The E-commerce company, Snapdeal has today filed for IPO. The company plans to raise Rs. 12.5 billion through IPO.
According to Draft Red Herring Prospectus (DRHP) filed by Snapdeal, there is also an offer for the sale of 3 crore shares by existing shareholders. Softbank, Foxconn, Sequoia Capital & five other stakeholders will participate in the OFS.
Axis Capital Ltd, BofA Securities India Ltd, CLSA India Pvt Ltd and JM Financial Ltd are the lead managers to the issue. Snapdeal was founded in 2010 by Kunal Bahl & Rohit Bansal. Last week Kunal Bahl said in a blog that Snapdeal is a brand that is not in the urban subconsciousness.
Snapdeal plans to launch its partner store in January 2022. Snapdeal’s Net Merchandise Value has grown over 82.48% according to DRHP.