softbank: Snapdeal files draft documents to raise Rs 1,250 crore through IPO

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NEW DELHI: Softbank-backed e-commerce company Snapdeal has filed preliminary documents with market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The Gurugram-headquartered company is looking to raise Rs 1,250 crore through the sale of new shares, while existing investors including Softbank plan to sell around 3.07 crore secondary shares, showed Snapdeal’s draft red herring prospectus (DHRP).
In the IPO, Snapdeal founders Kunal Bahl and Rohit Bansal will not dilute their stake in the company, which was once a frontrunner for the crown along with Amazon and Walmart-owned Flipkart in India’s booming but cutthroat e-commerce market. Bahl and Bansal hold around 20% in Snapdeal, while Softbank is the largest shareholder with around 35% stake.
Snapdeal’s filing comes against the backdrop of a host of internet-led…

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