By Team Latestly

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Mumbai, September 18: When will Groww launch its IPO? If you’re looking for an answer to this question and information related to Groww’s initial public offering (IPO), then you have come to the right place. If reports are to be believed, Groww will launch its IPO soon. Groww, which is the country’s largest retail stockbroker, recently filed its updated draft red herring prospectus (UDRHP) with Sebi for an IPO worth INR 7,000 crore. It is worth noting that Billionbrains Garage Ventures is the parent company of Groww. Four Promoters of Groww to Sell 1 Million Shares Each in IPO According to reports, the online stock trading platform is looking to raise fresh capital of INR 1,060 crore. The offer also includes an offer for sale (OFS) of up to 574.2 million shares, which will be sold by existing investors and promoters in the IPO. According to a report in TOI, Groww promoters Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal will sell up to 1 million shares each. Notably, the OFS component is expected to be in the range of INR 5,000 to INR 6,000 crore. Groww IPO: India’s Largest Retail Stockbroker Planning Initial Public Offering Valued at USD 6–8 Billion, Say Reports. Groww Founders to Sell 0.07 Per Cent Shares It is also reported that major investors whose stakes would be reduced in Groww include Peak XV Partners, YC Holdings II, Ribbit Capital, GW-E Ribbit Opportunity, and Internet Fund VI. A person who spoke to LiveMint said that the founders of Groww, who own 27.96 per cent of the company, have filed as promoters of the company. They have locked 20 per cent of their shares for one and a half years from the time of listing. “In the IPO, they are offering to sell about 0.07% of the total shares of the company,” the person said. It must be noted that the size of Groww’s IPO has come down from what was initially expected to be up to INR 8,300 crore. The stockbroker platform has joined the list of IPO-bound companies that have reportedly cut down their issue size over the past quarter. It must be recalled that earlier, Groww had filed its draft IPO papers on May 21. All firms that are going through this route need to file an updated DRHP with Sebi. Founded in 2016, Groww started the process of moving its base from Delaware to India two years ago. Ravi Narayanan Takes Over as New CEO of SMFG India Credit, Succeeding Shantanu Mitra. The company relocated Groww Inc from the US to Bengaluru, thereby effectively making the company’s Indian company, Billionbrains Garage Ventures, the parent firm. Updates regarding Groww’s IPO date and other details are yet to be revealed.