Groww Sets IPO Price Range For Rs 6,632-Crore Issue Opening Nov 4
Groww IPO consists of a fresh issue of up to Rs 1,060 crore and an offer for sale of up to Rs 5,572 crore.
Billionbrains Garage Ventures Ltd., the parent of India’s largest investment platform Groww, announced the price range for its initial public offering launching next week.
The IPO will be open between Nov. 4 and Nov. 7. The book-building offer consists of a fresh issue of up to Rs 1,060 crore and an offer for sale of 55.7 crore shares worth up to Rs 5,572 crore.
Investors can place bids in the price range of Rs 95 and Rs 100, according to a public advertisement. The minimum bid lot size is 150 equity shares of face value of Rs 2, requiring an investment of Rs 15,000 on the upper price band.
The portion for retail investors is capped at 10% of the IPO offer.
Groww will seek investments from large institutions via the anchor round on Nov. 4.
The company will finalise the share allotment on Nov. 10 and credit them by Nov. 11 into the demat accounts. Groww will list on the stock market on Nov. 12.
Based on the upper price band, the company is valued at Rs 92,074 crore.
Billionbrains Garage Ventures, backed by Microsoft Chief Executive Officer Satya Nadella, will use funds raised in the IPO fresh issue to expand margin trading, unsecured lending, wealth management, and possibly inorganic growth, as per offer documents.
Investors offloading their stake in the platform include Peak XV, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows.
The bankers handling the offer include JPMorgan, Kotak Mahindra Capital, Citigroup, Axis Capital, Citigroup and Motilal Oswal.
Groww's parent company saw its top line grow by around 30% in fiscal 2025 while making a profit of Rs 1,819 crore, according to a valuation report reviewed by NDTV Profit.
Billionbrains Garage Ventures reported a profit after tax after a loss in the previous year which came on the back of a one-time tax expense of Rs 1,340 crore. The tax expense was paid for reverse-flipping the company's domicile to India from the US, which was completed in March 2024.
Groww counts the likes of Zerodha and Angel One Ltd. among its industry rivals. A growing top line has been observed consistently across the broking industry as more retail investors take to the country's capital markets, with Angel One's total revenue from operations coming up to Rs 5,238 crore for the fiscal 2025 — a year-on-year increase of 23%.
