Groww’s `95-100/ share price band pegs valuation at $7 bn
At `81,700-cr valuation, Billionbrains Garage Ventures will raise `6,632 cr from IPO
Billionbrains Garage Ventures, the parent company of stock broking firm Groww, on Thursday fixed a price band of Rs95-100 per share for its upcoming Initial Public Offering (IPO), targeting a valuation of over Rs61,700 crore ($7 billion). The company’s Rs6,632 crore IPO would open for public subscription on November 4 and conclude on November 7, the stock broking firm announced.
The bidding for anchor investors would open for a day on November 3. The IPO comprises fresh issue of equity shares worth Rs1,060 crore along with an Offer For Sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders. As a part of the OFS, the company’s promoters -- Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal -- each offering up to 1 million shares, besides, investors such as Peak XV Partners Investments VI-1, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Internet Fund VI Pte Ltd, and Kauffman Fellows Fund, LP are offloading shares.
Groww’s founders own 27.97 per cent of the company and have filed as promoters of the company with a 20 per cent lock-in for 1.5 years from the time of listing. In the IPO, they are offering to sell only 0.07 per cent of the total shares of the company. The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion. Groww cofounder and COO Harsh Jain said the company will continue to focus on brand building, launching new products, and investing in technology to attract more customers and strengthen its position in the market.
