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How to spot a winning startup IPO
Mint Mumbai
|November 25, 2025
The IPO ticked all the right boxes. Groww came to the primary market as India’s largest broker as well as the largest retail investment platform with 12.6 million active National Stock Exchange clients, as of 30, June. It is also one of the foremost platforms for mutual funds distribution. A consolidated topline of ₹4,061 crore and profit of ₹1,824 crore for FY25 underlines its solid financial health.
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One of this year's most anticipated startup IPOs was that of Lenskart.
The stock listed with a 12% premium on 12 November, and soared more than 90% from the IPO price in the next four sessions. This gave it a market cap of ₹1 trillion, pushing its P/E ratio beyond 50, while its peers like Motilal Oswal, Nuvama Wealth and Angel One were trading at roughly half that multiple.
This story is from the November 25, 2025 edition of Mint Mumbai.
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