Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Ipo/  Snapdeal files for IPO, plans to raise 1,250 crore through fresh issue of shares
BackBack

Snapdeal files for IPO, plans to raise ₹1,250 crore through fresh issue of shares

Snapdeal IPO comprises fresh issuance of equity shares worth ₹1,250 crore and OFS of 3.07 crore equity shares

The Indian e-commerce platform Snapdeal has filed for an initial public offering on Tuesday.Premium
The Indian e-commerce platform Snapdeal has filed for an initial public offering on Tuesday.

E-commerce platform Snapdeal has filed for an initial public offering (IPO) with market regulator Securities and Exchange Board of India (SEBI) on Tuesday, joining dozens of firms in the country that have tapped the capital markets this year.

The public issue comprises fresh issuance of equity shares worth 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). Snapdeal’s IPO, targeted for early next year, comes after a record year for India market debuts.

Snapdeal was founded in 2007 by Kunal Bahl and Rohit Bansal. It started as a coupon booklet business, which was transformed into an online deals platform in 2010 and an online e-Commerce marketplace in 2012. Once a leading player in the Indian e-commerce space, Snapdeal has seen its fortunes falling amid strong competition from rivals Amazon and Flipkart.

The company, which is backed by Softbank, BlackRock Inc, Temasek Holdings Pte and eBay Inc, has been investing in video, vernacular and other strategic projects, aimed at growing the online market among new users, especially those coming in from tier II cities and beyond.

Those selling shares in the OFS are Starfish I Pte, Wonderful Stars, Sequoia Capital, Kenneth Stuart Glass, Myriad Opportunities Master Fund, Ontario Teacher's Pension Plan Board, Laurent Amouyal and Milestone Trusteeship Services. Snapdeal's founders Kunal Bahl and Rohit Bansal are not selling any of their holding in the IPO.

Proceeds from fresh issue would be used towards funding organic growth initiatives, expanding logistics capabilities, and enhancing the company's tech infrastructure. Axis Capital, BofA Securities India, CLSA India and JM Financial are the book running lead managers to the issue.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Dec 2021, 10:25 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie