When is Snapdeal planning its IPO in the Indian market?
Answer
Answer
Snapdeal will file for its proposed towards the end of December this year. The IPO comprises of Rs.2,000 crore by way of fresh issue and an offer for sale, which is yet to be finalized. However, Softbank, which owns 35.67% in Snapdeal will have to reduce its stake in Snapdeal to below 25% as per statutory requirements.
Over the last few years, Snapdeal could not stand up to the likes of Flipkart and Amazon in the ecommerce race and has been faltering since 2017. This IPO will be a fresh beginning for Snapdeal. The indicative valuation will be close to $1.50-2.00 billion in the IPO. Snapdeal is backed by Softbank, Temasek, BlackRock, Intel Capital, eBay and the family offices of Ratan Tata and Azim Premji.