Norway’s Norges Bank Investment Management, Abu Dhabi Investment Authority and GIC of Singapore are among three large sovereign funds that are likely to participate in the upcoming initial public offering (IPO) of stock broking firm Groww, according to a Reuters report.
These funds are likely to participate in Groww’s anchor book that is slated to open today.
Groww looks to raise ₹2950 crore from anchor investors at the upper end of the price band. Close to 40 investors, including local banks, mutual funds and foreign portfolio investors, will participate in the anchor investment round, the Reuters report added.
About Groww IPO
Groww’s parent, Billionbrains Garage Ventures’ IPO, is set to hit the Indian stock market to raise ₹6630 crore. The IPO is set to open for public bidding on Tuesday, November 3 and close on Friday, November 7.
Groww IPO price band has been fixed at ₹95-100 per share, valuing the firm at around ₹61,700 crore at the upper end.
Groww’s IPO is a mix of fresh share sale worth ₹1060 crore and an offer for sale by existing shareholders, including Tiger Global and Peak XV Partners, who are selling a total of 55.72 crore shares in the IPO, as per the red herring prospectus.
The IPO will join the ranks of the largest public issues in 2025 so far. Earlier this year, Tata Capital, LG Electronics India and HDB Financial hit the primary market with mega issues. Meanwhile, Lenskart’s ₹7278 crore IPO is underway on Dalal Street currently.
According to the Reuters report, Bengaluru-based Groww had 14.38 million active users on its platform as of June 30. The company faces stiff competition from Zerodha and Angel One in the fast-growing capital market.
Groww IPO GMP
Groww IPO is commanding a grey market premium of ₹14 ahead of the launch of the public issue. This means Groww shares are trading ₹14 higher than the upper end of the price band. At the prevailing GMP and issue price, Groww shares could offer investors a 14% listing gain.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
