According to reports, Groww's parent company, Billionbrains Garage Ventures Ltd., is getting ready to submit an IPO application in Mumbai as early as next week.

Groww wants to raise between $650 million and $800 million at a valuation of up to $8 billion, according to a Bloomberg report. The Satya Nadella-backed business would overtake Angel One Ltd., which is currently valued at roughly $2.3 billion, to become India's most valuable brokerage if the valuation holds true.

Key Highlights

• Groww aims for $8B valuation via IPO, backed by Peak XV, Ribbit, Tiger Global, to overtake Angel One.
• SEBI nod expected soon; IPO size may adjust depending on public float norm changes.

A significant milestone for India's rapidly expanding digital investing industry, the deal may rank among the largest initial public offerings (IPOs) in the fintech industry.

According to the report, if India's markets regulator approves a plan to reduce the minimum public float for big businesses, the IPO size might change. The proposed rule would permit listings with as little as 8% for companies valued between ₹500 billion and ₹1 trillion, whereas current standards demand at least 10%.

Groww has hired Motilal Oswal Investment Advisors, Citigroup Inc., Axis Bank Ltd., Kotak Mahindra Bank Ltd., and JPMorgan Chase & Co. to provide advice on the offering. When Bloomberg emailed the companies for comment, neither Billionbrains Garage nor any of the firms replied.

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Groww began as a mutual fund platform and has since expanded to become one of the biggest retail brokerages in India. According to the NSE website, as of August, it had 12.07 million active clients on the NSE, which accounted for 26% of the exchange's retail base. BT was unable to independently confirm the information.

Tiger Global Management, Ribbit Capital, and Peak XV Partners are among Groww's investors.