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Billionbrains Garage Ventures Ltd., the parent company of Groww, has set a price band of Rs 95 to Rs 100 a share for its initial public offering (IPO), seeking a valuation of about Rs 61,736 crore. The Bengaluru-based company will open its books for subscription on November 4 and close on November 7, according to its red herring prospectus. The share sale comprises a Rs 1,060 crore fresh issue and an offer for sale (OFS) of Rs 5,572.3 crore, giving existing investors a sizeable liquidity event. That makes the primary issuance just 16% of the total issue size, with the remainder enabling venture backers such as Peak XV Partners, Ribbit Capital, YC Holdings, and Alkeon Capital to pare stakes. At the top end of the price band, the IPO will raise Rs 6,632 crore, with shares carrying a face value of Rs 2 each. The issue will be managed by Kotak Mahindra Capital, J.P. Morgan India, Citigroup Global Markets, Axis Capital, and Motilal Oswal Investment Advisors. The stock is slated to list on both the BSE and NSE. The offer allocates 75% of shares to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors. Retail bidders can apply for a minimum lot of 150 shares, translating to an investment of about Rs 15,000 at the upper end of the range. If fully subscribed, Groww’s IPO would rank among India’s largest fintech listings since Paytm’s debut in 2021, though with a leaner balance of new capital infusion and secondary share sales. Billionbrains Garage reported a nearly threefold increase in net profit to Rs 1,819 crore in FY25. In comparison, revenue soared 31% year-on-year to Rs 4,056 crore, according to a document seen by YourStory. Founded in 2016, Tiger Global-backed Groww emerged as the market leader in stock broking in 2023. It has since retained this position, commanding a more than a fourth of the market share by active clients. The firm has also expanded its offerings into digital lending, wealth management, and other allied services. It recently acquired wealth-tech startup Fisdom in an all-cash deal worth $150 million, entering into the wealth advisory space. This is Groww’s second major acquisition, following its purchase of Indiabulls AMC in 2023. (Edited by Affirunisa Kankudti)
