ADIA backs the IPO of Indian digital stockbroker Groww: AbuDhabi Investment Authority (ADIA), Singapore’s GIC, and Norway’s Norges Bank Investment Management are pitching in the INR 66.3 bn (USD 754 mn) IPO of Bengaluru-based online brokerage Billionbrains Garage Ventures, Reuters reports. The company is the parent of India-based digital investment and brokerage platform Groww.

Adia committed to INR 1.4 bn worth of shares — same as GIC — while Norway’s Government Pension Fund Global committed to INR 1.6 bn. A total of 17 domestic mutual funds bought some 46.6% of the shares earmarked for anchor investors.

Strong institutional interest: The anchor book, valued at nearly INR 30 bn (USD 336 mn), opened on 3 November, drawing about 40 institutional investors, including mutual funds, banks, and foreign portfolio investors. The public offer opens on 4 November and closes on 7 November.

Offer details: The IPO includes a fresh issue of about INR 11 bn (USD 121 mn) and an offer-for-sale of roughly 557 mn shares by existing investors, including Tiger Global and Peak XV Partners, revised from 574 mn shares filed in September. Shares are priced between INR 95 and INR 100 each, valuing the company at around USD 7 bn at the upper end of the price band. This will be India’s largest IPO so far this year.

ICYMI: The listing comes as Groww continues to expand rapidly, with its active user base rising from about 7 mn in FY 2024 to nearly 14.3 mn as of June 2025 — making it the largest stockbroker in India. CEO Lalit Keshre said the surge sets the foundation for stronger monetization through mutual funds, broking, and wealth management, even as the IPO adds to a busy 2025 primary market line-up led by Tata Capital and HDB Financial.

Proceeds + advisers: Groww will use the IPO proceeds to fund branding and marketing, cloud infrastructure, and potential acquisitions. It will also infuse capital into its lending and margin trading subsidiaries. The remaining funds will go toward general corporate purposes.

The players: Kotak Mahindra Capital, J.P Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers, while MUFG Intime India is the registrar.

LENSKART IPO SPARKS VALUATION CONCERNS-

Lenskart IPO pricing raises questions on Indian startup valuation: ADIA-backed eyewear retailer Lenskart Solutions ’ INR 72.8 bn (USD 821 mn) IPO has sparked concern among analysts and fund managers suggesting Indian startups are being valued too richly as they go public, Bloomberg reports. The offer, priced between INR 382-402 per share, values the company at about INR 700 bn (USD 8 bn) at the top end, with the stock scheduled to list on 10 November.

Valuation concern: At the upper end of the price band, Lenskart’s valuation is about 10 times its sales values, with analysts saying the offering places it significantly higher than peers like global eyewear giant EssilorLuxottica SA. SBICAP Securities described the pricing as “stretched,” while Choice Equity Broking said it was “significantly high,” noting that profits of the firm remain weak even though international sales now make up about 40% of total revenue.

Investor sentiment: The strong demand reflects continued optimism in India’s IPO market, though fund managers have warned that several new-age companies are coming to market at exorbitant valuations. DSP Asset Managers, one of the anchor investors, defended its investment after online criticism, saying Lenskart’s business is “strong and scalable” but admitting the deal was “expensive.”

Market context: Since early 2021, 32 startups have listed in India, and 14 of them now trade below their price issues, the news outlet notes. Despite valuation worries, analysts expect steady growth in India’s under-penetrated eyewear market to keep investors interested in Lenskart’s USD 8 bn debut.

SAEL INDUSTRIES FILES FOR USD 521 MN IPO-

New Delhi-based renewable-energy firm SAEL Industries has filed draft papers to raise about INR 46 bn (USD 521 mn) through an IPO, The Hindu Businessline reports.

Offer details: The IPO comprises a fresh issue of INR 37.5 bn (USD 426 mn) and offer-for-sale of INR 8.25 bn (USD 94 mn) by Norwegian state-owned investor Norfund. Proceeds will be used to fund group subsidiaries and to repay borrowings including interest and pre-payment penalties. Kotak Mahindra Capital, JM Financial, Ambit Capital and ICICI Securities are the book-running lead managers.

Operations: As of 30 September, SAEL Industries had a contracted and allocated renewable capacity of 5.76k MW, including 5.6k MW of solar and 165 MW of agri waste-to-energy projects across 10 states and one union territory. The company is India’s largest agri waste-to-energy producer by operational capacity.

Investor activity: In October, Norfund invested INR 1.76 mn (USD 20 mn) in SAEL through compulsorily convertible preference shares, raising its total investment to INR 11.45 bn (USD 130 mn). These shares will convert to equity upon listing to support clean-energy projects secured under competitive bidding.

Sector momentum: India’s renewable-energy sector is ramping up fast, with companies launching IPO bids amid a broader push toward green infrastructure. Indian firms have filed for more than INR 25 bn in clean-energy IPOs for FY 2026, and the country is already emerging as a key hub for green listings globally, according to industry data.

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