Exclusive-India's Snapdeal to shelve $152 million IPO amid tech stocks rout

FILE PHOTO: An employee cleans a Snapdeal logo at its headquarters in Gurugram on the outskirts of New Delhi, India, April 3, 2017. Picture taken April 3. REUTERS/Adnan Abidi/File Photo

MUMBAI (Reuters) - 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.

Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fund raising by Indian startups. But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations.