Groww IPO: Details from the DRHP

Online brokerage firm Groww has filed an updated draft red herring prospectus with the market regulator Sebi for an initial public offering (IPO) of ₹7000 crore, down from the initially planned of ₹8,300 crore.

The online broking platform, founded in 2017 by former Flipkart employees, seeks a $9 billion valuation.

The IPO will have a fresh issue of ₹1,060 crore and along with this, promoters and early investors will sell shares worth about ₹5,000-6,000 crore.

Grow’s founders, Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, hold about 28% stake in the company, but they will sell a very small stake (0.07%) in this IPO.