Online broking platform Groww has filed draft papers with market regulator SEBI for an initial public offering valued between $700 million and $1 billion through a confidential pre-filing process, sources familiar with the matter told PTI.
Groww’s parent company, Billionbrains Garage Ventures Limited, stated in a public notice on Monday that the draft red herring prospectus (DRHP) was submitted under Chapter IA of the Sebi ICDR Regulations. This provision allows the company to seek Sebi’s feedback without immediately disclosing its IPO documentation.
The IPO comprises a fresh issue of equity shares alongside an offer for sale (OFS) component.
SEBI is expected to take up to two months to grant approval. Once approved, Groww will file an updated DRHP, which will be made public and include the company’s financials up to the most recent quarter.
Groww has appointed J.P. Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd and Motilal Oswal Securities Ltd as lead managers for the IPO, according to PTI.
The company plans to list its shares on the main board of the National Stock Exchange and BSE Limited.
Groww Reverse Flip
Groww relocated its headquarters from the US to India last year in preparation for its public debut. The fintech firm paid a tax of ₹1,340 crore to the US government for the transaction. It reported a net loss of ₹805 crore in FY24 against total revenue of ₹1,435 crore.
The fintech start-up, founded by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, launched in 2017 as a direct mutual fund investment platform. It subsequently added stock trading, futures and options trading, IPO access and other financial instruments. It also operates an asset management business and was reportedly planning to enter wealth management via a separate entity named “W”.
Other fintech start-ups planning public listings this year include Razorpay, PhonePe and Moneyview.
