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Snapdeal IPO Plan: Softbank-backed e-commerce company Snapdeal has postponed the plan to bring its $ 152 million IPO (Intial Public Offering). Snapdeal has decided to shelve the decision to launch an IPO after tech companies were beaten heavily in the stock market.
Snapdeal postpones plan to bring IPO
In 2021, when one after the other tech and startup companies were getting listed on the stock exchange. Then Snapdeal filed draft paper (DRHP) with SEBI in December 2021 to bring IPO. But in 2022, the shares of these tech and startup companies have seen a huge beating. After this beating, many tech and startup companies postponed the plan to bring IPO. And now Snapdeal has also decided to shelve the decision to bring IPO.
Decision changed after beating tech companies
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This week, Snapdeal requested Sebi to withdraw the draft paper for its IPO. Due to negative trend towards tech companies and other strategic decisions, the company has postponed the plan to bring IPO. However, Snapdeal has said that it may consider bringing an IPO again in future keeping in view the betterment of market conditions and capital requirements.
Company started in 2010
Snapdeal was started in 2010 by Kunal Bahl and Rohit Bansal. In 2016, the valuation of Snapdeal was estimated at $6.5 billion. However, later there has been a decline in its valuation.
Tech stocks disappointed
Tech stocks to be listed in the stock market in 2021 have disappointed a lot. Shares of companies like Zomato, Paytm, Policybazaar, Nykaa along with Cartrade have fallen drastically and all of them are trading below the IPO price.
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