India, Aug. 20 -- Online stockbroking platform Upstox has reportedly begun preliminary discussions with investment banks for a potential IPO.

The Mumbai-based brokerage is expected to appoint advisers soon for the proposed IPO, which could raise around $400 Mn (about Rs.3,800 Cr) through a combination of fresh shares and an offer for sale (OFS), Bloomberg reported, citing people familiar with the matter.

However, the discussions are at an early stage, and the size and timing of the proposed public issue could change.

Upstox declined to comment on Inc42's queries on the development.

Upstox's IPO plans follow the public market debut of Groww parent Billionbrains Garage Ventures in November last year. Groww raised Rs.6,630 Cr through its...