BENGALURU (Reuters) -Indian stock broking platform Groww has confidentially filed draft papers for an initial public offering, a newspaper advertisement showed on Monday, with two sources putting the IPO size between $700 million and $1 billion.
The IPO is a mix of fresh issue of shares and existing investors paring some stake, the sources said, adding that the company aims to list in the last quarter of this calendar year.
Groww, which was last valued at $7 billion, is eyeing a similar valuation for its public listing, the sources added.
Its investors include Tiger Global, Peak XV Partners, YC Continuity and Ribbit Capital, with Singapore’s sovereign wealth fund GIC in the process of acquiring a 2.143% stake.
Groww did not immediately respond to Reuters’ request for comment.
A confidential filing allows companies to seek the regulator’s comments without disclosing IPO documents to the public to protect sensitive information such as financials and business strategies. Swiggy and Vishal Mega Mart, which went public late last year, both chose this route.
Groww’s listing also comes as overall IPO proceeds in terms of rupees fell 5% and the number of issues dropped 31% in the January-May period in India, according to LSEG data as of May 6, as investor sentiment took a hit amid global trade and geopolitical tensions.
The blue-chip Nifty 50 .NSEI is roughly 5% down from the record-highs of September, despite a near 6% gain this year.
Groww reported a revenue of 31.45 billion rupees for fiscal 2024, up from 14.35 billion rupees in the preceding year. However, while it was operationally profitable, it posted a loss of 8.05 billion rupees due to a one-time tax payment to move its domicile to India.
(Reporting by Haripriya Suresh in Bengaluru, Ashwin Manikandan in New Delhi and Ira Dugal in Mumbai; Editing by Janane Venkatraman)
