Groww IPO likely to open early November – News Air Insight

Groww, one of the country’s biggest stock brokers, is likely to launch its Rs 6,800 crore Initial Public Offering in early November, said two people with knowledge of the matter. The firm could price the issue between Rs95 and Rs100 apiece, the people said.

These details are indicative, as the company is yet to formally announce the offer dates and price range.

An email query to Groww went unanswered till the time of going to print.

As of Wednesday evening, shares of Groww were trading at Rs 128 per share in the unlisted market, higher.

If Groww prices the issue at Rs100 per share, the issue size will be around Rs6802 crore. The IPO will consist of a fresh issue of shares worth Rs 1,060 crore and an offer for sale of Rs 5,741.9 crore.

Investors such as Ribbit Capital, Peak XV Partners and Y Combinator are selling their shares in the as a part of the offer-for-sale (OFS) component. The four founders- Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal too will offload a smaller portion of their holdings. Groww’s operating revenue in the June quarter dropped by 9.6% to Rs 904 crore from Rs 1,000 crore a year ago. Profit after tax for the quarter was at Rs 378 crore, up 12% from the same period last year.