(Updates subscription numbers, adds details throughout) By Vivek Kumar M Nov 6 (Reuters) - The $754 million IPO of India’s largest stock broker Groww's parent Billionbrains Garage Ventures was fully subscribed on the second day of bidding on Thursday, as retail investors rushed to buy its shares in a red-hot IPO market. The stock broker, India's largest by number of active users, received bids for 387.7 million of its shares as of 11:39 a.m. IST, as against 364.8 million shares on offer, exchange data showed. Retail investors bid for 237.7 million shares, about 3.6 times the number of shares allocated for them. "Groww seems to be a popular choice for investors among the ongoing IPOs given its platform-oriented business model and strong growth prospects," said Arun Malhotra, fund manager at investment management firm CapGrow Capital. However, analysts pointed out its valuations are at a premium to industry peers. "Equity broking and wealth management business has low moat," analysts at Cholamandalam Secuities said in a note. "We believe valuation above industry average will be a challenge to sustain in long run." Groww's listing comes amid a busy primary market. Eyewear retailer Lenskart , edtech company PhysicsWallah and fintech firm Pine Labs are also in the process of listing their shares. The issue ranks among the largest offerings far in 2025, following floats by the likes of Tata Capital , LG Electronics India and HDB Financial , in what is expected to be a record year for fundraising in the Indian primary market. Backed by Peak XV Partners and Tiger Global, Groww had raised 29.85 billion rupees ($339.61 million) from so-called anchor investors on Monday ahead of the public launch of its IPO, which will close on November 7. Groww's IPO consists of a fresh issue of shares worth 10.6 billion rupees and offer for sale of 557.2 million shares from existing investors, including Tiger Global and Peak XV Partners. (Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar) ((VivekKumar.M@thomsonreuters.com;)) Keywords: GROWW IPO/ (UPDATE 1)
