New Delhi, Dec 9: E-commerce player Snapdeal has shelved its plan for IPO through which it was planning to issue fresh equity shares worth Rs 1,250 crore amid weak market conditions, the company has said. The company had earlier announced placing over 3 crore shares for an offer for sale under its IPO plan. The company has not decided on any fresh timeline for the IPO. When contacted, a Snapdeal spokesperson said: “Considering the prevailing market conditions, the company has […]
Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide.
The sale by the SoftBank-backed entity comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares
Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges.