Snapdeal to withdraw IPO papers, cites prevailing market conditions

Snapdeal has decided to withdraw regulatory papers for an initial public offering (IPO) due to "prevailing market conditions", the company told Reuters. The e-commerce firm may reconsider an IPO in future depending on its capital need and market conditions, it added. SoftBank-backed Snapdeal's IPO was set to include a fresh issue of shares worth ₹1,250 crore.