Groww To File Draft Papers For $1 Bn+ IPO By April-May: Report

Groww To File Draft Papers For $1 Bn+ IPO By April-May: Report

SUMMARY

Groww is looking to file its draft red herring prospectus (DRHP) by April-May for its initial public offering (IPO) worth over $1 Bn

The fintech unicorn is eyeing a public listing by the end of the fiscal year 2025-26 (FY26)

Tiger Global-backed company is targeting a valuation of $7-8 Bn for its IPO

Investment tech platform Groww is looking to file its draft red herring prospectus (DRHP) by April-May for an initial public offering (IPO) worth over $1 Bn.

The fintech unicorn is eyeing a public listing by the end of the fiscal year 2025-26 (FY26), Moneycontrol reported. 

Inc42 has reached out to Groww for comments. The story will be updated if and when we hear from the company.

This comes on the heels of reports saying that the Tiger Global-backed company was targeting a valuation of $7-8 Bn for its IPO.

Billionbrains Garage Ventures, the parent company of Groww, has reportedly finalised five investment banks for the deal — Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal.

Groww’s IPO will include a primary component but largely comprise an offer for sale (OFS), as per the report.

However, the discussions are at a preliminary stage and the issue size and the timeline of the IPO might be changed if needed.

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds (ETFs) and IPOs.

The company reported a profit of INR 535 Cr in FY24 on operating revenue of INR 3,145 Cr.

It is pertinent to note that Groww shifted its domicile back to India in March last year as part of its plans to list on domestic exchanges. However, the ‘reverse flipping’ proved costly for the company as its investors had to pay INR 1,340 Cr in taxes to US authorities.

This comes days after Inc42 exclusively reported that adtech unicorn InMobi was planning to file  draft papers for an IPO worth over $1 Bn by April 2025. Other startups stitching up plans for $1 Bn+ mega IPO include Lenskart, Zertwerk, OfBusiness and PineLabs.

Amid the ongoing boom in startup IPOs in the country, several new-economy companies are set to flip their corporate headquarters back to India — including the likes of Zepto, Razorpay and Pine Labs among others.

Earlier this month, it was reported that the National Company Law Tribunal (NCLT) greenlit the the merger of Mumbai-based Kiranakart Technologies, which operates the quick commerce platform Zepto, with its Singapore-based affiliate, Kiranakart Pte Ltd. 

As per Inc42’s predictions, at least 20 Indian startups will make their public market debut in 2025, including BlueStone, Aris Infra, Ather Energy, Smartworks, among others.

This follows the wave of new-age tech IPOs launched last year, with 13 startups raising a cumulative INR 29,000 Cr+ via public markets.

 

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