Groww files confidential IPO prospectus with Sebi; could raise up to $1 B

Billionbrains Garage Ventures Ltd, the parent company of investment platform Groww, has filed a confidential pre-filed draft red herring prospectus (PDRHP) with the Securities and Exchange Board of India (Sebi) as it prepares for a potential initial public offering.

The filing, dated May 24, was made under Chapter IIA of SEBI’s Issue of Capital and Disclosure Requirements Regulations, which permits companies to submit draft IPO documents privately before going public.

The move allows Groww to engage with Sebi and the stock exchanges BSE and NSE to receive feedback before releasing its IPO details to the public.

The PDRHP filing does not specify the size or timing of the proposed IPO. According to a report in The Economic Times, the IPO is estimated to be $700 million to $1 billion.

This development follows closely on the heels of a strategic investment move by Viggo Investment Pte Ltd, an entity affiliated with Singapore’s sovereign wealth fund GIC.

Earlier this month, Viggo sought approval from the Competition Commission of India to acquire a 2.143% minority stake in Groww as part of a larger pre-IPO funding round estimated at $250 million–$300 million.

The Bengaluru-based unicorn more than doubled its consolidated revenue in FY24. Revenue surged 119% to Rs 3,145 crore from Rs 1,435 crore in FY23. Operating profits also rose to Rs 535 crore from Rs 458 crore.

However, the company posted a net loss of Rs 805 crore, primarily due to a one-time tax expense of Rs 1,340 crore linked to its redomiciling back to India.

The proposed IPO by Groww could be the second major startup IPO of 2025, following electric vehicle maker Ather, which raised Rs 2,626 crore from the public markets earlier this year.

In pic: Lalit Keshre, CEO of Groww