Groww files updated draft papers with Sebi; eyes `7,000-cr via IPO

New Delhi: Billionbrains Garage Ventures, the parent company of stock broking firm Groww, on Tuesday filed updated draft papers with markets regulator Sebi for an initial public offering (IPO) aimed at raising an estimated Rs 7,000 crore, people familiar with the matter said.

The IPO comprises a fresh issue of equity shares worth Rs 1,060 crore along with an offer for sale (OFS) component of 57,41,90,754 equity shares by promoters and investor shareholders, according to the updated draft red herring prospectus (DRHP) filed on Tuesday.

The OFS component is expected in the range of Rs 5,000-6,000 crore. With this, the company is seeking a valuation of $9 billion, the people familiar with the matter said.

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, L.P are offloading shares. Goww’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.