Billionbrains Garage Ventures, the parent company of leading stock broking platform Groww, has raised Rs 2,984.5 crore from 102 institutional investors via anchor book on November 3, a day before the Rs 6,632-crore IPO opening for public subscription.
The issue for the public is set to open during November 4 and November 7 as the November 5 is a market holiday for Prakash Gurpurb Sri Guru Nanak Dev. The price band for the offer is Rs 95-100 per share.
The company aims to raise Rs 1,060 crore via fresh shares, while marquee investors including Peak XV Partners, YC Holdings, Tiger Global Management, Sequoia Capital, Alkeon Capital Management and Ribbit Capital will offload 55.72 crore shares worth Rs 5,572.3 crore at the upper price band.
Billionbrains Garage Ventures on Monday has finalised allocation of over 29.84 crore shares to anchor investors at Rs 100 per share.
Leading global investors like Goldman Sachs, Morgan Stanley, Government of Singpore, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Ashoka WhiteOak, Prudential HK, Eastspring Investments, Amundi Funds, Societe Generale, and Wellington Management became shareholders of the company.
"Out of the total allocation, 13.89 crore shares (46.6 percent of the total allocation to anchor investors) worth Rs 1,389.8 crore were allocated to 17 domestic mutual funds, which have applied through their 54 schemes," the company in its filing said.
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HDFC AMC, Kotak Mahindra AMC, Nippon Life India, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Mirae Asset, Franklin, Tata MF, HSBC MF, Trust Mutual Fund, and Mahindra Manulife participated in the anchor book.
The digital investment platform will utilise Rs 152.5 crore of fresh issue proceeds for cloud infrastructure, and Rs 225 crore for brand building and performance marketing activities. Further, Rs 205 crore will be used for augmenting capital base of its NBFC subsidiary GCS (Groww Creditserv Technology), Rs 167.5 crore for funding MTF business of subsidiary GIT (Groww Invest Tech), and the remaining funds for inorganic growth through unidentified acquisitions and general corporate purposes.
Billionbrains Garage Ventures founded by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh (the colleagues at Flipkart India with experience in technology products and services) provides wealth creation opportunities to customers through multiple financial products and services, claiming the India’s largest investment platform by active users on NSE.
The Groww parent that competes with listed entities like Angel One, Motilal Oswal Financial Services, 360 ONE WAM, and Nuvama Wealth Management has reported profit at Rs 378.4 crore in the quarter ended June 2025, growing from Rs 338 crore in the same period last year, but revenue during the same period dropped to Rs 904.4 crore, against Rs 1,000.8 crore.
The company will finalise IPO share allotment by November 10, while the Groww shares will be available for trading on the BSE and NSE effective November 12.
The merchant bankers managing the Groww IPO are Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
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