Shardul Amarchand, Cyril Amarchand and Latham & Watkins advise on Groww ₹6,632 crore IPO

Shardul Amarchand Mangaldas & Co, Cyril Amarchand Mangaldas and Latham & Watkins participated in the transaction: Shardul Amarchand Mangaldas advised Billionbrains Garage Ventures Limited (operator of Groww), Cyril Amarchand Mangaldas advised the book-running lead managers, and Latham & Watkins acted as international legal counsel to the BRLMs. The transaction comprised an initial public offering that raised ₹6,632 crore (approximately US$748 million) through a combination of a fresh issue and an offer for sale by certain shareholders, including affiliates of Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global and others. Groww is India’s largest investment platform by active users on the National Stock Exchange as of June 30, 2025. The issue saw robust investor demand, with an overall subscription of over 17 times and subscriptions by qualified institutional buyers exceeding 22 times. Shardul Amarchand Mangaldas & Co advised Groww on this IPO with a team composed by: Prashant Gupta (Partner & National Practice Head – Capital Markets), Ruth Chenchiah (Partner), Harini Jambunathan (Senior Associate), Sridutt Mishra (Senior Associate), Mathangi K. (Associate) and Thejaswi Melarkode (Associate). The Securities Regulatory team was led by Manjari Tyagi (Partner), supported by Deepika Goyal (Principal Associate), Aditi Gupta (Principal Associate) and Kashvi Vachhani (Associate). Financial regulatory and fintech matters were advised by Shilpa Mankar Ahluwalia (Partner & Co-Head – Banking and Finance), supported by Shweta Singh (Senior Associate), Ansh Jain (Associate) and Dhwanit Rathor (Associate). Corporate aspects were advised by Raghubir Menon (Regional Practice Head – M&A and Private Equity) together with Gaurang Mandavkar (Associate). Cyril Amarchand Mangaldas advised the book-running lead managers with a team composed by: Manan Lahoty (Partner; Head - Capital Markets), Gayathri Ramachandran (Partner), Akash Joshi (Senior Associate) and associates Vishesh Jain, Anna Kallivayalil, Dhruv S., Zubin Ronnie and Khadri Mohammed. Latham & Watkins acted as international legal counsel to the BRLMs with a team composed by: Rajiv Gupta (Partner; India Practice Head) and Esha Goel (Senior Associate).

Shardul Amarchand, Cyril Amarchand and Latham & Watkins advise on Groww ₹6,632 crore IPO

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