New Delhi: Billionbrains Garage Ventures, the parent company of stock broking firm Groww, on Monday garnered a little over Rs 2,984 crore from anchor investors, including Abu Dhabi Investment Authority and the Government of Singapore.This came just a day before the opening of the company's Rs 6,632 crore initial share-sale for public subscription.
The anchor book saw participation from 102 funds, including the Government of Singapore, the Monetary Authority of Singapore, Abu Dhabi Investment Authority, Goldman Sachs and Morgan Stanley, according to a circular uploaded on BSE's website.
On the domestic front, major mutual funds, including HDFC Mutual Fund, Kotak Mahindra MF, Nippon India MF, SBI MF, Axis MF, Aditya Birla Sun Life MF, Mirae Asset, Motilal Oswal MF and ICICI Prudential Life Insurance, participated in the offering.According to the circular, the company finalised the allocation of 29.84 crore of shares to anchor investors at a price of Rs 100 per share, raising Rs 2,984.5 crore in total.
Out of all the anchor investors, 17 domestic mutual funds received around 46.6 per cent of the total shares, amounting to 13.9 crore shares, across 54 different schemes.The company's IPO would open for public subscription on November 4 and conclude on November 7. The firm fixed a price band of Rs 95-100 per share for its IPO, targeting a valuation of over Rs 61,700 crore (about USD 7 billion).
The IPO comprises a fresh issue of equity shares worth Rs 1,060 crore along with an Offer For Sale (OFS) component of 55.72 crore 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 are 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 firm with a 20 per cent lock-in for one-and-a-half 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.Despite the impact of SEBI tightening F&O norms on the broader industry, Groww reported a profit of Rs 1,824 crore in FY25, a threefold increase from the previous year.
Over 80 per cent of the company's new customers are acquired organically, and its three-year retention rate is 77 per cent. On the mutual funds side, Groww accounted for Rs 34,000 crore of SIP inflows in FY25, or 11.8 per cent of industry totals, according to AMFI data.Of the fresh issuance, Rs 225 crore will be used for brand building and performance marketing activities, and Rs 205 crore will be invested in Groww Creditserv Technology Private Limited (GCS), the NBFC arm, to augment its capital base.
Additionally, Rs 167.5 crore will be infused into Groww Invest Tech Private Limited (GIT) for funding its margin trading facility business, while Rs 152.5 crore has been earmarked towards strengthening cloud infrastructure.The balance will be utilised for funding inorganic growth through acquisitions and for general corporate purposes.
Headquartered in Bengaluru, Groww filed draft papers in May with markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in August.Groww opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
Founded in 2016, Groww emerged as India's largest stockbroker with over 12.6 million active clients and an over 26 per cent market share as of June 2025.Groww will make its stock market debut on November 12.
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