NEW DELHI: Groww, a retail broking platform in India, has filed draft papers with Sebi for an initial public offering (IPO) estimated between $700 million to $1 billion.The IPO will be a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, sources told news agency PTI on Monday.The filing was done through the confidential pre-filing route, a mechanism that allows companies to test investor interest and regulatory feedback without immediate public disclosure.The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion.The company has selected JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd to handle the offering.Established in 2016, Groww has emerged as India’s fastest-growing retail broking platform in FY25, commanding over 26 per cent market share as of March 2025.In FY25, the platform registered 34 lakh new accounts, with its active client base increasing from 95 lakh in March 2024 to 1.29 crore in March 2025, showing a 36 per cent annual growth.This substantial growth stems from Groww’s mobile-first, accessible interface and its dedication to investor education, which has attracted retail investors nationwide.The platform leads in digitalising retail investing in India, offering straightforward access to financial markets and fostering informed investment practices.The company maintained strong performance in FY24, with operating profit of Rs 535 crore and revenue of Rs 3,145 crore. However, it reported a net loss of Rs 805 crore in FY24, mainly due to a one-time tax payment of Rs 1,340 crore linked to its India domicile transition.Groww achieved profitability in FY23, recording Rs 449 crore in profit and Rs 1,277 crore in revenue.Groww has selected the confidential pre-filing route, allowing it to delay public disclosure of IPO details under the DRHP until later stages, a strategy gaining popularity among Indian companies seeking flexibility in IPO planning.Earlier this month, Shiprocket submitted IPO documents through the same route.Recently, Tata Capital, PhysicsWallah and Imagine Marketing, boAt’s parent company, also opted for confidential filings.In 2024, Swiggy and Vishal Mega Mart launched their IPOs following similar filings. OYO had used this approach in 2023 but did not proceed with its offering.
