Billionbrains Storage Ventures Pvt. Ltd. has picked banks together with JPMorgan Chase & Co. and Kotak Mahindra Financial institution Ltd. for a possible Mumbai preliminary public providing, in accordance with folks acquainted with the matter.
The corporate behind monetary providers platform Groww Make investments Tech Pvt. Ltd. may proceed with an IPO this 12 months, the folks mentioned, seizing on the momentum for share gross sales in India. The IPO may increase $750 million or extra and Billionbrains Storage might search a valuation of $7 billion to $8 billion, the folks mentioned, asking to not be recognized as a result of the data is personal.
Issues are preliminary and particulars comparable to measurement and timing may change, the folks mentioned. Extra banks can also be added to assist organize the deal, they mentioned.
Representatives for Billionbrains Storage and JPMorgan declined to remark. Kotak didn’t instantly reply to a request for remark.
Billionbrains Storage’s Groww was based in 2016 by 4 Flipkart colleagues. It goals to facilitate investing in monetary merchandise and has greater than 50 million prospects, with backers together with Microsoft Corp. Chief Govt Officer Satya Nadella, Ribbit Capital and Tiger World, its web site exhibits.
Ranking company ICRA Ltd. has mentioned Bengaluru-based Billionbrains Storage advantages from Groww’s robust market place and emergence as one of many main low cost brokers in India, bringing in quite a few shoppers since 2022 because the retail investor base expands.
Greater than $20 billion was raised in Indian IPOs final 12 months, together with a record-breaking itemizing by Hyundai Motor Co.’s native unit, making it the world’s second-busiest market after the US. LG Electronics Inc. can also be contemplating an IPO for its India unit, whereas Apollo World Administration Inc. might record auto-parts provider Tenneco Inc.’s India enterprise, Bloomberg Information reported final week.
