ByYessar Rosendar,
Forbes Staff.
Shares of Bangalore-based Billionbrains Garage Ventures—the parent of Indian online stock brokerage Groww—rallied for a fifth consecutive day since listing amid an IPO boom and catapulted one of the company’s four cofounders to billionaire ranks.
The stock climbed 89% since its market debut on November 12, before opening 10% lower in early morning trading in Mumbai on Wednesday. The rally sent the market cap of Billionbrains to as much as 1.2 trillion rupees ($13.2 billion), valuing cofounder and CEO Lalit Keshre’s about 9% stake in the company at $1.2 billion.
Billionbrains, which also counts Microsoft Corp chief executive Satya Nadella and Singapore-based private equity firm Peak XV among its shareholders, raised 66 billion rupees from its IPO, selling 663 million shares at 100 rupees each. The maiden share sale was almost 18 times oversubscribed.
