Microsoft CEO-Backed Groww Makes Public Filing for India IPO (1)

Billionbrains Garage Ventures Ltd., the parent of India’s largest investment platform Groww, filed for an initial public offering in Mumbai on Tuesday, seeking to raise as much as 10.6 billion rupees ($120 million) through a fresh issue of shares.

The IPO will also include an offer for sale of up to 574.2 million shares, with existing investors and early backers selling part of their holdings. Founders Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal will each sell one million shares, according to the filing.

Backed by Microsoft Corp. Chief Executive Officer Satya Nadella, the firm is targeting valuation ...