New Delhi, Nov. 3 -- In a surprise twist that has set Dalal Street abuzz, the founders of Groww have decided not to sell a single share in the company's Rs.6,632-crore initial public offering (IPO) - a rare act of conviction in India's startup ecosystem, where most promoters cash out partially at listing.

After nearly two years of subdued primary-market activity, India's startup IPO cycle is turning again. Following the successful debut of Urban Company and the day-one oversubscription of the richly valued Lenskart offering, the spotlight now shifts to Bengaluru-based retail investment platform Groww, which is preparing to list under its parent entity, BillionBrains Garage Ventures Ltd.

The IPO opens on Tuesday and closes on Friday, wit...