Public Market

IPO

E-commerce player Snapdeal files for IPO

Business Standard  

E-commerce firm Snapdeal has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO), which will comprise a fresh issue of equity shares worth up to INR 1,250 crore and an offer-for-sale (OFS) of up to 30.77 million equity shares by existing shareholders. Eight of the 71 shareholders, including SoftBank, Foxconn, Myriad Opportunities, Madison India, Sequoia Capital, and Ontario Teachers Pension Plan Board, have offered to sell a portion of their shareholdings, together amounting to slightly less than 8% of the company's pre-offer equity share capital. Snapdeal's founders, Kunal Bahl and Rohit Bansal, will not be selling any of their shares. BlackRock, Temasek, eBay, Intel Capital, Nexus Venture Partners, Tybourne, RNT Associates, and Premji Invest are also not selling any shares as part of the IPO. Axis Capital, BofA Securities India, CLSA India, and JM Financial are the book-running lead managers for Snapdeal's IPO. The proceeds of the fresh issue will be for funding growth, expanding logistics capabilities, and enhancing the company's tech infrastructure