Groww files revised IPO papers for Rs 6,000-7,000 crore issue

Online investment platform Groww has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) for a Rs 6,000-7,000 crore initial public offering (IPO).

The offering will include a fresh issue of Rs 1,060 crore, and an offer-for-sale (OFS) component of 574 million — worth around Rs 5,000-6,000 crore.

The Bengaluru-based firm is targeting a November listing at a $7-9 billion valuation, ET had reported earlier.

Shareholders participating in the OFS include Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows Fund.

Founders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, who together hold 27.96% in the company, will be selling one million shares each in the OFS.

Groww received Sebi’s approval for its IPO last month after having filed confidential draft papers with the markets regulator in May.

Also Read: Stock broking startup Groww in talks for IPO valuing it at $6-8 billion: sources