Billionbrains Garage Ventures Ltd., which operates India's largest investment platform Groww, has filed fresh IPO papers with India’s market regulator, with the aim for a listing in November.
The Groww IPO includes a fresh issue of equity shares worth ₹1,060 crore and an offer for sale of 57.4 crore shares, according to the draft red-herring prospectus filed with Securities and Exchange Board of India on Tuesday, 16 November 2025. Investors, including Peak XV Partners, Y Combinator, Ribbit Capital and Tiger Global are likely to offload stake. Founders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal—who together hold 27.97% stake in the company—are likely to sell 10 lakh shares each in the IPO.
The Bengaluru-based retail stockbroker is eyeing a listing in November at a valuation of up to $8 billion, according to a previous Bloomberg report. If the valuation holds, Groww will become India’s largest brokerage by market cap. Its nearest listed competitor Angel One Ltd. is currently worth about $2.3 billion, according to Bloomberg data.
JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. Citigroup Inc, Axis Bank Ltd. and Motilal Oswal Investment Advisors are advising the offering.
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As of August, Groww had 1.2 crore active clients on the National Stock Exchange of India Ltd., giving it a 26% share of the bourse’s user base, according to the exchange’s website.