak XV, Tiger Capital and Microsoft CEO Satya Nadella, plans to use the IPO proceeds to invest in tech development and business expansion. Of the fresh issue, Rs 225 crore will be used in brand building and marketing, and Rs 205 crore will be invested in its NBFC arm, Grow Creditserv Technology Pvt Ltd (GCS) to expand its capital base.
Additionally, Rs 167.5 crore will be infused into Grow Invest Tech Pvt Ltd (GIT) to finance its margin trading facility business, while Rs 152.5 crore has been earmarked to strengthen its cloud infrastructure. The remaining amount will be used for general corporate purposes. Founded in 2016, Grow has emerged as India’s largest stockbroker with over 12.6 million active customers and a market share of over 26 percent by June 2025.