Satya Nadella-backed Groww to file IPO papers as early as next week: Report

Billionbrains Garage Ventures Ltd., the parent of India’s largest investment platform Groww, is preparing to file for an initial public offering in Mumbai as early as next week, according to people familiar with the matter.

Backed by Microsoft Corp. Chief Executive Officer Satya Nadella, the firm is seeking to raise between $650 million and $800 million at a valuation of up to $8 billion, the people said, asking not to be identified as the information is private.

If the valuation holds, Groww would become India’s largest brokerage by market value. Its nearest listed competitor Angel One Ltd. is currently worth about $2.3 billion, data compiled by Bloomberg show.

The deal size could revised if the market regulator approves lowering the minimum public float for large listings, one of the people said. Current rules require at least 10%, but the proposal would let companies with a post-IPO market value of 500 billion rupees to 1 trillion rupees to list with just 8%.