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SoftBank-backed Snapdeal files for 2022 India IPO

E-commerce company seeks to raise $165m after COVID disruptions

Indian e-commerce startup Snapdeal operates an online shopping mall, earning a commission by facilitating transactions between merchants and consumers.   © Reuters

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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