Groww IPO, May 26 -- The parent company of stock broking firm Groww, Billionbrains Garage Ventures, has filed a draft red herring prospectus (DRHP) with the stock market regulator Securities and Exchange Board of India for an initial public offering (IPO).

The DRHP, filed on May 24, is via a confidential pre-filing route. According to a PTI report, citing sources, Groww could look to raise between $700 million to $1 billion via the initial share sale.

Groww, which is India's fastest-growing retail broking platform, is backed by several marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella.

As per the PTI report, Groww is looking to use the proceeds from the IPO, which is a combination of fresh share sale and of...