The initial public offering of Billionbrains Garage Ventures, the owner of the Groww brand, opened on November 4 at a price band of ₹95–100/share. The ₹6,632-crore IPO, comprising fresh issue of ₹1,060 crore and ₹5,572 crore secondary sale (OFS), marks one of India’s largest fintech public issues.

There are 15 selling shareholders in the OFS, including Peak XV Partners Investments, YC Holdings, Ribbit Capital, and Internet Fund. However, the promoters (Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal) are not directly diluting any stake through the IPO. At the end of day one, the public issue was subscribed to by about 57 per cent.

Groww will use the ₹1,060-crore IPO funds it receives for cloud infrastructure, brand building and performance marketing, investment in NBFC Groww Cre

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