Groww IPO: Brokerage firm Groww gave a big update on IPO – know the full details

News Topical, Digital Desk : Mutual fund investment platform Groww has filed draft IPO papers with capital market regulator Sebi through the pre-filing route. The confidential pre-filing route allows a company to avoid public disclosure of details under the draft red herring prospectus (DRHP). In a public announcement on May 25, the brokerage firm said it has filed a pre-DRHP with Sebi and stock exchanges under the ICDR Regulations in respect of the proposed IPO of its equity shares on the mainboard of stock exchanges.

However, it clarified that the pre-filing of DRHP does not guarantee that the company will go ahead with the initial public offering (IPO). Grow's public filing was done under the company's registered corporate entity BillionBrains Garage Ventures Ltd. The fintech firm plans to list its equity shares with a face value of Rs 2 on the mainboards of NSE and BSE. 

What the company said In a public notice issued on Monday, Grow's parent entity BillionBrains Garage Ventures Ltd said that the DRHP was submitted under Chapter IA of the SEBI ICDR Regulations, allowing the company to obtain SEBI's comments without immediately disclosing its IPO document to the public. It was earlier said that Grow was raising $150 million from Singapore-based GIC as part of a pre-IPO round of $250-300 million. The report also mentioned that the post-money valuation of Grow in this round was $7 billion. The market regulator is expected to take up to two months to approve the IPO, after which Groww will file an updated DRHP.

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