Major Stake Sale in Groww by Peak XV and Sequoia Partners
Peak XV, Sequoia, other funds to sell a part of Groww stakes in Rs 4,750-cr deal
The Economic TimesImage: The Economic Times
Peak XV Partners, Sequoia Capital, and other investors plan to sell part of their stakes in digital brokerage Groww in a ₹4,750 crore (approximately $570 million USD) deal. This sale involves approximately 4.3% of Groww's equity, coinciding with the end of a six-month lock-in period for early investors.
- 01Peak XV Partners and Sequoia Capital are among the investors selling stakes in Groww.
- 02The stake sale is valued at ₹4,750 crore (approximately $570 million USD).
- 03The deal represents nearly 4.3% of Groww's equity, or 268.4 million shares.
- 04The proposed sale price is ₹177 per share, an 8.5% discount from the previous closing price.
- 05The sale coincides with the expiry of Groww's six-month post-IPO lock-in period.
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A consortium of investors, including Peak XV Partners and Sequoia Capital, is set to sell a portion of their stakes in Groww, a digital brokerage, in a significant ₹4,750 crore (approximately $570 million USD) block deal. The sale involves approximately 4.3% of the company's equity, equating to 268.4 million shares, with the deal expected to be executed at a floor price of ₹177 per share, reflecting an 8.5% discount from the last closing price of ₹193.52. The transaction is facilitated by Kotak Securities and JP Morgan India and comes as the six-month lock-in period for early investors post-IPO expires, allowing about 4.18 billion shares (nearly 68% of Groww's outstanding equity) to become eligible for trading. This move indicates a strategic exit for early investors as they capitalize on their holdings following the lock-in period.
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The stake sale may influence Groww's stock price and market perception, affecting investors and potential shareholders.
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