Groww IPO: Initial Public Offer to open on November 4; check price band, key dates and other details

Billionbrains Garage Ventures Limited, the company behind online investment platform Groww, is heading to the capital markets next week. The firm has announced that its initial public offering (IPO) will open for subscription on Tuesday, November 4, according to a press statement.The issue comprises a fresh share sale of Rs 10,600 million, along with an offer for sale totalling up to 557,230,051 equity shares. The company has set the price range at Rs 95 to Rs 100 per share, and investors must bid for at least 150 shares, with applications allowed in blocks of 150 thereafter.The IPO timetable begins with a one-day window for anchor investors on November 3, before the offer opens to the public. The subscription period will close on Friday, November 7. Post-allocation, the company’s shares will be listed on both the BSE and the National Stock Exchange (NSE), with the latter designated as the primary exchange.Five investment banks: Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited, are managing the IPO as book-running lead managers.The company has outlined that the share sale will follow the Book Building Process under SEBI’s regulations. In line with these norms, at least 75% of the shares will be reserved for Qualified Institutional Buyers (QIBs). Within this portion, up to 60 per cent may be allocated to anchor investors, and at least one-third of that allocation will be reserved for domestic mutual funds.If anchor subscriptions fall short, those shares will move into the broader QIB category. Beyond that, 5% of the net QIB portion is earmarked solely for mutual funds, and the remainder will be available to all QIB applicants.Other investor categories also have fixed allocations. Non-Institutional Bidders can apply for up to 15 per cent of the shares, with the pool divided between those applying between Rs 200,000 and Rs 1,000,000 and those submitting bids above Rs 1,000,000. Retail individual investors will have access to the remaining 10 per cent.The company has clarified that if the institutional investor portion does not receive the required minimum subscription, all application funds will be refunded. The structure of the offering aligns fully with SEBI’s Issue of Capital and Disclosure Requirements (ICDR) and the Securities Contracts (Regulation) Rules (SCRR).