This wealth creation reflects the sharp jump in Groww’s valuation, with the Bengaluru-based fintech firm now seeking a valuation of nearly $8 billion through its market debut.
Billionbrains Garage Ventures, the parent of Groww, will open the IPO for subscription on November 4 and close it on November 7. The company has fixed the price band for the IPO at Rs 95-100 per share, aiming to raise Rs 7,000 crore through a mix of primary and secondary share sales.
Founded in 2016, Groww is backed by Y Combinator, Peak XV Partners (formerly Sequoia Capital India), GIC, and Ribbit Capital. The company is currently India’s largest online stockbroking platform by the number of NSE active clients.
As per the RHP, founders Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh have also opted out of the offer for sale (OFS), while existing investor Tiger Global has pared its OFS portion to 51.8 million shares from the 64.8 million planned earlier. Consequently, the overall OFS size has come down to 557.2 million shares.
Groww, which started as a mutual fund investment app, reported Rs 904.3 crore in operating revenue for the quarter ended June, down from Rs 1,000.7 crore in the same period last year.