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4w ago

Groww files confidential IPO papers targeting $700 million to $1 billion raise

The Bengaluru fintech unicorn aims for a $7–8 billion valuation through a confidential IPO combining fresh equity, offer-for-sale shares

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IPO this week | Image: Republic
Groww files confidential DRHP with SEBI to launch IPO, targets $7-8 billion Valuation
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Overview

  • Groww has confidentially filed its draft red herring prospectus with SEBI to list on the National Stock Exchange and BSE under the regulator’s pre-filing mechanism.
  • The IPO will include fresh equity issuance and an offer-for-sale by existing shareholders, targeting a total raise of $700 million to $1 billion.
  • The planned valuation range of $7–8 billion factors in support from backers such as Tiger Global, Peak XV, Ribbit Capital and Satya Nadella plus a $150 million pre-IPO investment from sovereign fund GIC.
  • In FY24, Groww’s revenue surged 119% to ₹3,145 crore with an operating profit of ₹535 crore despite a one-time ₹1,340 crore tax expense that drove a net loss of ₹805 crore.
  • Prior to the IPO, Groww acquired wealthtech platform Fisdom for about $150 million and enlisted JP Morgan India, Kotak Mahindra Capital, Citi, Axis Capital and Motilal Oswal Securities to manage the offering.