By Vivek Kumar M
(Reuters) -Shares of Indian online stockbroker Groww jumped as much as 24% in a strong trading debut on Wednesday, defying a subdued listings environment and signalling optimism about the country’s expanding equity market and retail investor base.
Groww’s parent, Billionbrains Garage Ventures, listed at 112 rupees per share on the National Stock Exchange of India, compared with an issue price of 100 rupees.
The stock hit a high of 124 rupees in early trade, valuing the broker at 761 billion rupees ($8.6 billion). It surpassed peers Motilal Oswal Financial Services and Angel One, with a market value of $6.7 billion and $2.7 billion, respectively.
“Groww represents a strong long-term structural story and can act as a proxy for India’s expanding capital market participation,” said Prashanth Tapse, senior vice-president of research at Mehta Equities.
Groww’s listing comes amid a wave of initial public offerings in India, where more than 300 companies have raised $16.55 billion so far in 2025, as per LSEG data. The Indian primary market is set to surpass last year’s record $20.5 billion fundraise, driven by major listings from Tata Capital, LG Electronics India and HDB Financial Services. Groww’s upbeat debut comes as a relief for IPO investors, following muted listings by eyewear retailer Lenskart Solutions, MTR Foods parent Orkla India, and helmet maker Studds Accessories earlier this month.
Founded in 2016, Groww is one of India’s largest online investment platforms, offering trading in equities, mutual funds, and fixed-income products.
“The current valuations seem to fully capture the short-term growth prospects, and investors should watch out for a couple of quarterly earnings to make further investment decisions,” said Kranthi Bathini, director of equity strategy, WealthMills Securities.
The Bengaluru-based firm reported a profit of 3.78 billion rupees for the June quarter, though revenue slipped about 10% as regulatory tightening in the derivatives segment weighed on trading volumes.
($1 = 87.8950 Indian rupees)
(Reporting by Vivek Kumar M in Bengaluru; Editing by Rashmi Aich)
