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The Abu Dhabi Investment Authority (ADIA) has anchored a 4.7% stake in India’s Groww IPO, which opened for subscription today, raising 29.8 billion rupees ($337 million) from its 102 anchor investors.
The ADIA investment was made through two separate transactions involving its India subsidiary Monsoon, accounting for a collective 1.4 billion Indian rupees or nearly 14 million equity shares purchased at par from the total 298.45 million equity shares allotted for institutional investors.
Other major sovereign investor in the Indian fintech, which offers an online platform for investing in stocks and mutual funds, includes the Government of Singapore with a 4.68% stake and an INR 1.39 billion investment.
The subscription will be open until November 7.
Billionbrains Garage Ventures Pvt Ltd, the parent company of Groww, has fixed a price range of INR 95-100 per share for its INR 6.63 billion IPO.
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 are the bookrunners and lead managers on the IPO.
ADIA has been at the centre of private equity funding and big-ticket open market transactions in India through a tax-neutral finance hub Gift City established last year in Prime Minister Narendra Modi’s home state of Gujarat, with plans to set up a $4-$5 billion fund in the special economic zone.
The sovereign wealth fund has been increasing its India investments over the past year across banking, healthcare and pharmaceuticals.
(Reporting by Bindu Rai, editing by Seban Scaria)
