TOKYO -- Indian e-commerce company Snapdeal on Tuesday filed for an initial public offering in local stock exchanges, seeking to capitalize on strong market sentiment even though its business was hit hard by the COVID-19 pandemic.
In a draft prospectus filed with India's securities regulator, Snapdeal said it was aiming to raise 12.5 billion rupees ($165 million) by issuing new shares. Separately, up to 30.7 million shares will be offered by existing shareholders including SoftBank Group, which holds a 35.41% stake.
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