Snapdeal files for Initial Public Offering (IPO), plans to raise Rs. 1,250 crores

22 December 2021, Mumbai:

SoftBank-backed e-commerce company Snap deal has filed preliminary documents with markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

The Gurugram-headquartered company is looking to raise Rs 1,250 crore through the sale of new shares while existing investors including SoftBank plan to sell over 3 crore secondary shares, according to Snapdeal's draft red herring prospectus (DRHP).

In the IPO, Snapdeal founders Kunal Bahl and Rohit Bansal will not dilute their stake in the company, which was once a frontrunner for the crown along with Amazon and Walmart-owned Flipkart FOUNDERS WON'T DILUTE STAKE in India's booming but cutthroat e-commerce market. Bahl and Bansal hold around 20% in Snapdeal, while Soft Bank is the largest shareholder with around 35% stake.

Snapdeal's filing comes against the backdrop of a host of internet-led companies such as Zomato, Paytm, Pollcybazaar, and Nykaa opting for a public listing to raise funds.

SOURCE: TOI Dt 22-12-2021  

(The news article has not been edited by DFU Publications staff)

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage