Indian stock broking platform Groww is targeting a valuation of about 617 billion rupees ($7.02 billion) through its IPO that is set to open for bids next week, as it looks to capitalise on a surge in retail investors accessing the securities markets.
The IPO comes as first-time investors using mobile platforms such as Groww are rushing to the largely under-penetrated capital market, boosted by rising financial literacy, easy digital onboarding and low-cost trading.
Groww has set a price band of 95-100 rupees per share for its IPO of 66.3 billion rupees ($754 million) that opens for bidding on November 4, a public filing showed early on Thursday.
The three-day share sale will end on November 7 in a holiday-truncated week for Indian stock markets. Anchor investors can bid on November 3.
Existing shareholders, including Tiger Global and Peak XV Partners, are selling a total of 557.2 million shares in the IPO, compared with 574.2 million shares disclosed in September, an updated prospectus showed late on Wednesday.
Groww is also issuing new shares worth 10.6 billion rupees ($120.60 million).
The IPO will rank among the largest offerings so far in 2025, following floats by the likes of Tata Capital TATC.NS, LG Electronics India LGEL.NS and HDB Financial HDBF.NS in what is expected to be a record year for fund raising in the primary market.
Groww had confidentially filed draft papers for an IPO in May and received the regulator’s green light in August.
The stockbroker, which had 14.38 million active users on its platform as of June 30, competes with local rivals such as Zerodha and Angel One ANGO.NS in the country’s fast-growing capital market.
Groww plans to use the proceeds from the new share issue to build its cloud infrastructure, invest in its units and fund acquisitions.
($1 = 87.8950 Indian rupees)
Reuters
