#NewDelhi: Popular e-commerce company Snapdeal is about to bring their IPO. Snapdeal, backed by investor SoftBank Corp, is trying to raise around Rs 1,250 crore through its own IPO. Popular e-commerce company Snapdeal has submitted its application to the market regulator SEBI (Stock Exchange Board Of India). According to the DRHP (Draft Red Herring Prospectus) submitted for this IPO, it will sell more than 3 crore equity shares. As a result, existing shareholders of the company will sell their partial shares.
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In this offer for sale, 6 more shareholders including Softbank will sell their partial shares. Among them are Foxconn, Sequoia Capital, and Ontario Teacher’s Pension Plan Board. In all, 6 percent of the company’s equity share capital will be sold. Popular e-commerce company Snapdeal has 61 shareholders, with Softbank having the largest stake. Of this, Softbank has about 35.41 percent stake. Kunal Bahal, founder of popular e-commerce company Snapdeal and Rohit Bonsal have a total stake of 20.28%. Neither of these two founders will sell their shares. It is believed that the money raised from here will be used to improve the company’s growth, logistical capacity, technology infrastructure, etc.
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The company’s focus on small towns
Popular e-commerce company Snapdeal focuses on various small towns in India. More than 6 percent of these orders are placed outside the metro city. Last week, Snapdeal founder Kunal Bahal said in his blog, “Our company’s brand is not for the metro city. Eighty percent of Snapdeal’s customers live in Tier-2 cities.”
Net value increased by 72.48 percent
According to DRHP, the net value of Snapdeal has increased by about 72.46 percent in the last two quarters. Snapdeal’s net worth was Rs 205 crore in the fourth quarter of FY2021. In the fourth quarter of the financial year 2022, it has increased to Tk 364 crore. Prior to the IPO, Snapdeal’s subsidiary Unicommerce had raised about 30 percent stake in Softbank to acquire a stake.
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