Snapdeal To File IPO Papers With SEBI

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

The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP).

Proceeds from fresh issue would be used towards funding organic growth initiatives and general corporate purposes. Axis Capital, BofA Securities India, CLSA India and JM Financial are the book running lead managers to the issue.

(PTI)