Zerodha's Nithin Kamath Reveals 20% of Groww IPO Applications Come From Their Customers as Rival Firm Goes Public

Groww's IPO will remain open for subscriptions until November 7.

New Delhi:

Zerodha co-founder Nithin Kamath has extended congratulations to Lalit Keshre, CEO of competing brokerage firm Groww, on their initial public offering. Kamath revealed that approximately 20 percent of all Groww IPO applications are coming from Zerodha's customer base.

Both Zerodha and Groww rank among the country's leading brokerage firms by customer volume.

On the social platform X, Kamath stated, "Congrats on the IPO Lalit Keshre & team, and best of luck. Btw, about 20 per cent of all Groww IPO applications are from Zerodha online customers."

In his reply, Keshre wrote, "Thanks for the wishes Nithin Kamath."

Groww, operating under parent company Billionbrains Garage Ventures Ltd, has launched its IPO for public subscription. The company established a price band between Rs 95 and Rs 100 per share, with a total issue size of Rs 6,632.3 crore.

By Thursday afternoon, the second day of bidding, the mainboard IPO was subscribed 1.36 times according to NSE data recorded at 2:40 p.m. Qualified Institutional Buyers (QIBs) subscribed their quota 0.14 times, while Non-Institutional Investors (NIIs) booked their category 1.76 times. The retail portion saw impressive participation with 4.46 times booking.

Prior to the IPO launch, Groww raised Rs 2,985 crore from anchor investors on November 3. The company allocated 29.84 crore equity shares to these investors at Rs 100 each. Major domestic funds including HDFC MF, Kotak MF, Nippon India, SBI MF, and Axis MF participated in the anchor round.

The subscription window for the IPO closes on November 7, offering investors a limited timeframe to apply for shares. Share allotment is expected to be finalized by November 10, with the stock likely to debut on both BSE and NSE exchanges by November 12.