Groww files updated papers for Rs 7,000 crore IPO

Bengaluru: Billionbrains Garage Ventures, the parent company of the investment platform Groww, filed its updated draft red herring prospectus (UDRHP) with Sebi for an IPO worth Rs 7,000 crore. The offer includes a fresh issuance of shares worth up to Rs 1,060 crore and an offer for sale (OFS) of up to 574.2 million shares by existing investors and promoters. Promoters Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal will each sell up to 1 million shares. Major investors reducing stakes include Peak XV Partners, YC Holdings II, Ribbit Capital, GW-E Ribbit Opportunity, and Internet Fund VI. The OFS component is expected in the range of Rs 5,000-6,000 crore.