SoftBank-backed Indian e-commerce platform Snapdeal has filed for an initial public offering (IPO) on Tuesday. This IPO consists of a fresh issue of equity shares worth up to Rs 1,250 crore and an offer for sale of up to 30,769,600 equity shares, according to its draft prospectus.
Snapdeal’s founders, Kunal Bahl and Rohit Bansal are not selling any of their holding in the
IPO. Blackrock, Temasek, eBay, Intel Capital, Nexus Venture Partners, Tybourne, RNT Associates, Premji Invest, and others will also not sell any of their shares in the IPO, the prospectus said.
8 (out of total 71) shareholders including
SoftBank, Foxconn, Myriad Opportunities, Madison India, Sequoia Capital, Ontario Teacher’s Pension Plan Board, have offered to sell a small portion of their respective shareholdings, collectively amounting to less than 8 percent of the company’s pre-offer equity share capital.
The proceeds of the issue will be used for funding growth initiatives, expanding logistics capabilities, and enhancing the company’s tech infrastructure.
Several SoftBank-backed companies and many popular names such as payments platform Paytm, beauty e-commerce retailer Nykaa and food delivery platform Zomato have sought a listing in India this year as ample liquidity and strong retail participation pushed the stock market to record levels.
New Delhi-based Snapdeal, started in 2010 by Wharton alumnus Kunal Bahl and Indian Institute of Technology, Delhi graduate Rohit Bansal, competes with bigger rivals such as Walmart-owned Flipkart and Amazon.com Inc in India.
-With Reuters inputs
(Edited by : Anshul)
First Published: Dec 21, 2021 10:40 AM IST
