Groww IPO in November: ₹7,000 Cr Issue, ₹1,060 Cr Fresh + 57.42 Cr OFS; Valuation Target $7–8 Billion

Key details

Issue size and mix: Total ~₹7,000 crore, split into ₹1,060 crore fresh issue and up to 57.42 crore shares via OFS by promoters and investors including Peak XV, YC, Ribbit, Tiger Global, and others as per updated DRHP.
Timeline: Price band announcement expected by end‑October, with launch in early November pending regulatory and market conditions, per banking sources and filings.
Valuation: Targeting around $7–8 billion on listing, which could place the broker among India’s most valuable listed platforms in the category if achieved.
Use of proceeds (fresh issue): Cloud infrastructure, brand/marketing, capital infusion into NBFC unit (GCS) and MTF funding at Groww Invest Tech as outlined in DRHP summaries.
Book‑runners: Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
Scale: As of mid‑2025, ~1.2–1.26 crore active NSE clients and ~26% retail market share cited in media, underscoring category leadership going into the offer.

Who is selling in the OFS? Promoters offering 10 lakh shares each and marquee investors including Peak XV, YC Holdings, Ribbit, Tiger Global, and Kauffman Fellows, per the updated DRHP.
When will the price band be known? Guidance points to late October, ahead of an early‑November launch window subject to conditions.
What will fresh issue funds support? Technology (cloud), brand building, and capital for lending/MTF subsidiaries to scale adjacent businesses.
What valuation is Groww aiming for? Reports cite $7–8 billion, with some outlets suggesting up to $9 billion depending on book strength.