Groww IPO: Groww set to launch Rs 7,000 crore IPO in November – News Air Insight

Mumbai: Brokerage Groww is looking to launch its ₹7,000-crore Initial Public Offering (IPO) in the first week of November, said banking sources in the know. The Bengaluru-based firm, backed by Microsoft Chief Executive Officer Satya Nadella, is expected to announce the price band for its issue by the end of October, they said.

Billionbrains Garage Ventures, Groww’s parent, is targeting a valuation of up to $8 billion (approximately ₹70,400 crore) in its IPO. Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are the book-running lead managers to the IPO.

Emails sent to the company and the bankers remained unanswered.

Of the ₹7,000 crore IPO size, the fresh issue component will be ₹1,060 crore, while the rest will be an offer for sale (OFS) of up to 57.42 crore equity shares by existing investors, including Nadella.

October saw some of the biggest IPOs of the year, including Tata Capital’s ₹15,500-crore issue, the largest so far, followed by LG Electronics’ ₹11,600-crore IPO. Earlier in June, HDB Financial Services had launched a ₹12,500-crore issue.

The fintech startup’s proposed IPO comes when the stock broking industry is facing pressure on profitability in the wake of a regulatory clampdown on futures and options (F&O) trades.Groww’s operating revenue in the June quarter dropped 9.6% to ₹904 crore from ₹1,000 crore a year ago. Profit after tax for the quarter was at ₹378 crore, up 12% from the same period last year.The broking firm had 12.6 million active clients on the National Stock Exchange (NSE) as of June 2025, accounting for a 26.27% market share among retail investors, according to the updated DRHP.

Founded in 2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.