By Ashwin Manikandan and Hritam Mukherjee
MUMBAI (Reuters) -Indian stock broking platform Groww has received approval from the country’s market regulator for the initial public offering it filed confidentially, two sources told Reuters on Thursday.
Groww had filed for an IPO in May, which Reuters reported was between $700 million and $1 billion in size, taking the confidential route to protect sensitive information such as financials and business strategies.
The company, which was last valued at $7 billion, is aiming for a valuation between $8 billion and $9 billion and is planning to list in the last quarter of 2025, one of the people aware of the matter said.
The Securities and Exchange Board of India is yet to upload the approval notification on its website, with an official confirmation due imminently, both sources added.
The individuals requested anonymity as they are not authorised to speak to media. Groww and SEBI did not immediately respond to Reuters’ requests for comment.
Groww, backed by Tiger Global and Peak XV Partners, among others, competes with local rivals such as Zerodha. Its public offering is expected to be a mix of fresh issue of shares and existing investors paring some stake, Reuters had reported earlier.
India was the world’s second-biggest IPO market after the United States in the first half of 2025, accounting for 12% of total proceeds globally, LSEG data shows.
(Reporting by Ashwin Manikandan in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Krishna Chandra Eluri)
