Snapdeal files IPO papers to raise Rs 1,250 crore via fresh issue

Snapdeal receives more than 86 per cent of its orders from outside metros

SoftBank-backed Snapdeal has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO), which will comprise a fresh issue of equity shares worth up to Rs 1,250 crore and an offer-for-sale (OFS) of up to 30.77 million equity shares by existing shareholders.

However, Snapdeal’s founders, Kunal Bahl and Rohit Bansal, will not sell their shares. Nor will BlackRock, Temasek, eBay, Intel Capital, Nexus Venture Partners, Tybourne, RNT Associates, and Premji Invest.

Eight of the 71 shareholders, including SoftBank, Foxconn, Myriad Opportunities, Madison India, Sequoia Capital, and Ontario Teacher’s Pension Plan Board, have offered to sell a portion of their