Latham & Watkins Advises Book‑Running Lead Managers on Billionbrains Garage Ventures (Groww) US$748 Million IPO

Latham & Watkins advised the book‑running lead managers — Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited — on Billionbrains Garage Ventures Ltd (Groww)’s approximately US$748 million initial public offering on the Bombay Stock Exchange and the National Stock Exchange of India Limited. The IPO, which was heavily oversubscribed, is one of the largest listings in India to date this year. The offering raised approximately US$748 million for Groww through listings on both the BSE and the NSE. Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited acted as the book‑running lead managers on the transaction. Latham & Watkins also recently advised on the US$1.75 billion IPO of Tata Capital, the largest IPO in India to date this year, and on the US$1.3 billion IPO of LG Electronics, the third largest IPO in India to date this year. Groww is a leading direct‑to‑consumer digital investment platform. Founded in 2016 as a mutual fund distribution platform, it expanded into equities, IPOs, ETFs, digital gold and derivatives and, as of June 30, 2025, was India’s largest and fastest‑growing investment platform by active users on the NSE. Latham & Watkins represented Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited with a team composed by: Singapore partner Rajiv Gupta; Hong Kong partner Dominik Sklenar; Singapore associate Esha Goel; foreign legal consultant Jose Mendoza; Chicago partner Rene de Vera (advising on US tax matters); New York partner Aaron Bernstein (advising on US tax matters) and New York associate Nicholas Sun (assisting on US tax matters); Chicago partner Laura Ferrell (advising on regulatory matters) and Washington, D.C. associate Tim Cummings (assisting on regulatory matters).

Latham & Watkins Advises Book‑Running Lead Managers on Billionbrains Garage Ventures (Groww) US$748 Million IPO

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