Groww Confidentially Files Draft Papers For IPO

Stock broking platform Groww has become the latest company to pre-file the draft papers for its initial public offering confidentially, the company said on Sunday. The draft red herring prospectus, filed with the regulator on May 24, looks to list the Bengaluru-based firm on both the National Stock Exchange and BSE, with shares having a face value of Rs 2 each.

"The filing of the pre-filed draft red herring prospectus shall not necessarily mean that the company will undertake the initial public offering," Groww said in a newspaper announcement. NDTV Profit had earlier reported that the firm plans to raise about $1 billion through the IPO, which will include a mix of a fresh issue and an offer for sale, with early backers likely participating in the OFS process.

Groww's early investors include Tiger Global, Peak XV Partners, Ribbit Capital, YC Continuity and Propel Venture Partners. Prior to the filing of the DRHP, Groww was in the process of raising up to $150 million from GIC as part of a large pre-IPO round, according to people aware of the deal. An IPO after this round can value the company at up to $8 billion. The fintech major began in 2016 as a mutual fund investing platform and expanded its offerings by introducing stocks, IPOs, and ETFs in 2020. The platform was valued at $3 billion in its last funding round in 2021, which was led by Iconiq Growth, along with other investors like Alkeon, Lone Pine Capital and Steadfast.