{"id":22377,"date":"2022-12-09T20:52:01","date_gmt":"2022-12-09T20:52:01","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/09\/exclusive-indias-snapdeal-to-shelve-152-million-ipo-amid-tech-stocks-rout\/"},"modified":"2022-12-09T20:52:01","modified_gmt":"2022-12-09T20:52:01","slug":"exclusive-indias-snapdeal-to-shelve-152-million-ipo-amid-tech-stocks-rout","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/09\/exclusive-indias-snapdeal-to-shelve-152-million-ipo-amid-tech-stocks-rout\/","title":{"rendered":"Exclusive: India&#8217;s Snapdeal to shelve $152 million IPO amid tech stocks rout"},"content":{"rendered":"<p> <a href=\"https:\/\/go.fiverr.com\/visit\/?bta=1052423&nci=17043\" Target=\"_Top\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/fiverr.ck-cdn.com\/tn\/serve\/?cid=40081059\"  width=\"601\" height=\"201\"><\/a>\n<br \/><img decoding=\"async\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/www.reuters.com\/resizer\/rkpKbHNvDD1HotbSzbOpFfNkEHo=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/VQYC5BISMFPHPFSCIXTANZE37I.jpg\" \/><\/p>\n<div>\n<div class=\"article-body__context_widget__1xxEe article-body__element__2p5pI\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">SoftBank-backed Snapdeal&#8217;s IPO plans hit by tech market rout<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Company plans to withdraw IPO regulatory papers this week<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Withdrawal comes as many Indian startups have delayed IPOs<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Snapdeal may reconsider IPO at later stage-source<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">MUMBAI, Dec 9 (Reuters) &#8211; SoftBank-backed Indian e-commerce firm Snapdeal has decided to pull the plug on its $152 million IPO, the company told Reuters, making it the latest casualty of a meltdown in tech stocks that has soured investor sentiment.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Snapdeal filed its initial public offering (IPO) regulatory papers for approval in <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/asia\/softbank-backed-snapdeal-files-ipo-2021-12-21\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\">December 2021<\/a>, a year that saw many stock market debuts and record <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/business\/finance\/zombie-unicorns-indian-startups-go-feast-famine-2022-05-18\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\">fund raising<\/a> by Indian startups. But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Snapdeal, which competes with larger rivals Amazon <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/AMZN.O\" target=\"_blank\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(AMZN.O)<\/a> and Walmart&#8217;s <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/WMT.N\" target=\"_blank\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(WMT.N)<\/a> Flipkart in India&#8217;s booming e-commerce space, filed a request this week with the country&#8217;s market regulator SEBI to withdraw its IPO prospectus, said one source with direct knowledge of the matter.<\/p>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">&#8220;There is no appetite for tech stocks right now,&#8221; said the source, who added that SEBI has been told about the prevailing market conditions and certain other strategic decisions that contributed to the change in IPO plans.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">In a statement to Reuters, Snapdeal said it has decided to withdraw the IPO prospectus &#8220;considering the prevailing market conditions&#8221;, without elaborating. It adding that Snapdeal may reconsider an IPO in future depending on its need for capital and market conditions.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">New Delhi-based Snapdeal was started in 2010 by Wharton alumnus Kunal Bahl and Indian Institute of Technology graduate Rohit Bansal. The company says it caters to the so-called value e-commerce segment by selling &#8220;value-for-money&#8221;, or more affordable products via its shopping website and app.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Valued at $6.5 billion in 2016, Snapdeal has seen its popularity dwindle over the years as competition increased. It has recorded losses in the last three financial years between 2019 and 2021, and was hoping to raise new funds via IPO at a valuation of $1 billion.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">The change of Snapdeal&#8217;s plans comes as tech stocks in India that listed in recent years face investors&#8217; wrath.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Shares in Indian digital payments firm Paytm <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/PAYT.NS\" target=\"_blank\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(PAYT.NS)<\/a>, which raised $2.5 billion in one of the country&#8217;s biggest ever IPOs in November 2021, have plunged 76% since their debut.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Food delivery firm Zomato&#8217;s <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/ZOMT.NS\" target=\"_blank\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(ZOMT.NS)<\/a> shares have halved from their all-time highs after listing in July 2021.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">In August, TPG and Prosus-funded Indian online pharmcy PharmEasy withdrew papers for its $760 million IPO, while Warburg Pincus-backed seller of wireless earphones, boAT Lifestyle, also withdrew its papers in October.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">The first source added that Snapdeal has not decided on any new timeline for when it may refile its IPO.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Snapdeal had wanted to fund organic growth initiatives with the proceeds of its IPO, which was set to include a fresh issue of shares worth 12.5 billion rupees ($152 million) and an offer for sale of 30.8 million shares.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">Investors SoftBank, Sequoia Capital and Ontario Teachers&#8217; Pension Plan Board had offered to sell a part of their stakes in the IPO.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" style=\"font-size:20px\">($1 = 82.2425 Indian rupees)<\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by M. Sriram in Mumbai and Aditya Kalra in New Delhi; Editing by Kim Coghill<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: <a data-testid=\"Link\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" target=\"_blank\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<iframe data-lazy=\"true\" data-src=\"https:\/\/www.fiverr.com\/gig_widgets?id=U2FsdGVkX18x7XQvttUTrv1oEqmGNGTgvvCUiUoJ\/AP4z\/UyMz8lXGOLpu15jIMxBbTR0gmD5uBoFvhC4KWeALQRp3h\/X\/AwcVD0K8Wj9H\/ZzYKzcCNHosB9oS4SCJJFWiN85P9ICAc4OgCoE\/wHKIY7CDkf2\/DQ1vqGvk4smVe5cRDEmrLPCWi4FC8p40VUhSmWQ5udCm0zoJtorgWv3vbDQw0kKYkwn39ozAnQXDe+YvWMxkLFWA+O3TFwkJvdkIK+\/AUSnRssPKt5WHY0FhNOxnSPcLslEL4G4\/RfP95ve99U+kRnDy3X+KtzdQLY+u935ghON\/o3UE4IMv9oN6JX9RnxzL\/LRcOgnHigxStSGPKsZYtnz8RWNVT\/rOLAibqiWJadC5MYHRbekF3eg6FOGrQGkXYbsn0+a5aovnlLCbLwIqY9fcS17UX8J235iQ6cdmHNbrPeS84CMm34RA==&affiliate_id=1052423&strip_google_tagmanager=true\" loading=\"lazy\" data-with-title=\"true\" class=\"fiverr_nga_frame\" frameborder=\"0\" height=\"350\" width=\"100%\" referrerpolicy=\"no-referrer-when-downgrade\" data-mode=\"random_gigs\" onload=\" var frame = this; var script = document.createElement('script'); script.addEventListener('load', function() { window.FW_SDK.register(frame); }); script.setAttribute('src', 'https:\/\/www.fiverr.com\/gig_widgets\/sdk'); document.body.appendChild(script); \" ><\/iframe>\n<br \/><a href=\"https:\/\/www.reuters.com\/world\/india\/indias-snapdeal-shelve-152-million-ipo-amid-tech-stocks-rout-2022-12-09\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SoftBank-backed Snapdeal&#8217;s IPO plans hit by tech market rout Company plans to withdraw IPO regulatory papers this week Withdrawal comes as many Indian startups have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":22378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-22377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-universe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exclusive: India&#039;s Snapdeal to shelve $152 million IPO amid tech stocks rout - mailinvest.blog<\/title>\n<meta name=\"description\" content=\"Technology is forever changing, and there are always new pieces of technology to replace obsolete ones. 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