Billionbrains Garage Ventures Ltd., the parent company of India’s largest investment platform Groww, has filed for an initial public offering in Mumbai, seeking to raise up to 10.6 billion rupees ($120 million) through the issuance of new shares.

The IPO will also include the sale of shares by existing investors, including the company’s founders and early backers. Groww, backed by Microsoft Chief Executive Officer Satya Nadella, is targeting a total fundraising of between $650 million and $800 million, with a potential valuation of as much as $8 billion, Bloomberg News reported last week.

The filing shows an offer for sale of 574.2 million shares. Founders Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal plan to sell one million shares each, while major investors including Peak XV Partners Investments and Tiger Global Management intend to offload part of their holdings.

If the valuation is realized, Groww would become India’s largest brokerage by market capitalisation, significantly ahead of its nearest listed competitor, Angel One Ltd., which is currently valued at roughly $2.3 billion, according to Bloomberg data.

The offering is being advised by JPMorgan Chase & Co., Kotak Mahindra Bank Ltd., Citigroup Inc., Axis Bank Ltd., and Motilal Oswal Investment Advisors, the filing revealed.