Tiger Global-backed broking firm Upstox said to plan India IPO

Upstox, one of India’s largest online trading platforms, has begun discussions with investment banks about a potential initial public offering, according to people familiar with the matter.

The Tiger Global Management LLC-backed stock brokerage has held preliminary talks with bankers and is expected to appoint advisers soon, the people said, asking not to be identified because the deliberations are private. The offering could raise about $400 million and is expected to be a mix of new shares and a sale by existing investors, they said.

Discussions are at an early stage and details including the size and timing of the offering, could still change, the people said. A representative for Upstox didn’t respond to requests for comment.


Upstox’s IPO could be the second major listing by an Indian broking firm within a year. In November, Billionbrains Garage Ventures Ltd., the parent of online broking platform Groww and India’s largest stock broker, raised 66.3 billion ($693 million) rupees in an initial public offering. Groww is currently valued at about $12.8 billion.

Upstox stood fifth among local brokerages by active clients as of July 31, with about 1.9 million users, according to data from the National Stock Exchange of India. Groww leads the pack, followed by Zerodha, Angel One Ltd. and ICICI Securities Ltd., the data show.

Upstox has raised about $220 million across six funding rounds from investors including the late Tata Sons Chairman Ratan Tata, Tiger Global and Stride Ventures, according to Tracxn.com. The company became a unicorn in 2021 after a funding round valued it at $3.5 billion, according to the company website.