Online stock trading platform GRAGW will send a confidential Red Herring Prospectus (DRHP) to the public in the next two weeks, according to people familiar with the matter.
The plan is a few days after Viggo Investment PTE. Limited is an investment entity of Singapore’s sovereign wealth fund GIC, which he approved with the Competition Commission of India (CCI) to acquire a 2.143% stake in GRAGW. Mint Have been reviewed. In the filing, investors said the deal is not expected to change the competitive landscape.
The person cited above said that after GIC’s funding, the company will be valued at $7 billion. Mint In anonymous state.
In October 2021, Groww announced a $251 million E-round with a valuation of $3 billion. So far, the company has raised a total of $393.3 million.
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Groww refuses to comment Mintquery.
For the initial public offering (IPO), the stock trading platform has selected banks including JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd. Mint Report.
GROWW was founded in 2016 and the process of moving out of the base from Delaware began two years ago. The company moved its parent company Groww Inc from Delaware to Bangalore, effectively making Groww’s major Indian company Billion-Brain Garage Ventures (Parent Company).
With this, Groww joined the competition between Indian startups such as Electronics Brand Boat and Edtech Company Wallah, which filed for IPOs through confidential routes. Food delivery platform Swiggy, listed on Bourses in November, also submitted a confidential DRHP.
