Microsoft CEO Satya Nadella-Backed Groww to submit an IPO of $ 800 million

BillionBrains Garage Ventures Ltd., the parent of the largest investment platform in India, is already preparing for a first public offer in Mumbai in Mumbai, according to people who are familiar with the issue.

Supported by Microsoft Corp. Chief Executive Officer Satya Nadella, the company tries to pick up between $ 650 million and $ 800 million in a valuation of a maximum of $ 8 billion, said the people and asked not to be identified because the information is private.

If the appreciation applies, Groww would become the largest brokerage in India due to market value. The nearest listed competitor Angel One Ltd. Is currently worth around $ 2.3 billion, data collected by Bloomberg Show.

The deal size could be revised if the market regulator approves to lower the minimum public faster for big offers, one of the people said. The current rules require at least 10%, but the proposal would leave companies with a post-ipo-market value of 500 billion rupees to 1 trillion rupees to mention by only 8%.

JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. Citigroup Inc, Axis Bank Ltd. And Motilal Oswal Investment Advisors advise the offer, the people said. Details, including size and timing, can still change, they said.

A spokesperson for BillionBrains garage, as well as representatives for JPMorgan, Kotak, Citigroup, Axis and Motilal, did not respond to e -mail requests for comments. As Augustus, Groww had 12.07 million active customers at the National Stock Exchange of India Ltd., making it a 26% share of the Bourse’s User Base, according to the Exchange’s website. Management, according to the website of the company.