Groww's ₹6,630 Crore IPO Attracts Major Sovereign Funds
Billionbrains Garage Ventures, parent company of Bengaluru-based stock broker Groww, is launching a ₹6,630 crore IPO. The offering has attracted significant participation from global sovereign wealth funds, including Norway's Norges Bank Investment Management, Abu Dhabi Investment Authority, and Singapore's GIC. The IPO, with a price band of ₹95-100 per share, values the company at around $7 billion. It includes a new share issuance worth ₹1,060 crore and an offer for sale by existing shareholders. The public offering period is set for November 7-9, 2023.
*this image is generated using AI for illustrative purposes only.
Bengaluru-based stock broker Groww's parent company, Billionbrains Garage Ventures, is set to launch its Initial Public Offering (IPO) with significant participation from global sovereign wealth funds. The IPO, valued at ₹6,630 crore, has drawn attention from major international investors.
Key IPO Details
| Aspect | Details |
|---|---|
| Company | Billionbrains Garage Ventures (Groww's parent) |
| IPO Size | ₹6,630 crore |
| Price Band | ₹95-100 per share |
| Valuation | ~$7 billion (at upper price band) |
| Public Offering Period | November 7 - November 9, 2023 |
Anchor Investment Highlights
The IPO opened for anchor investors with a substantial ₹2,950 crore anchor investment book. Nearly 40 investors participated, including:
- Norway's Norges Bank Investment Management
- Abu Dhabi Investment Authority
- Singapore's GIC
- Local banks
- Mutual funds
- Foreign portfolio investors
Company Overview
Groww, operating under Billionbrains Garage Ventures, has established itself as a significant player in India's digital brokerage space:
- Active Users: 14.38 million
- Key Competitors: Zerodha and Angel One
- Headquarters: Bengaluru, India
IPO Structure
The public offering comprises two components:
- New Share Issuance: The company will issue new shares worth ₹1,060 crore.
- Offer for Sale: Existing shareholders, including Tiger Global and Peak XV Partners, will sell 557.2 million shares.
This IPO marks a significant milestone for Groww, reflecting the growing interest in India's fintech sector. The participation of major sovereign wealth funds underscores the global appeal of Indian tech startups and the potential for growth in the country's digital financial services market.
As the IPO opens to the public, it will be interesting to observe the response from retail investors and the overall market sentiment towards this offering in the competitive online brokerage space.
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