Groww founders opt out of OFS; Tiger Global trims share sale ahead of IPO

The founders of Billionbrains Garage Ventures, parent of online investment platform Groww, have decided not to sell any shares in its upcoming initial public offering (IPO), according to the company’s red herring prospectus.

Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, who are also tagged as promoters, had earlier planned to offload one million shares each, as per the draft prospectus filed last month.

Existing investor Tiger Global has also reduced its offer-for-sale (OFS) portion to 51.84 million shares from the 64.8 million planned earlier. As a result, the overall OFS size has been pared to 557.23 million shares from 574.19 million.


Also Read: Groww IPO: We make so much money, we could keep it all — but that’s not how you build a 100-year-old company: CEO Lalit Keshre

Groww, which will open its subscription on November 4 and close on November 7, has fixed the price band for the IPO at Rs 95-100 per share. The company aims to raise Rs 7,000 crore through a mix of primary and secondary share sales, seeking a valuation of around $8 billion.

Founded in 2016, the Bengaluru-based startup counts Y Combinator, Peak XV Partners (formerly Sequoia Capital India), GIC, and Ribbit Capital among its investors.

“We make so much money, we could keep it all. But that’s not how you build a 100-year-old company. We want to be accountable to the public just like all global financial services companies are,” Keshre told ET in an interaction.