Snapdeal files papers with Sebi for a Rs 1,250 crore initial public offering (IPO)

Snapdeal, an e-commerce platform, has filed preliminary documents with the markets regulator Sebi in order to raise funds through an initial public offering (IPO).

According to the draught red herring prospectus, the public offering includes a fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale of 3.07 crore equity shares (DRHP).

The proceeds of the new issuance would be used to fund organic growth initiatives and general corporate purposes.

The issue’s book running lead managers are Axis Capital, BofA Securities India, CLSA India, and JM Financial.