New Delhi, Sept. 22 -- The Indian startup IPO story has always swung between euphoria and disappointment. Zomato's blockbuster listing in 2021 set off a wave of tech initial public offerings (IPOs), though many of them crashed before recovering.

After Urban Company's successful debut, the focus has now shifted to Groww, the country's largest retail brokerage platform, which has received approval to list. The timing couldn't be trickier.

With regulators tightening rules around derivatives trading and new investor sign-ups slowing, Groww's IPO comes at a sensitive moment. The question is whether it can ride India's growing interest in financial markets, or feel the strain of a weakening broking cycle.

Groww's active user base more than d...