Stock broking platform Groww has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route.

In a public notice published in newspapers on May 25, the parent entity of Billionbrains Garage Ventures Ltd stated the company has filed the pre-filed DRHP with Sebi and the stock exchanges in relation to the proposed initial public offering of its equity shares on the main board of stock exchanges.

The pre-filing mechanism, introduced by SEBI in 2022, allows companies to privately submit their DRHPs. The document remains confidential until the firm decides to go public.

According to a PTI report, the country's largest stockbroking platform Groww, which has over 13 million active users monthly, could look to raise between $700 million to $1 billion through IPO.

Groww has raised around $400 million till date from marquee investors, including Peak XV Partners, Tiger Global, Ribbit Capital, and Y Combinator’s Continuity Fund. It had raised $251 million in its Series E round in October 2021, at a valuation of $3 billion.

The company is also planning to raise $200 million in a pre-IPO round. As part of this, Viggo Investments Pte Ltd has sought clearance from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww.

In FY24, Groww’s revenue from operations surged to Rs 3,145 crore; and a net loss of Rs 805 crore. The losses were driven by a one-time tax expense of Rs 1,340 crore related to its domicile shift to India.