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The parent company of India's largest online brokerage has launched an IPO, with a valuation expected to reach $7 billion.
Jin10 Data reported on November 4 that Billionbrains Garage Ventures, the parent company of India's largest online brokerage Groww, will launch IPO investor subscriptions on Tuesday, expecting to raise up to ₹66.3 billion (approximately $747 million). The company will offer shares before Friday, with a pricing range of ₹95 to ₹100 per share. If calculated at the upper limit, the company's valuation will reach approximately $7 billion. The stock is expected to begin trading on November 12. As India's version of Robinhood, Groww has received support from Microsoft CEO Satya Nadella. Over the past few years, the company's customer base has surged, with active users nearing 12 million as of September. This issuance comes at a prosperous time for the Indian IPO market, which just set a monthly historical high in October. Based on the upper limit of the price range, Groww's valuation is about 30 times the earnings for the fiscal year ending in March.