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Groww files confidential IPO papers with SEBI; issue size pegged at up to $1 billion

Groww, the largest stock broking firm with an active investor base, has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).

According to sources familiar with the matter, the IPO size is expected to be around $800 mn – $1 bn, comprising a mix of a fresh issue and an offer for sale component. The proceeds from the IPO are expected to be invested in technology development and business expansion.

The company’s public filing was made under Billionbrains Garage Ventures Ltd, Groww’s registered corporate entity.

Pre-IPO round

Ahead of the listing, Singapore’s sovereign wealth fund GIC has sought approval from the Competition Commission of India (CCI) to acquire a 2.14% stake in Groww through a special purpose vehicle, Viggo Investments. The investment is part of a broader pre-IPO round estimated between $250 million and $300 million, with GIC likely contributing around $150 million, people aware of the matter said.

As reported earlier, merchant bankers to the issue include JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Citigroup Global Markets Private Limited, Axis Capital Limited, and Motilal Oswal Securities Limited.

Groww began in 2016 and has emerged as the fastest-growing retail broking platform in India in FY25, with over 26% market share as of March 2025. In FY25, Groww emerged as the single-largest contributor, adding 34 lakh new accounts—a 40% share of NSE’s growth. The company’s active client base rose from 9.5 million in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase.

Groww turned profitable in FY23, with a revenue of ₹1,277 crore and a profit of 449 crore. In FY24, Groww reported revenue of ₹3,145 crore with an operating profit of ₹535 crore, indicating consistently strong business performance. Last year, the company paid a one-time tax of ₹1,340 crore in India’s domicile move, leading to a net loss of ₹805 crore. The company’s steady rise indicates how technology-led investing is reshaping investor choices and is set to transform the future of India’s financial markets.

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