North India Statesman
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News India Live, Digital Desk: Stock broking firm Grow has filed a draft letter through a confidential pre-filing route near the market regulator SEBI for the initial public offering (IPO). The estimated amount of this IPO is between $ 70 million to one billion dollars. People familiar with the case gave this information on Monday.
This IPO equity shares are notA is a combination of the output and the proposal for sale (OFS) component.People familiar with the case told PTI-language that the company has the support of prominent investors like Peak XV, Tiger Capital and Microsoft CEO Satya Nadella. The company is planning to use the amount received from the IPO to invest in technology development and business expansion.
To manage this offer, Grow has appointed JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Citigroup Global Markets Private Limited, Axis Capital Limited and Motilal Oswal Securities Limited.
Established in 2016, Grow FY has become the fastest growing retail broking platform in India in 2025, and by March 2025 it will have more than 26 percent market share.
During the financial year 2025, the platform added 34 lakh new accounts, with which its active customer base increased from 95 lakhs in March 2024 to 1.29 crore in March 2025-which is an increase of 36 percent year-on-year. According to the National Stock Exchange (NSE) data, its market share also increased from 23.28 percent to 26.26 percent in the same period.
The credit for this impressive growth mainly leads to Grow’s mobile-first, user-friendly experience and its strong emphasis on investor education, affecting retail investors across the country.
This platform has become a pioneer in making retail investment digital in India, its customer-centric view enables uninterrupted access to financial markets and promotes an informed investment culture.
Grow FY 23 came into profit in 23, which recorded a profit of Rs 449 crore and a revenue of Rs 1,277 crore. This pace continued in FY 24 as well and its operational profit was Rs 535 crore and revenue was Rs 3,145 crore, which reflects a strong business performance. However, the company recorded a net loss of Rs 805 crore in FY 24, mainly due to a lump sum of Rs 1,340 crore related to going to its residence in India.
Earlier this month, Singapore’s Sovereign Wealth Fund GIC sought the approval of the fair trade regulator CCI to get a 2.14 percent stake in Grow’s original company Billionbrence Garage Ventures.
Grow has opted for the confidential pre-filing route, which allows it to stop the public disclosure of IPO details under the draft Red Herring Prospectus (DRHP). This route is becoming popular among Indian firms who want flexibility in their IPO schemes.
Earlier this month, Commerce enabling platform Shiprockt filed IPO papers through this route. In recent months, Tata Capital, Edtech Unicorn Physicswala and Imagine Marketing, the original company of the Vierables brand boat also opted for confidential filing. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart released their IPOs after similar filing.
Online hotel aggregator Oyo used this route in 2023, but did not proceed with its IPO. The Tata Play, earlier known as Tata Sky, was the first Indian company to use the confidential filing option in December 2022 and received SEBI observation letter in April 2023, although it later withdrawn from public issue.
Market experts say confidential pre-filing root provides more flexibility to companies and reduces pressure to become public quickly. Unlike traditional routes, companies need to launch their IPO within 12 months of getting SEBI approval, the pre-filing route extends this window to 18 months from the attainment of final comments. Additionally, the firm can modify the primary output size up to 50 percent to the updated DRHP phase.
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