Snapdeal IPO DRHP: Indian e-commerce platform company Snapdeal, which is a majority stake in SoftBank, has completed preparations to bring an IPO. Snapdeal has filed Direct Red Herring Prospects (DRHP) for an initial public offer of Rs 1250 crore.
Know the highlights of IPO
Snapdeal plans to raise Rs 1250 crore by issuing fresh equity shares through this IPO. The company is on a plan to raise funds by issuing 30,769,600 equity shares through OFS (Offer for Sale) in the issue. Existing shareholders will issue shares worth more than 3 crores. The company has given this information in the DRHP submitted to SEBI.
Know who is selling stake
The great thing is that the founders of Snapdeal, Kunal Bahl and Rohit Bansal are not selling any of their holdings in this IPO. It has been informed through direct red hearing prospects that in this offer for sale, seven stakeholders including Foxconn, Sequoia Capital and Ontario Teachers Pension Plan Board along with SoftBank will sell some of their stake and partially reduce their stake in the company. Overall, 8 per cent of the pre-offer equity share capital will be issued through this IPO.
Kunal Behl and Rohit Bansal will not sell their share
Snapdeal has 71 shareholders, out of which SoftBank holds 35.41 percent of the company. On the other hand, Snapdeal founders Kunal Bahl and Rohit Bansal jointly hold 20.28 per cent stake in the company. Neither of these two are selling their shares.
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