Groww Plans $800 Million IPO Backed by Satya Nadella

Groww, India’s largest online investment platform backed by Microsoft CEO Satya Nadella and investors like Peak XV, Ribbit Capital, and Tiger Global, is preparing to file for an IPO in Mumbai as early as next week. The parent company, Billionbrains Garage Ventures Ltd., aims to raise between $650 million and $1 billion at a valuation of up to $8-9 billion, potentially surpassing its nearest competitor Angel One, valued at around $2.3 billion, to become India's largest brokerage by market value. The IPO size and valuation may be adjusted depending on regulatory approval for lowering the minimum public float requirement from 10% to 8% for large listings. Leading financial institutions including JPMorgan Chase, Kotak Mahindra Bank, Citigroup, Axis Bank, and Motilal Oswal Investment Advisors are advising the offering. As of August, Groww had over 12 million active clients on the National Stock Exchange of India, accounting for 26% of the exchange’s user base. Details such as timing and size remain subject to change, but Groww has reportedly received SEBI's approval to proceed with the public offering.