Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The Abu Dhabi Investment Authority (ADIA) has joined the list of anchor investors in the initial public offering (IPO) of Indian fintech platform Groww, investing a total of Rs1.40 billion (approximately Dh61.6 million), according to the company’s official disclosure filed with Indian stock exchanges on Monday.
The filing by Billionbrains Garage Ventures Limited, Groww’s parent company, shows that ADIA participated through two investment lines under the “Monsoon” portfolio — one for Rs1,299.86 million and another for Rs100.01 million, both at the anchor allocation price of Rs100 per share. The combined allocation gives ADIA a stake worth about Rs1.40 billion (Dh61.6 million) in Groww’s Rs29.85 billion (Dh1.31 billion) anchor tranche.
In total, Groww allotted 298.45 million equity shares to 102 anchor investors at Rs100 each, raising Rs29.85 billion (Dh1.31 billion) ahead of its IPO. Sovereign wealth funds and large institutional investors feature prominently among the anchors, including the Government of Singapore, the Monetary Authority of Singapore, and Norway’s Government Pension Fund Global, alongside Indian mutual funds such as HDFC, Kotak, Nippon, SBI, and Axis.
Norway’s Government Pension Fund Global committed Rs1.6 billion (approximately Dh70.4 million), while Singapore’s GIC invested Rs1.4 billion (Dh61.6 million), and the Monetary Authority of Singapore bought shares worth Rs402.6 million (Dh17.7 million).
ADIA’s investment represents roughly 4.7 per cent of the total anchor book, ranking it among the largest single sovereign participants.
The company’s filing confirms that the anchor allocation was approved by Groww’s IPO committee on Monday, one day before the public issue opened.
The anchor tranche serves to provide stability and confidence to the issue by bringing in long-term institutional investors ahead of the retail subscription.
Groww, which operates one of India’s leading online investment platforms, is listing on both the BSE and NSE. Its IPO comprises a combination of fresh equity issuance and an offer for sale by existing shareholders.
