New Delhi, Oct 30 (PTI) Billionbrains Garage Ventures, the parent company of stock broking firm Groww, on Thursday fixed a price band of Rs 95-100 per share for its upcoming Initial Public Offering (IPO), targeting a valuation of over Rs 61,700 crore (about USD 7 billion).
The company’s Rs 6,632 crore IPO would open for public subscription on November 4 and conclude on November 7, the stock broking firm announced.
The bidding for anchor investors would open for a day on November 3.
The IPO comprises fresh issue of equity shares worth Rs 1,060 crore along with an Offer For Sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders.
As a part of the OFS, the company’s promoters — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — each offering up to 1 million shares, besides, investors such as Peak XV Partners Investments VI-1, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI Pte Ltd, and Kauffman Fellows Fund, LP are offloading shares.
Groww’s founders own 27.97 per cent of the company and have filed as promoters of the company with a 20 per cent lock-in for 1.5 years from the time of listing. In the IPO, they are offering to sell only 0.07 per cent of the total shares of the company.
The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion.
Groww cofounder and COO Harsh Jain said the company will continue to focus on brand building, launching new products, and investing in technology to attract more customers and strengthen its position in the market.
“Technology will always remain our core focus. We are agile and among the most cost-effective players in the industry,” Jain told PTI.
He added that there is still tremendous scope for growth as more people begin to participate in the capital markets.
“Right now, we are not looking beyond wealth. It’s a massive market in itself,” he noted.
Despite the impact of the Sebi’s tightening of F&O norms on the broader industry, Groww reported a profit of Rs 1,824 crore in FY25, a threefold increase from the previous year. This strong performance, Jain said, was driven by a diversified product portfolio and a strong customer-centric approach.
“We continue to grow organically as customers now have access to a wide range of investment products on our platform,” he said.
Over 80 per cent of the company’s new customers are acquired organically, and its three-year retention rate is 77 per cent.
On the mutual funds side, Groww accounted for Rs 34,000 crore of SIP inflows in FY25, or 11.8 per cent of industry totals, according to AMFI data.
Reflecting on Groww’s journey, Jain recalled that the team was passionate about empowering investors and saw how the internet was disrupting traditional investing models.
“The power of the internet is that it allows you to reach every nook and corner of the country,” he added.
Of the fresh issuance, Rs 225 crore will be used for brand building and performance marketing activities, Rs 205 crore to be invested in Groww Creditserv Technology Private Limited (GCS), the NBFC arm, to augment its capital base.
Additionally, Rs 167.5 crore will be infused into Groww Invest Tech Private Limited (GIT) for funding its margin trading facility (MTF) business, while Rs 152.5 crore has been earmarked towards strengthening cloud infrastructure.
The balance will be utilised for funding inorganic growth through acquisitions and for general corporate purposes.
Headquartered in Bengaluru, Groww filed draft papers in May with markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi’s approval in August.
Groww opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
Founded in 2016, Groww emerged as India’s largest stock broker with over 12.6 million active clients and an over 26 per cent market share as of June 2025.
The company has recently expanded into wealth management, commodities, Margin Trading Facility (MTF), and loans against shares, moves it sees as part of its longer-term growth strategy.
According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Groww will make its stock market debut on November 12. PTI SP DR DR
Groww's Rs 6,632 cr IPO to open on Nov 4; targets valuation of USD 7 bn
New Delhi, Oct 30 (PTI) Billionbrains Garage Ventures, the parent company of stock broking firm Groww, on Thursday fixed a price band of Rs 95-100 per share for its upcoming Initial Public Offering (IPO), targeting a valuation of over Rs 61,700 crore (about USD 7 billion). The company’s Rs 6,632 crore IPO would open for public subscription on November 4 and conclude on November 7, the stock broking firm announced. The bidding for anchor investors would open for a day on November 3. The IPO comprises fresh issue of equity shares worth Rs 1,060 crore along with an Offer For Sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders. As a part of the OFS, the company’s promoters — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — each offering up to 1 million shares, besides, investors such as Peak XV Partners Investments VI-1, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI Pte Ltd, and Kauffman Fellows Fund, LP are offloading shares. Groww’s founders own 27.97 per cent of the company and have filed as promoters of the company with a 20 per cent lock-in for 1.5 years from the time of listing. In the IPO, they are offering to sell only 0.07 per cent of the total shares of the company. The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion. Groww cofounder and COO Harsh Jain said the company will continue to focus on brand building, launching new products, and investing in technology to attract more customers and strengthen its position in the market. “Technology will always remain our core focus. We are agile and among the most cost-effective players in the industry,” Jain told PTI. He added that there is still tremendous scope for growth as more people begin to participate in the capital markets. “Right now, we are not looking beyond wealth. It’s a massive market in itself,” he noted. Despite the impact of the Sebi’s tightening of F&O norms on the broader industry, Groww reported a profit of Rs 1,824 crore in FY25, a threefold increase from the previous year. This strong performance, Jain said, was driven by a diversified product portfolio and a strong customer-centric approach. “We continue to grow organically as customers now have access to a wide range of investment products on our platform,” he said. Over 80 per cent of the company’s new customers are acquired organically, and its three-year retention rate is 77 per cent. On the mutual funds side, Groww accounted for Rs 34,000 crore of SIP inflows in FY25, or 11.8 per cent of industry totals, according to AMFI data. Reflecting on Groww’s journey, Jain recalled that the team was passionate about empowering investors and saw how the internet was disrupting traditional investing models. “The power of the internet is that it allows you to reach every nook and corner of the country,” he added. Of the fresh issuance, Rs 225 crore will be used for brand building and performance marketing activities, Rs 205 crore to be invested in Groww Creditserv Technology Private Limited (GCS), the NBFC arm, to augment its capital base. Additionally, Rs 167.5 crore will be infused into Groww Invest Tech Private Limited (GIT) for funding its margin trading facility (MTF) business, while Rs 152.5 crore has been earmarked towards strengthening cloud infrastructure. The balance will be utilised for funding inorganic growth through acquisitions and for general corporate purposes. Headquartered in Bengaluru, Groww filed draft papers in May with markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi’s approval in August. Groww opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. Founded in 2016, Groww emerged as India’s largest stock broker with over 12.6 million active clients and an over 26 per cent market share as of June 2025. The company has recently expanded into wealth management, commodities, Margin Trading Facility (MTF), and loans against shares, moves it sees as part of its longer-term growth strategy. According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Groww will make its stock market debut on November 12. PTI SP DR DR
