The e-commerce giant Snapdeal has filed preliminary documents for an Initial Public Offering, and is looking to debut in the country’s amid a record-breaking stock market rally.
Snapdeal, backed by SoftBank Group Corp aims to raise Rs12.5 billion rupees ( $165 million) through the sale of new shares, according to a red herring prospectus or DRHP, filed with Securities and Board Exchange of India. In addition, existing shareholders including SoftBank to sell as many 30.77 million shares of India.
Snapdeal founded in 2017, by Kunal Bahl and Rohit Bansal began into a deal website and then transferred to online retail. The revenue from operations dropped 44% to just 4.7 billion rupees in 2021.
Snapdeal is targeting its IPO in early next year, and is coming after a year record for market debuts. Zomato Ltd set off a rush in the market followed by the successful offerings from the likes of FSN E-commerce Ventures Ltd, which operates the Nykaa Beauty business. One 97 Communication Ltd. which runs a digital payment Paytm, pulled off the largest IPO this year at $2.4 million.