Snapdeal files DRHP for IPO: The proceeds of the issue will be used for funding growth initiatives, expanding logistics capabilities, and enhancing the company’s tech infrastructure.
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.