The online investment platform, Groww, has filed its Red Herring Prospectus (RHP) with the market regulator and set a price band of ₹95–₹100 per share for its upcoming ₹6,632 crore initial public offering (IPO).
The IPO will open for subscription on November 4 and close on November 7, with the anchor investor bidding slated for November 3. The issue includes a fresh share sale worth ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares by existing shareholders.
Proceeds from the fresh issue will be used to expand Groww’s cloud infrastructure (₹152.5 crore), strengthen its NBFC arm Groww Creditserv Technology (₹205 crore), invest in branding and marketing (₹225 crore), and support margin trading operations (₹167.5 crore) through Groww Invest Tech.
The public issue will be managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors, with MUFG Intime India serving as the registrar.
Founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww has grown into one of India’s most popular investment platforms, enabling users to invest across equities, mutual funds, derivatives, bonds, and IPOs through a seamless digital interface.
As one of the first new-age broking platforms to head to the public markets, Groww’s IPO marks a pivotal moment for India’s retail investing ecosystem.
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