Online investment platform Groww has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO), according to sources aware of the development.

The IPO size is estimated to be in the range of $800 million to $1 billion, they added.

The Bengaluru-based fintech filed its draft red herring prospectus (DRHP) with the market regulator on May 26.

ET has reached out to Groww seeking comments on the development.

The IPO papers, which have been filed through the confidential route, will comprise equity shares of face value Rs 2 each, to be listed on both the NSE and the BSE. The company’s public filing was made under Billionbrains Garage Ventures Ltd, Groww’s registered corporate entity.

Once the IPO goes through, Groww would be among the first fintech firms to list publicly after undertaking a reverse flip of its parent entity from the US to India. The startup had to pay $160 million in taxes to the US authorities for the flip.

Groww has raised about $393 million in funding since its inception. It has also closed a $200 million funding round at a $7 billion valuation, with Singapore’s sovereign wealth fund GIC and existing investor Iconiq Capital participating. ET had first reported on March 26 that a deal with GIC was in the works.

Groww also counts Peak XV Partners, Tiger Global, and Ribbit Capital among its major investors.

The company reported a more than threefold jump in net profit to Rs 1,819 crore and a 31% increase in revenue to Rs 4,056 crore for FY25.