Groww’s Blockbuster IPO, the Fintech Giant Taps JPMorgan & Kotak for Market Debut
Groww IPO: Billionbrains Garage Ventures Pvt. Ltd. has selected banks such as JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd. for a potential initial public offering in Mumbai, as reported by sources familiar with the situation.
The company behind the financial services platform Groww Invest Tech Pvt. Ltd. is considering moving forward with an IPO this year, taking advantage of the current trend for share sales in India. The IPO could potentially raise $750 million or more, with Billionbrains Garage aiming for a valuation between $7 billion and $8 billion, according to the sources who preferred to remain anonymous due to the confidential nature of the information.
These plans are still in the early stages, and details like the size and timing of the IPO could change. Additional banks may also be brought in to assist with the deal, the sources added.
Representatives for Billionbrains Garage and JPMorgan declined to provide comments, while Kotak did not respond immediately to a request for comment.
Groww, founded in 2016 by four former Flipkart colleagues, is focused on simplifying the process of investing in financial products and has amassed over 50 million customers. The company’s investors include Microsoft Corp. CEO Satya Nadella, Ribbit Capital, and Tiger Global, as indicated on its website.
ICRA Ltd., a rating agency, has noted that Billionbrains Garage, based in Bengaluru, benefits from Groww’s strong market position and its rise as one of India’s top discount brokers, attracting a significant number of clients since 2022 as the retail investor base expands.
India saw over $20 billion raised through IPOs last year, with notable listings such as Hyundai Motor Co.’s local unit breaking records. LG Electronics Inc. is also contemplating an IPO for its India unit, while Apollo Global Management Inc. may list the India business of auto-parts supplier Tenneco Inc., according to a recent report by Bloomberg News.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.