Groww parent files for IPO papers via confidential route

Billionbrains Garage Ventures, the parent company of stock broking firm Groww, has filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) through a confidential pre-filing route, aiming to raise between $700 million and $1 billion, said persons familiar with the development.

- Press Trust of India

NEW DELHI:

The IPO is a combination of a fresh issue and an offer for sale (OFS) component, they added.

In a public announcement on Monday, Billionbrains Garage Ventures said, "the company has filed the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

The company, backed by marquee investors Peak XV, Tiger Capital and Microsoft CEO Satya Nadella, plans to use the proceeds for investment in technology development and business expansion, the people said.