Upstox In Talks For $400 Million IPO, Eyes Listing After Groww’s Blockbuster Debut
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Upstox has begun preliminary talks with investment banks for a potential $400 million IPO, which could include fresh shares and an offer for sale, though the size and timing remain subject to change. The listing could follow Groww as the second major Indian brokerage IPO within a year.
Upstox, one of India's leading online stockbroking platforms, has begun preliminary discussions with investment banks for a potential initial public offering (IPO) that could raise around $400 million, according to people familiar with the matter.
The Tiger Global-backed brokerage has held early-stage talks with bankers and is expected to appoint advisers soon, the people said, requesting anonymity as the discussions are private. The proposed IPO could comprise a combination of fresh shares and an offer for sale (OFS) by existing investors.
However, the discussions are at an early stage and details, including the size and timing of the offering, could change, the people said. A representative for Upstox did not respond to requests for comment.
Upstox IPO: What We Know So Far
If the plans materialise, Upstox could become the second major Indian online brokerage to pursue a stock market listing within a year, following Groww's blockbuster IPO in November 2025.
Billionbrains Garage Ventures, the parent company of online brokerage platform Groww, raised Rs 6,630 crore ($693 million) through its IPO. Groww is currently valued at around $12.8 billion.
The potential Upstox listing comes as India's online broking industry continues to expand, driven by rising retail participation and the growing adoption of digital investment platforms. A public listing would also give Upstox an opportunity to raise fresh capital while providing existing shareholders with a potential route to partially monetise their investments.
Upstox ranked fifth among Indian brokerages by active clients as of July 31, according to data from the National Stock Exchange of India (NSE). The brokerage had around 1.9 million active clients at the end of the period.
Groww led the ranking, followed by Zerodha, Angel One and ICICI Securities.
Upstox has raised around $220 million across six funding rounds, according to Tracxn data. Its investors include Tiger Global, Stride Ventures and the late Tata Sons Chairman Ratan Tata.
The brokerage became a unicorn in 2021 after a funding round that valued the company at around $3.5 billion, according to information on its website.
An IPO at the proposed scale would mark a significant step for Upstox as it transitions from a venture-backed brokerage to a publicly listed company. However, the company has not yet formally announced an IPO, issue size, timeline or the appointment of investment bankers.
Note- Discussions are at an early stage and details including the size and timing of the offering, could still change
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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