Adia backs Groww’s USD 754 mn IPO: The Abu DhabiInvestment Authority (ADIA), along with several other sovereign wealth funds including Singapore’s GIC and Norway’s Government Pension Fund Global, are anchoring the INR 66.3 bn (USD 754 mn) IPO of Bengaluru-based online brokerage Billionbrains Garage Ventures, Reuters reports, citing an exchange filing. 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.

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

Offer details: The IPO includes a fresh issuance of about INR 10.6 bn (USD 121 mn) shares and an offer-for-sale of roughly 557 mn shares by existing investors, including Tiger Global and Peak XV Partners. Shares were allotted at the top of the INR 95-100 band, valuing the company at around USD 7 bn. This will be India’s largest IPO so far this year, and one of the largest offerings globally.

Groww will use the IPO proceeds to fund brand 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.

ADVISORS- Kotak Mahindra Capital, JPMorgan 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.

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