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