Billionbrains Garage Ventures Pvt. Ltd., which operates India’s largest online broker Groww, has launched its initial public offering, underscoring the surge in retail investors in the world’s fourth-largest stock market.
On offer in the Groww IPO are 66.32 crore shares—10.60 crore new and 55.72 crore via an offer for sale—in a price range of ₹95-100 to raise as much as ₹6,632.30 crore, according to the company’s red-herring prospectus. The lot size for retail investors is set at 150 shares, which translates to a minimum investment of ₹15,000.
That pegs Groww’s valuation at ₹61,735 crore as against ₹58,500 crore in July 2025. That’s about 30 times earnings for the fiscal year ended 31 March—meaning, the company wants investors to pay ₹30 for every rupee it earns.
Earlier, the Groww IPO raised about ₹3,000 crore from 102 anchor investors, including funds managed by Goldman Sachs Group Inc., Morgan Stanley, HSBC Holdings Plc, Abu Dhabi Investment Authority and Singapore.
JPMorgan Chase & Co., Kotak Mahindra Capital Co., Citigroup Inc., Axis Bank Ltd. and Motilal Oswal Investment Advisors are managing the sale.
Groww IPO Details
Backed by Microsoft Corp. Chief Executive Officer Satya Nadella, Groww had nearly 1.2 crore active users in September, while growing at a compounded annual growth rate of more than 100% over the past few years—thanks to the firm’s competitive pricing, technology and intuitive user interface, according to Nuvama Wealth Management Ltd.
The brokerage reported profit of ₹1,820 crore on revenue of ₹3,900 crore in FY25, according to the RHP.