Groww gets Sebi nod to launch IPO, may raise up to USD 1 billion

Billionbrains Garage Ventures, the parent company of stock broking firm Groww, has secured approval from markets regulator Sebi to launch its initial public offering (IPO) aimed at raising between USD 700 million and USD 1 billion, industry sources familiar with the development said on Thursday.

With this, the Bengaluru-based investment platform expects a valuation of around USD 7 billion, they added.
The approval paved the way for one of the largest fintech listings in the country.
The company’s proposed IPO is a combination of a fresh issue of equity shares and an offer for sale (OFS) component.

Billionbrains Garage Ventures, in May, filed draft red herring prospectus (DRHP) with Sebi through a confidential pre-filing route.