Snapdeal has filed preliminary documents for an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth up to Rs 1,250 crores. It also has an offer-for-sale of up to 30,769,600 equity shares by selling shareholders. Snapdeal’s founders Kunal Bahl and Rohit Bansal are not selling any of their holding in the IPO.
The proceeds of the issue will be used to fund growth initiatives. Snapdeal is one of the top four online shopping destinations in terms of total app installations. More than 95 per cent of the products sold on Snapdeal are priced below Rs 1,000.