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News Topical, Digital Desk : Groww Share Price: Shares of Billionbrains Garage Ventures Ltd., the parent company of India's largest trading platform, Groww, saw another strong rally on Monday, November 17. The company's stock jumped 20% to a new record high of ₹178. This surge caused the stock to hit upper circuit before market close.
At its highest level of the day, the company's market cap crossed ₹1.01 lakh crore. With this, Groww shares are now trading more than 64% above its IPO price of ₹100 per share. Groww made its stock market debut last Wednesday, where it was listed at a 12% premium over its issue price. The stock saw a 30% rise on the day of listing itself.
Groww received an overwhelming response from investors during the three-day IPO bidding. The IPO received a total subscription of 17.6 times. Investors bid for 641 crore shares against a total of 36.47 crore shares.
- Institutional investors (QIBs) portion subscribed 22 times
- Share of non-institutional investors (NIIs) increased 14 times
- Retail investors' portion subscribed 9 times
Groww's market cap crossing the ₹1 lakh crore mark is being considered an important milestone for the Indian startup and fintech ecosystem.
Read More: Is digital gold just regular gold? Understanding this is crucial.
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