Upstox Reportedly Begins IPO Talks, Eyes $400 Million Public Issue

Mumbai-based online stockbroker Upstox has reportedly begun preliminary discussions with investment banks regarding a potential Initial Public Offering (IPO). The company is expected to appoint advisors soon for the proposed public issue, which could raise around $400 million through a combination of new shares and an offer for sale, according to a Bloomberg report citing sources familiar with the matter.

These discussions are in their early stages, and the final size and timing of the IPO may change. Upstox declined to comment when approached by Inc42. This potential listing follows the IPO of rival Groww, which raised ₹6,630 crore in November last year.

The planned IPO comes as India's retail investor base continues to expand significantly, partly due to digital platforms like Upstox making investing more accessible. Upstox was India's fifth-largest stock brokerage by active clients in July, with approximately 1.86 million users.

Upstox achieved unicorn status in 2021 after raising funds at a valuation of about $3.5 billion. Its largest shareholder is Tiger Global, which first invested in the brokerage in 2019. The company, founded in 2008 as RKSV Securities, also offers investments in mutual funds, ETFs, and has expanded into insurance distribution.