The parent company of online investment platform Groww, Billionbrains Garage Ventures Ltd, made a spectacular debut on the stock exchanges on Wednesday, instantly becoming the country's most valuable listed stock broking firm. The stock witnessed a powerful surge, closing its first day of trading at ₹131.33 per share on the National Stock Exchange (NSE), a significant 31% jump from its issue price of ₹100.
A Meteoric Rise to the Top
This explosive entry propelled the company's market capitalisation to an astounding ₹79,547 crore by the closing bell. In a remarkable feat for a company less than a decade old, this valuation eclipsed the combined market value of established listed competitors, including Angel One, Anand Rathi Share and Stock Brokers, 5 Paisa, Nuvama, and JM Financial, which together are worth around ₹70,000 crore. Groww, which commands a 26.3% market share among retail investors and competes with Zerodha and Angel One, has firmly positioned itself as a new leader in the Indian financial services landscape.
Drivers Behind the Blockbuster Listing
Market experts point to several factors behind the overwhelming investor response. A key reason is Groww's status as one of the most profitable new-age companies to list recently. Its financials are robust; for the previous fiscal year, the company's profit skyrocketed over threefold to ₹1,819 crore, while revenue grew 31% from FY24 to ₹4,056 crore.
Another critical factor was the conservative pricing of the Initial Public Offering (IPO). A banker involved with the offering revealed that the founders were determined to leave value on the table for investors. "The founders were clear they wanted to be seen leaving enough on the table. There was headroom to hike the price, but they chose not to," the banker stated.
Co-founder and CEO Lalit Keshre, who hails from a village in Madhya Pradesh and is an IIT Bombay graduate, emphasized the significance of the public listing. He noted that going public brings greater accountability, trust, and responsibility, which is crucial as the company expands into new segments like wealth management, bonds, and commodities. "This especially helps given that we have also entered newer segments like wealth, bonds and commodities in recent times," Keshre said in a pre-listing interview.
Market Sentiment and Future Outlook
Despite the euphoria, market analysts are divided on the sustainability of the stock's upward trajectory. Some caution that the broader market could face resistance near its all-time highs, which might cap sharp gains in stocks like Groww. "The market, especially the capital markets theme, regained some of its mojo, which catapulted Groww, but it could face resistance... This could hit stocks that have risen sharply," commented Ambareesh Baliga, an independent market analyst.
However, other analysts are more optimistic. Rajesh Palviya, head of research at Axis Securities, expects the stock to outperform, citing the growing cult of equity investing since the pandemic. "I believe the stock will continue to attract interest as it's only one of a few listed online brokers with the biggest client base," Palviya added. As of October-end, Groww boasted the largest client base of over 12 million clients, far ahead of Zerodha (7.02 million) and Angel One (6.85 million).
The company is not resting on its laurels and is betting big on wealth management and lending to complement its core broking business. "The broking side also looks promising. We are seeing good traction in our recently launched products including MTFs, commodities and bonds," CEO Keshre affirmed. This diversification is already visible in its revenue streams, with other revenue from margin trade funding, consumer credits, and asset management contributing 20.5% to operational revenue in the June 2025 quarter, up from 12.6% a year ago.
