Groww shares hit 20% upper circuit, market cap crosses ₹1.10 lakh crore; what we know so far

The stock climbed 20% to ₹178.23 per unit, its upper-circuit level, on the National Stock Exchange (NSE).

The company's market valuation stands at ₹1,10,032.01 crore.

The scrip has advanced 78.23% over the issue price of ₹100 per share.

On November 12, Billionbrains Garage Ventures debuted at ₹112, a premium of 12% over the issue price.

The IPO, which had a price range of ₹95 to ₹100 per share, comprised new equity shares worth ₹1,060 crore as well as an offer-for-sale (OFS) component of ₹5,572.30 crore. The fresh issue proceeds will be used to invest in technology development and business expansion.

Under the OFS, YC Holdings II, Peak XV Partners Investments VI-1, Internet Fund VI Pte Ltd, Sequoia Capital Global Growth Fund III, Ribbit Capital V, Propel Venture Partners Global US, GW-E Ribbit Opportunity V, Kauffman Fellows Fund, Alkeon Innovation Master Fund II and Alkeon Innovation Master Fund II Private Series sold their shares.

The initial share sale was subscribed 17.60 times during the three-day bidding period.

Before the IPO, the firm mobilised ₹2,984.5 crore from anchor investors such as the Government of Singapore, the Monetary Authority of Singapore, Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, HDFC Mutual Fund (MF), Axis MF, Kotak Mahindra MF, SBI MF, Motilal Oswal MF, Nippon India MF, Aditya Birla Sun Life MF, Mirae Asset and ICICI Prudential Life Insurance.

Founded in 2016, Billionbrains Garage Ventures provides wealth creation services, allowing users to invest in stocks, IPOs, ETFs, NFOs, mutual funds and F&O, among others.