Shardul Amarchand Mangaldas (SAM), Cyril Amarchand Mangaldas (CAM), and Latham & Watkins advised on Groww’s ₹6,632 crore (US$748 million) IPO.

The IPO, which has been heavily oversubscribed, is one of the largest listings in India to date this year.

Groww is a leading direct-to-consumer digital investment platform. Founded in 2016, it started as a mutual fund distribution platform and quickly expanded into equities, IPOs, ETFs, digital gold, and derivatives. Groww is India’s largest and fastest-growing investment platform by active users on NSE as of June 30, 2025.

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 were the book running lead managers on the transaction.

SAM advised Groww (operated by Billionbrains Garage Ventures Limited) on its ₹6,632 crore(US$ 748 million) Initial Public Offering through a fresh issue and offer for sale by certain existing shareholders.

The Transaction Team was led by Partner Prashant Gupta (National Practice Head – Capital Markets), Partner Ruth Chenchiah, along with Senior Associate Harini J., Senior Associate Sridutt Mishra, Associate Mathangi K. and Associate Thejaswi Melarkode. The Securities Regulatory team was led by Partner Manjari Tyagi, Principal Associates Deepika Goyal and Aditi Gupta along with Associate Kashvi Vachhani. Partner & Co-Head – Banking and Finance Shilpa Mankar Ahluwalia, Senior Associate Shweta Singh Srivastava, Associate Ansh Jain, Associate Dhwanit Rathor on Financial Regulatory and Fintech matters. The Corporate aspects were advised by the Regional Practice Head – M&A and Private Equity Raghubir Menon and Associate Gaurang Mandavkar.

Latham & Watkins has advised the book running lead managers on Billionbrains Garage Ventures Ltd (Groww)’s approximately US$748 million initial public offering (IPO) on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE).

The Latham team was led by Singapore Partner Rajiv Gupta and Hong Kong Partner Dominik Sklenar, with Singapore Associate Esha Goel and foreign legal consultant Jose Mendoza. Advice was also provided on US tax matters by Chicago Partner Rene de Vera and New York Partner Aaron Bernstein, with New York Associate Nicholas Sun; and on regulatory matters by Chicago Partner Laura Ferrell, with Washington, D.C. Associate Tim Cummings.

CAM acted as the Indian legal counsel to the book running lead managers in the initial public offering by Billionbrains Garage Ventures Limited (the “Company”) of 663,230,051 equity shares aggregating to approximately ₹ 66,230.01 million (the “Offer”). The Offer comprised a fresh issue of 106,000,000 equity shares aggregating to approximately ₹10,600.00 million, and an offer for sale of 557,230,051 equity shares by certain selling shareholders aggregating to approximately ₹55,723.01 million.

The Transaction Team comprised Manan Lahoty, Gayathri Ramachandran, Akash Joshi, Vishesh Jain, Anna Kallivayalil, Dhruv Sharma, Zubin Ronnie and Khadri Mohammed.