Groww Block Deal: Investors offload 4.7% stake worth ₹5,326 crore

Groww parent Billionbrains Garage Ventures saw a large block deal on Tuesday, May 12, in which existing investors sold a 4.7% stake worth ₹5,326 crore, according to exchange data and sources.Investors including Peak XV Partners, Y Combinator’s YC Holdings, Ribbit Capital and Sequoia Capital participated in the transaction, offloading 29.52 crore shares at an average price of ₹180.4 per share.

Earlier in the day, shares of Billionbrains Garage Ventures were trading about 5% higher amid a large block deal and the expiry of the company’s shareholder lock-in period. Around 31 crore shares, or 5.01% of total equity, changed hands in the block deal window at an average price of ₹182.3 per share, taking the total transaction value to ₹5,637 crore.
The deal was launched on Monday, May 11, with an indicative floor price of ₹177 per share, implying an 8.5% discount to the previous closing price. The base transaction size was pegged at around ₹4,750 crore, with an option to upsize the offering.The block deal also includes a 90-day lock-in period on further share sales.

Groww had reported a strong March quarter performance, with revenue rising 24% and net profit increasing 25% quarter-on-quarter. The management has indicated that both Fisdom and Groww Mutual Fund are likely to break even by FY28.

Shares of Groww parent Billionbrains Garage Ventures ended in the red today, May 12, at ₹183.09.