Groww IPO Subscribed 17.6 Times, Lenskart Sets 28.26x Record
The Indian primary market is witnessing strong investor appetite as two major IPOs – Groww and Lenskart – received overwhelming response, setting the stage for dual listings next week.
Key Subscription Numbers
- Groww IPO: 17.60 times subscribed with 641.87 crore bids
- Lenskart IPO: 28.26 times subscribed with 281 crore bids
- QIBs led Groww buying: 22.02 times their quota
- Retail portion: 9.43 times subscribed
IPO Size and Structure
Groww’s Rs 6,632 crore IPO comprises a fresh issue of Rs 1,060 crore and an offer-for-sale of Rs 5,572 crore. Lenskart’s offering stands at Rs 7,278 crore, making them among the largest listings this year.
Grey Market Signals Caution
Despite strong subscription numbers, grey market premiums have declined significantly, indicating muted listing gains.
Lenskart’s GMP dropped sharply to just 2.5% from 24% on October 31. Similarly, Groww’s GMP fell to Rs 6.5 per share, suggesting a potential listing price of Rs 106.5 – a 6.50% premium over issue price.
Analyst Views
Anand Rathi analysts noted Groww’s focus on trust, transparency, and financial inclusion while expanding through organic growth. The brokerage rated the IPO “Subscribe – Long Term” but acknowledged it appears fully priced.
“The company plans to diversify its product suite with offerings like MTF, commodity derivatives, API trading, wealth management, LAS, and Bonds to enhance engagement,” said Anand Rathi.
Shivani Nyati of Swastika Investmart described the issue as fairly valued with limited near-term upside, recommending medium- to long-term investment perspective.
Both companies are scheduled to list next week, with Lenskart debuting on Monday and Groww on November 12, testing investor confidence in the Indian primary market.
