Stock Surge Raises Groww's Market Value
The shares of Billion Brains Garage Ventures, the parent firm of the online stockbroking platform Groww, sharply surged after the IPO. Investors who lapped up its shares at the issue price registered strong gains. The surge also unveiled a new billionaire in the Indian stock market. Groww's market value surpassed Rs. 1 lakh crore.
On Monday, Groww's shares ended at Rs 178.23 on the National Stock Exchange after rising 20% to the upper circuit. With that price, the company's market valuation reached Rs 1.10 lakh crore. Lalit Kesre is the managing director of the company & owns 55.91 crore shares of the firm. His wealth rose to Rs 9,960 crore, which is equal to $1.12 billion. It made Lalit the new entrant in the list of Indian billionaires.
Strong Returns After the IPO
Groww issued its shares at Rs. 100 during the initial public offer from 4-7 this month. The shares started trading on the BSE and NSE on the 12th and surged to Rs 178.23 on the 17th. Investors who got the allotment earned a return of 78% in four days of trade. The company joined the elite club of companies with a market capitalization of more than Rs.1 lakh crore. Of the over 5,000 listed companies, just over 100 are in this category. Other broking companies like Angel One, Anand Rathi Share and Stock Brokers, 5paisa, Nuama & JM Financial together have a market capitalization of approximately Rs. 70,000 crores.
Lalit Kesre's Early Life and Growth of the Company
Lalit was born in the remote village of Lepa in Madhya Pradesh to a farmer. Later, he moved to Khargone for his studies. English-medium schools were not available in that area. Even with local-language schooling, he managed a good rank in the JEE exam and secured admission to IIT Bombay. He completed both his bachelor’s and master’s there. The biggest career turnaround for Lalit came in 2016 when he started Groww with Harsh Jain, Ishan Bansal, and Neeraj Singh, all Flipkart alumni. The company was backed by Peak XV, Y Combinator, Rabbit Capital, Tiger Global, and the Kauffman Fellows Fund. As of March 31, 2025, Groww recorded a net profit of Rs. 1,824 crore on revenue of Rs. 4,056 crore.
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