MUMBAI : 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.
"There is no appetite for tech stocks right now," 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. 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.
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