Snapdeal drops IPO plan, withdraws DRHP ...Middle East

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Snapdeal drops IPO plan, withdraws DRHP
source : Devdiscourse ( Middle East ) () 36
E-commerce player Snapdeal has shelved its plan for IPO through which it was planning to issue fresh equity shares worth Rs 1,250 crore amid weak market conditions, the company has said. The company had earlier announced placing over 3 crore shares for an offer for sale under its IPO plan. The company has not decided on any fresh timeline for the IPO. When contacted, a Snapdeal spokesperson said: ''Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions''.

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