Shardul Amarchand Mangaldas & Co (SAM), Cyril Amarchand Mangaldas (CAM), AZB & Partners, S&R Associates and Latham & Watkins advised on investment platform Groww’s IPO on the National Stock Exchange, with its debut on 12 November valuing the company at INR761 billion (USD8.6 billion).
SAM advised Billionbrains Garage Ventures, the operator of Groww. The valuation on debut exceeded the issue price of INR66.32 billion for the IPO, which comprised a fresh issue of stock and certain shareholders, including affiliates of Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global and others, offering existing shares for sale.
“Groww’s IPO marks a significant milestone in India ’s fintech ecosystem, reflecting investor confidence in technology-driven investment platforms and the country’s deepening capital markets,” said Ruth Chenchiah, lead partner for the SAM team.
Partners Chenchiah and Prashant Gupta co-led the SAM team, with the assistance of senior associates Harini Jambunathan and Sridutt Mishra, as well as associates Mathangi K and Thejaswi Melarkode. The corporate, securities regulatory, financial regulatory and fintech teams provided additional support.
CAM advised the bookrunning lead managers (BRLMs), which included Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.
“This successful listing is a testament to the strength and resilience of the company’s business model and the hard work of all parties involved,” said Manan Lahoty, lead partner for CAM.
“The IPO journey involved navigating regulatory complexities, managing a large number of selling shareholders and completing the IPO within a short time frame from the initial confidential filing of the offer document.”
Partners Manan Lahoty and Gayathri Ramachandran co-led the CAM team, with assistance from senior associate Akash Joshi, and associates Vishesh Jain, Anna Kallivayalil, Dhruv Sharma, Zubin Ronnie, and Khadri Mohammed. Latham & Watkins provided international legal counsel to the BRLMs. AZB & Partners advised Internet Fund VI, while S&R Associates assisted all other selling shareholders.
The selling shareholders included Peak XV Partners Investments VI-1, YC Holdings II, Ribbit Capital V, GW-E Ribbit Opportunity V, Sequoia Capital Global Growth Fund III – US/India Annex Fund, Propel Venture Partners Global US, Kauffman Fellows Fund, Friále Fund IV, Alkeon Innovation Master Fund II, Alkeon Innovation Master Fund II Private Series, Alkeon Innovation Master Fund, Alkeon Innovation Opportunity Master Fund, Nirman Investments and Nirman Holdings.
Groww is 含羞草社区 largest investment platform by active users on the NSE as of 30 June 2025. The offering received strong investor interest, with an over subscription of more than 17 times, including 22 times by qualified institutional buyers.
