27 January 2025
Billionbrains Garage Ventures, the firm behind the country's number one retail stockbroker and trading platform Groww, has picked as many as five investment banks for a mega $1 billion plus IPO, multiple industry sources in the know told Moneycontrol.
"Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal have been engaged for the deal. The plan is to kick off the IPO next week, file the draft documents by April-May and list by the end of the calendar year or within FY26," said one of the persons familar with the development.
In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.
According to a second person, "With multiple investors onboard, the deal is expected to be largely an OFS or offer for sale, along with a primary component." Two other persons confirmed the above. Considerations are preliminary, and details on issue size and timing may change later if required, they added.
On January 13, Moneycontrol had reported that Groww had engaged in discussions with multiple investment banks regarding its IPO and was targeting a valuation between $7-8 billion.
Billionbrains Garage Ventures, the firm behind the country's number one retail stockbroker and trading platform Groww, has picked as many as five investment banks for a mega $1 billion plus IPO, multiple industry sources in the know told Moneycontrol.
"Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal have been engaged for the deal. The plan is to kick off the IPO next week, file the draft documents by April-May and list by the end of the calendar year or within FY26," said one of the persons familar with the development.
In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.
According to a second person, "With multiple investors onboard, the deal is expected to be largely an OFS or offer for sale, along with a primary component." Two other persons confirmed the above. Considerations are preliminary, and details on issue size and timing may change later if required, they added.
On January 13, Moneycontrol had reported that Groww had engaged in discussions with multiple investment banks regarding its IPO and was targeting a valuation between $7-8 billion.
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