Groww Targets $7-8B IPO, Launches Pro Terminal '915'
Groww, India's leading stockbroker by active investors, is gearing up for a significant news today. The company is targeting a valuation between $7 billion and $8 billion and aims to raise $700 million to $1 billion. Groww has also launched a new trading terminal, '915', catering to high-volume and professional traders.
Groww confidentially filed its draft red herring prospectus (DRHP) with SEBI in late May for the news today. The company's operating revenue grew impressively by 119% to Rs 3,145 crore in FY24, with operational profits of Rs 535 crore. Despite a net loss of Rs 805 crore due to a one-time tax adjustment, Groww remains bullish on its future prospects.
The new trading terminal, '915', is a web-only platform packed with advanced tools. It includes historical straddle charts, customizable dashboards, low-latency execution, and setup sharing. The platform will charge a subscription fee for premium features, with brokerage fees remaining in line with Groww's primary platform. Groww aims to diversify its client base by targeting wealthier and more sophisticated investors with this new offering.
Earlier this year, Groww acquired wealth management startup Fisdom for $150 million and introduced algo trading via Groww APIs. Tiger Global is set to remain the main shareholder of Groww after the planned acquisition of Fisdom.
Groww's news today, targeting a valuation of $7-8 billion, is expected to be a significant event in the Indian stock market. The launch of '915' signals the company's ambition to cater to a wider range of investors, from beginners to seasoned professionals. Despite a recent net loss, Groww's strong revenue growth and operational profits indicate a promising future for the company.
