Lagatar24 Desk
Mumbai, Dec 21: E-commerce platform Snapdeal on Tuesday filed papers with the market regulatory Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). Through this Snapdeal plans to rise Rs 1,250 crore.
According to the Draft Red Herring Prospectus, the IPO consists of a fresh issue of shares worth Rs 1250 crore and an offer of sale of 308 lakh shares.
“The offer has been authorised by our Board pursuant to resolution passed on November 28, 2021 and the fresh issue has been authorized by our shareholders pursuant to a resolution passed on December 5, 2021,” Snapdeal noted in the Draft Red Herring Prospectus.
Notably, 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.
Snapdeal said it plans to use Rs 900 crore from IPO proceeds to fund its organic growth initiatives.
