Bengaluru: SoftBank-backed Indian e-commerce platform Snapdeal has filed for an initial public offering (IPO), joining dozens of companies in the country that have sought capital this year.
Several SoftBank-backed companies and well-known names, including payments platform Paytm, beauty e-commerce retailer Nykaa, and food delivery platform Zomato, have sought to list in India this year, as ample liquidity and strong retail participation drove the stock market to new highs. According to the draught prospectus dated December 20, Snapdeal's IPO consists of a new issue of shares worth 12.5 billion rupees ($165.09 million) and an offer for sale of 30.8 million shares.
Based in New Delhi Snapdeal, which was founded in 2010 by Wharton alumnus Kunal Bahl and Indian Institute of Technology, Delhi graduate Rohit Bansal, competes in India with larger rivals such as Walmart-owned Flipkart and Amazon.com Inc.
While founders Bahl and Bansal are not selling their stakes in the IPO, investors SoftBank, Foxconn, Sequoia Capital, and the Ontario Teachers' Pension Plan Board have offered to sell a portion of their stakes.