Norway, Abu Dhabi, and Singapore Sovereign Funds Back Groww’s $754 Million India IPO
As part of its $754 million initial public offering (IPO), Indian broking Groww has sold shares valued at 29.85 billion rupees ($339.61 million) to anchor investors, including sovereign investors from Norway, Abu Dhabi, and Singapore. According to an exchange filing made late on November 3, shares of Groww's parent company, Billionbrains Garage Ventures , were distributed at the top of the INR 95–100 price range. In India's rapidly expanding capital market, Groww is aiming for an IPO valuation of roughly 617 billion rupees ($7 billion).
Investments Made by Three Firms
Abu Dhabi Investment Authority received shares valued at 1.40 billion rupees in the anchor book on November 3rd, while Norway's Government Pension Fund Global pledged 1.6 billion rupees. The Monetary Authority of Singapore purchased shares valued at 402.6 million rupees, while Singapore's GIC spent 1.4 billion rupees.
About 46.6% of the shares designated for anchor investors were purchased by 17 domestic mutual funds, with Nippon, HDFC, and Kotak funds being the largest purchasers. Following floats by companies like Tata Capital, LG Electronics India, and HDB Financial in what is anticipated to be a record year for primary market fundraising, the IPO will rank among the largest offerings to date in 2025.
Share Sale Open from 4-7 November
All investors are welcome to participate in the three-day share sale, which started on 4 September during the Indian stock markets' holiday-shortened trading week and will end on November 7. Groww, a Bengaluru-based company with 14.38 million active users as of June 30, would issue additional shares in the IPO valued at 10.6 billion rupees. 557.2 million shares are being sold by current shareholders, including Tiger Global and Peak XV Partners.
In the nation's rapidly expanding capital market, Groww faces off against regional competitors like Zerodha and Angel One. In contrast to the 574.2 million shares that were revealed in September, current stockholders, including Tiger Global and Peak XV Partners, are selling a total of 557.2 million shares in the IPO.
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Quick Shots |
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•Groww
raises $754 million through IPO, targeting a valuation of INR 61,700 crore
(~$7 billion). •Anchor
investors include sovereign wealth funds from Norway, Abu Dhabi, and
Singapore. •Domestic
mutual funds take up 46.6% of anchor shares — led by HDFC, Kotak, and Nippon. •Share
price band fixed between INR 95–100 per share. •IPO
open from November 4–7, 2025, for public subscription. •Billionbrains Garage Ventures,
Groww’s parent, sold shares worth INR 29.85 billion to anchors. |
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