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The e-commerce company Snapdeal requests for an Initial Public Offering (IPO) with the market regulator Securities and Exchange Board of India (SEBI).
Based on the Draft Red Herring Prospectus reports, the IPO includes a staggering amount of Rs. 1,250 crore shares and sale of 308 lakh shares.
“The Offer has been authorised by our Board pursuant to resolution passed on November 28, 2021 and the Fresh Issue has been authorised by our Shareholders pursuant to a resolution passed on December 5, 2021,” said Snapdeal.
“We were 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, we are 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,” wrote Snapdeal in the draft paper.
“Our Company is a professionally managed company and does not have an identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act,” Snapdeal further added.
Although, Snapdeal’s primary focus is on value lifestyle as it’s expected to skyrocket from $88 billion to $175 billion (Rs. 6,63,770 crore – Rs. 13,20,000 crore) by 2026 including 15% CAGR.
There’s a huge spike in the Indian e-commerce business since the past few years. Currently, there are around 160 million users which is expected to become 350 million by 2026.
Cover Image: Shutterstock
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