The Abu Dhabi Investment Authority (ADIA) has pegged a 4.7 percent stake in India’s Groww IPO; its subscription started today by raising 29.8 billion rupees ($337 million) with its 102 anchor investors.
The ADIA investment was undertaken by two distinct transactions with its India subsidiary Monsoon, which constituted a total of 1.4 billion Indian rupees, or close to 14 million equity shares bought in par out of the total 298.45 million equity shares distributed to the institutional investors.
Other significant sovereign investors of the Indian fintech, which provides an online platform to invest in stocks and mutual funds, include the Government of Singapore, holding a 4.68 percent stake and INR 1.39 billion investment.
However, the subscription will remain open until November 7. The parent company of Groww, Billionbrains Garage Ventures Pvt Ltd, has already set its price band at INR 95-100 per share on its INR 6.63 billion IPO.
The bookrunners and lead managers on the IPO are Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited.
ADIA has been the core of private equity capital funding and mega-ticket open markets in India via a tax-neutral finance center, Gift City, that was launched last year in the home state of Prime Minister Narendra Modi, Gujarat, and is planning to open a fund of $4-5 billion in the special economic zone.
Over the past years, the sovereign wealth fund has been making more investments in India in the banking sector, healthcare, and pharmaceuticals.
