Groww, a discount brokerage company that provides investors with the opportunity to invest and trade through its platform, is now preparing to list on the stock exchange. Groww is preparing to raise $700 million from the capital market through an IPO (Initial Public Offering) based on a valuation of $7-8 billion. The company is in touch with several investment bankers to launch the IPO.
According to a Moneycontrol report, Groww is in talks with investment bankers to bring an IPO, although the timeline for bringing the IPO has not been decided yet. Looking at the sentiment of the stock market, the company will take a decision on the time to bring the IPO. Groww is considering bringing an IPO at a valuation of $7-8 billion, while its rival company and stock exchange listed Angel One's valuation is less than $3 billion. Apart from stock broking, Groww also has an asset management company along with an NBFC company through which it gives loans.
Groww is the country's largest discount brokerage company, which has a total of 1.3 crore active investors on its platform till december 2024. Whereas Zerodha, which is on the second position, has a total of 81 lakh active investors. Angel One has a total of 78 lakh investors. By november 2024, Groww has added more than 50 lakh users and has left Zerodha and Angel One far behind in terms of total subscribers.
Groww's operational profit grew 17 per cent to Rs 535 crore in FY2023-24 from Rs 458 crore in the year-ago period. The company's consolidated revenue stood at Rs 1435 crore in FY2022-23. Groww has suffered a consolidated loss of Rs 805 crore due to payment of one-time domicile tax of Rs 1340 crore as the company shifted its registered office from Delaware to Bengaluru last financial year.
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