Sovereign funds of Norway, Abu Dhabi and Singapore to invest in India’s Groww IPO: sources

[MUMBAI] Three large sovereign funds, including Norway’s Norges Bank Investment Management, Abu Dhabi Investment Authority and GIC of Singapore, are among the investors participating in the IPO of Indian stock broker Groww’s parent Billionbrains Garage Ventures’, two sources directly aware of the matter said.

The IPO will rank among the largest offerings so far in 2025, following floats by the likes of Tata Capital, LG Electronics India and HDB Financial, in what is expected to be a record year for fund raising in the primary market.

The firm’s 66.3 billion rupees (S$972.1 million) IPO opened for large institutional investors, called anchor investors in Indian regulatory parlance, on Monday (Nov 3).

Groww has set a price band of 95-100 rupees per share for the IPO, valuing the firm at around US$7 billion at the upper end.

The share sale opens for all investors on Tuesday and closes on Nov 7.

The total size of the anchor investment book is set to be US$335.63 million, with shares being issued at the upper end of the price band, the two sources pointed out.

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Reuters could not determine the size of individual investment by the three sovereign funds.

Close to 40 investors including local banks, mutual funds and foreign portfolio investors will participate in the anchor investment round, one of the sources said.

Groww did not respond to an email from Reuters.

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Abu Dhabi Investment Authority declined to comment, while Groww, GIC and Norges Bank Investment Management did not respond to Reuters mail seeking comment.

Bengaluru-based Groww, which had 14.38 million active users on its platform as of June 30, competes with local rivals such as Zerodha and Angel One, in the country’s fast-growing capital market.

Existing shareholders, including Tiger Global and Peak XV Partners, are selling a total of 557.2 million shares in the IPO, compared with 574.2 million shares disclosed in September.

Groww is also issuing new shares worth US$120.60 million.