Chennai: Snapdeal has filed draft red herring prospectus for an IPO. The offer comprises a fresh issue aggregating up to Rs 1,250 crore and an offer for sale of up to 30,769,600 equity shares.
According to a press release, Snapdeal proposes to utilise the net proceeds of the fresh issue of Rs 1,250 crore towards funding the objects of funding organic growth initiatives worth Rs. 900 crore and general corporate purposes.
In its DRHP, Snapdeal says that it is Indiaās largest pure-play value eCommerce platform, in terms of revenue for the financial year 2020.