E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
While many Americans view growing Chinese and Indian economies as a threat to their jobs, major US firms have reported a sharp rise in earnings, mainly due to their foreign operations.
EBay spokeswoman Amanda Miller told Reuters those passwords were encrypted and that the company had no reason to believe the hackers had broken the code that scrambled them.
The board finally gives into the demands by activist investor Carl Icahn.
Ebay will cut around 2,400 jobs this quarter in a bid to improve business efficiencies.
Ebay India MD Latif Nathani says that Indian ecommerce has a long way to go before catching up with the Chinese market.
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