Summary of this article
Mutual funds quickly added IPO stocks Groww, Pine Labs, and PhysicsWallah.
Fintech stocks, especially broking and payments, led mutual fund inflows.
All three IPOs listed at a premium to their issue price.
As the IPO calendar stayed busy through November, mutual funds quietly began placing their bets on a new set of listed companies. Portfolio disclosures show that several recently listed firms have already found meaningful representation across fund houses. Here are three stocks that mutual funds added to their portfolios for the first time.
Billionbrains Garage Ventures (Groww)
Mutual funds have taken a strong liking to Billionbrains Garage Ventures, the parent company of discount brokerage platform Groww, soon after its market debut. As many as 70 mutual fund schemes together held shares worth Rs 4,214 crore in the company as of November, according to portfolio data from Ace Mutual Fund. In shareholding terms, 18 mutual fund houses owned a combined 3.34 per cent stake in the company at the end of November 2025, according to data from Value Research.
Motilal Oswal Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Kotak Mutual Fund, and SBI Mutual Fund are the top five mutual fund houses that hold the highest number of shares in the company. Groww was listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on November 11 and made its debut on Dalal Street. The stock opened at Rs 112 on the NSE, a 12 per cent premium over its issue price of Rs 100, while it listed at Rs 114 on the BSE, translating into a 14 per cent gain.
Groww operates on a direct-to-consumer model and offers a wide range of financial products, including stock and derivatives trading, lending, and allied services. Major revenue for the company comes from brokerage fees, interest income from margin trading, and commissions from distribution and lending activities.
2. Pine Labs
Another company that saw a meaningful participation from mutual funds following its listing is Pine Labs. As of November 30, 2025, data from Ace Mutual Fund shows 36 mutual fund schemes had invested a combined Rs 2,283 crore in the fintech company. Together, these schemes held 6.49 per cent of Pine Labs’ equity, with SBI Flexicap Fund alone accounting for a 3.5 per cent stake, as shown by data from Value Research.
The company made its stock market debut on November 14, listing at Rs 242 per share, around 9.5 per cent higher than its issue price of Rs 221. The shares listed at the same level on the BSE as well, signalling steady investor demand on the first day of trade.
As far as the business model is concerned, Pine Labs provides a merchant-focused payments and lending platform. The company generates revenue through the transactions conducted using its platform. The company generates revenue in the form of fees on payments processed through its infrastructure, along with subscriptions, device sales, value-added services, and partnerships.
3. PhysicsWallah
Edtech firm PhysicsWallah has also attracted mutual fund money in a meaningful way. As many as 42 mutual fund schemes held shares worth Rs 1,737 crore in the company as of November 30, 2025.
The company listed on the NSE and BSE on November 18 and delivered a strong debut. Shares opened at Rs 145, a gain of more than 33 per cent over the issue price of Rs 109. On the BSE, the stock listed at Rs 143, reflecting a premium of about 31 per cent.
The company operates on a hybrid freemium business model, which seeks to provide affordable education through a mix of online platforms and offline coaching centers.
PhysicsWallah raised Rs 3,480.71 crore through its public issue, which included a fresh issue of shares worth Rs 3,100.71 crore and an offer for sale amounting to Rs 380 crore.
