Home / Companies / News / Snapdeal defers $152 mn IPO indefinitely citing poor market conditions

Snapdeal defers $152 mn IPO indefinitely citing poor market conditions

Development follows shelving of IPO plans by several notable firms such as Image Marketing (owner of wearable brand Boat), Droom Technology and PharmEasy

Premium

The company filed a request for withdrawal of its IPO with the Securities and Exchange Board of India (Sebi) earlier this week

Aryaman Gupta New Delhi

2 min read Last Updated : Dec 09 2022 | 10:27 PM IST

SoftBank-backed e-commerce company Snapdeal has deferred its IPO plans through which it was aiming to issue equity shares worth $152 million, becoming the most recent entrant in a long line of companies shelving their listing plans this year.

The firm, which cited poor market conditions as the reason for the deferral, is yet to decide on a new timeline for the IPO.

“Considering the prevailing market conditions, the company has decided to withdraw the DRHP (draft red herring prospectus). The company may reconsider an IPO in the future depending on its need for growth capital and market conditions," said a

Topics : IPO Snapdeal Indian markets PharmEasy Droom e-commerce industry E-commerce firms Meesho Securities and Exchange Board of India Amazon Flipkart

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in