Snapdeal Files Draft Red Herring Prospectus For IPO

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HT Bureau

GUWAHATI, Dec 22: Snapdeal Ltd. (Snapdeal) filed a draft red herring prospectus for an IPO. The offer comprises a fresh issue aggregating up to Rs 1,250 crore and an offer for sale of up to 30,769,600 equity shares. Snapdeal proposes to utilise the Net Proceeds of the Fresh Issue towards funding organic growth initiatives, and for corporate purposes.

In its DRHP, Snapdeal said that it is India’s largest pure-play value e-Commerce platform, in terms of revenue for the Financial Year 2020. Further, with over 200 million app installations on Google Play Store, it is the most installed pure-play value e-Commerce application and one of the top four online lifestyle shopping destinations in terms of total app installations in India, as of August 31, 2021.

Founded in 2007, Snapdeal started its business as a coupon booklet business, which was transformed into an online deals platform in 2010 and an online e-Commerce marketplace in 2012. Further, the Snapdeal platform was also ranked by App Annie, a mobile market data and analytics platform, in the ‘Top Publisher Award 2020’ as among the top 10 shopping apps in India in terms of monthly active users for the year 2019.

 

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