Early backers and promoters of Groww parent Billionbrains Garage Ventures Ltd are set for substantial gains as the Bengaluru-based investment platform prepares for its much-anticipated initial public offering. The company has fixed its price band at Rs 95–100 per share, valuing it at around Rs 61,735 crore at the upper end.
The four co-founders — Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal — who together hold over 26.6 percent stake in the company, are set to earn stellar returns from the listing.
Lalit Keshre, Whole-time Director and Chief Executive Officer, holds 55.91 crore shares amounting to a 9.12 percent stake. These shares were acquired at an average cost of Rs 1.96 per share. At the upper price band, his holding is valued at Rs 5,591 crore, compared with Rs 110 crore before the price announcement, translating into a gain of more than 5,000 percent.
Harsh Jain, Whole-time Director and Chief Operating Officer, owns 41.16 crore shares or 6.72 percent stake, acquired at an average cost of Rs 2.37 a share. With the price band in place, his holding is now worth Rs 4,116 crore, rising from Rs 97.5 crore earlier, a surge of over 4,120 percent.
Ishan Bansal, Whole-time Director and Chief Financial Officer, holds 27.78 crore shares purchased at an average cost of Rs 3.18 a share. His stake is now valued at Rs 2,778 crore, up from Rs 88.31 crore previously, marking a jump of more than 3,000 percent.
Neeraj Singh, Whole-time Director and Chief Technology Officer, owns 38.32 crore shares representing a 6.25 percent stake. He acquired these at an average cost of Rs 2.54 per share. At the upper price band, his holding is valued at Rs 3,832 crore compared with Rs 97.33 crore earlier, a gain of nearly 3,800 percent.
According to the red herring prospectus, the weighted average cost of acquisition of all equity shares transacted in the past year stands at Rs 7.15 per share. The four founders increased their holdings significantly during the last year, with Keshre buying 16.95 crore shares, Jain 13.49 crore, Neeraj Singh 13.2 crore, and Bansal 11.52 crore shares.
Interestingly, some private equity investors managed to acquire shares at zero cost during the same period. YC Holdings bought 1.57 crore shares without any cash consideration, while Peak XV Partners picked up 5.77 lakh shares. Rabbit Capital and GW E Rabbit Opportunity added 24.9 lakh and 13.55 lakh shares respectively.
Among institutional investors, Peak XV Partners Investments holds the largest stake in the company at 19.9 percent, amounting to 121.76 crore shares, acquired at a weighted average cost of Rs 1.91 per share. This stake is now valued at Rs 12,176 crore, compared with Rs 233 crore before the price band announcement, representing a rise of more than 5,100 percent.
YC Holdings II LLC owns 73.79 crore shares acquired at an average cost of Rs 3.45 per share. These are now valued at Rs 7,379 crore, up from Rs 255 crore, marking a gain of nearly 2,800 percent.
Rabbit Capital and Propel Venture Partners, which hold 49.89 crore and 10.84 crore shares respectively, are also set for major gains. Their holdings, acquired at an average cost of Rs 2.3 and Rs 5.4 per share, are now valued at Rs 4,988 crore and Rs 1,085 crore respectively, translating into returns of over 4,200 percent and 1,700 percent.
The IPO will open for subscription on November 4 and close on November 7, with the anchor book opening on November 3. The issue comprises a fresh share sale of Rs 1,060 crore and an offer for sale worth Rs 5,574 crore. The allotment of shares will be finalised by November 10, and Groww’s stock is expected to list on the BSE and NSE on November 12.
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