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Snapdeal, the Indian e-commerce startup backed by SoftBank Group Corporation, filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for an initial public offer (IPO). The IPO will consist a fresh issue of equity shares worth up to Rs 1,250 crore and an offer-for-sale (OFS) of up to 30.77 million equity shares by existing shareholders.

The company has appointed Axis Capital, BofA Securities, CLSA and JM Financial as the book lead running managers for this IPO.

Existing shareholders including SoftBank, Foxconn, Myriad Opportunities, Madison India, Sequoia Capital, Ontario Teacher’s Pension Plan Board (OTPPB), Kenneth Stuart Glass and Laurent Amouyal would be participating in the OFS, offloading a portion of their respective holdings.

Snapdeal is the online shopping site for Internet users across the country, delivering to various cities and towns in India. The company’s vision is to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers.