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Snapdeal Calls Off Rs 1,250 Cr IPO

The company has not decided on any fresh timeline for the IPO

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After shelving its Rs 1,250 crore initial public offering (IPO) plan, Snapdeal, SoftBank-backed e-commerce marketplace has filed a request with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus.

The company has not decided on any fresh timeline for the IPO, according to a media report.

A snapdeal spokesperson said considering the prevailing market conditions, the company has decided to withdraw the DRHP. “The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," the spokesperson added.

Snapdeal filed the IPO papers last December, and Sebi was yet to approve the proposed IPO. The company had planned to utilise the IPO proceeds to fund organic growth.

Founded by Kunal Bahl and Rohit Bansal in 2010, Snapdeal’s consolidated operating revenue dipped 44 per cent to Rs 471.8 crore in 2020-21, while losses less than halved to Rs 125.4 crore. It is yet to publish its financials for FY22.

Snapdeal, which focuses exclusively on the value segment, is also looking to expand into omnichannel distribution through partner-driven offline stores.

Tags assigned to this article:
snapdeal kunal bahl rohit bansal Soft Bank sebi IPO launch