Snapdeal, the Indian online retailer backed by SoftBank Group Corp. and Alibaba Group Holding Ltd., plans to file preliminary documents for an initial public offering of as much as $250 million in the next few weeks, according to people familiar with the matter.

The e-commerce giant aims to go public in early 2022 after filing the draft red herring prospectus, or DRHP, the people said, asking not to be identified talking about a private matter. Snapdeal, once considered the fiercest rival to Amazon.com Inc. and Walmart Inc.’s Flipkart in the world’s fastest-growing major online arena, plans to raise at least $200 million at a $1.5 billion valuation, they added.

The company didn’t immediately provide comment on its filing plans or other financial details.