Billionbrains Garage Ventures IPO
Billionbrains Garage Ventures Limited (GROWW) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 12 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +14.3% (likely range +6% to +44%), day's high +27.5%, chance of a gain 82%. Actual: +12.0% at the open, +34.4% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 19,89,69,016 | 4,38,03,79,950 | 22.0x | |
| NII (HNI) total | 9,94,84,507 | 1,41,28,99,200 | 14.2x | |
| Big NII (above ₹10 lakh) | 6,63,23,005 | 1,07,98,37,100 | 16.3x | |
| Small NII (₹2-10 lakh) | 3,31,61,502 | 33,30,62,100 | 10.0x | |
| Retail | 6,63,23,005 | 62,54,21,250 | 9.43x | |
| Total | 36,47,76,528 | 6,41,87,00,400 | 17.6x |
Bids on NSE and BSE together, as published by NSE, as of 07 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 8% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Billionbrains Garage Ventures's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Lenskart SolutionsNov 2025 | 40.3x | 18.2x | 7.54x | 28.3x | ₹7,279 Cr | -1.7% | +2.9% |
| Larsen & Toubro InfotechJul 2016 | 19.9x | 10.8x | 7.39x | 11.7x | ₹1,242 Cr | -6.1% | 0.0% |
| PB FintechNov 2021 | 24.9x | 7.82x | 3.31x | 16.6x | ₹6,224 Cr | +17.4% | +27.4% |
| Muthoot MicrofinDec 2023 | 17.5x | 13.2x | 7.61x | 11.5x | ₹1,009 Cr | -5.4% | -3.4% |
| Ceigall IndiaAug 2024 | 31.5x | 14.4x | 3.77x | 13.8x | ₹1,267 Cr | +4.5% | +5.9% |
| JSW InfrastructureSep 2023 | 57.1x | 16.0x | 10.3x | 37.4x | ₹2,949 Cr | +20.2% | +32.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| J.P. Morgan India | 27 | +17.4% | 74% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| Axis Capital | 107 | +20.4% | 73% |
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
Offer documents (NSE)
Frequently asked
What is the Billionbrains Garage Ventures IPO price band and lot size? ₹95.0–100 per share, with a lot of 150 shares, so the smallest retail bid is ₹15,000.
How many times has it been subscribed? 17.6x overall: QIB 22.0x, NII 14.2x, retail 9.43x.
How did it list? It opened at ₹112, +12.0% against the issue price of ₹100, and closed its first day +31.3%.
