Snapdeal sounds out SBI Caps, Kotak Capital, 3 others for IPO

IPO is likely to hit the market in second half of 2019

E-commerce major Snapdeal has sounded out five merchant bankers, including SBI Caps and Kotak Mahindra Capital, to work on an initial public offering (IPO) that is likely to hit the market in the second half of 2019. The  firm, majority owned by Japanese giant SoftBank, has also reportedly appointed Swiss investment banking major Credit Suisse as a special advisor for the share sale, people aware of the developments told PTI. "The IPO process is on with in earnest and may open in the second half of calender 2019, depending on the market sentiment. The management has zeroed in on five investment bankers including SBI Caps and Kotak Mahindra Capital," said the source. The source also said of the five i-bankers approached, it will pick only one lead-banker that could be either SBI Caps or Kotak. It has also consulted top law firms Amarchand Mangaldas, AZB & Partners and Khaitan & Co to advise it on the proposed share sale plan.