Groww files updated IPO papers to raise up to ₹7,000 crore, listing likely in November

Billionbrains Garage Ventures Ltd., which operates Groww, is eyeing an IPO valuation that would make it the largest listed stockbroker by market capitalisation.

Billionbrains Garage Ventures Ltd., which operates India's largest investment platform Groww, has filed fresh IPO papers with India’s market regulator, with the aim for a listing in November.

Groww is eyeing a listing in November at a valuation of $7-9 billion.(HT)

The Groww IPO includes a fresh issue of equity shares worth ₹1,060 crore and an offer for sale of 57.4 crore shares, according to the draft red-herring prospectus filed with Securities and Exchange Board of India on Tuesday, 16 November 2025. Investors, including Peak XV Partners, Y Combinator, Ribbit Capital and Tiger Global are likely to offload stake. Founders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal—who together hold 27.97% stake in the company—are likely to sell 10 lakh shares each in the IPO.

The Bengaluru-based retail stockbroker is eyeing a listing in November at a valuation of up to $8 billion, according to a previous Bloomberg report. If the valuation holds, Groww will become India’s largest brokerage by market cap. Its nearest listed competitor Angel One Ltd. is currently worth about $2.3 billion, according to Bloomberg data.

JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. Citigroup Inc, Axis Bank Ltd. and Motilal Oswal Investment Advisors are advising the offering.

As of August, Groww had 1.2 crore active clients on the National Stock Exchange of India Ltd., giving it a 26% share of the bourse’s user base, according to the exchange’s website.