AceVector fixes IPO price at Rs 32, offer subscribed 3.30 times, shares to list on 5 October

NEW DELHI: AceVector Limited, the company behind the Snapdeal marketplace and the Unicommerce software platform, has fixed its IPO price at Rs 32 per share and says the offer drew 3.30 times subscription before rejections, according to its Basis of Allotment advertisement on the investor relations page. The notice says trading in the shares will begin on BSE and NSE on Monday, 5 October 2026.

Anchor investor bidding took place on 24 September. The public offer opened on Friday, 25 September and closed on Tuesday, 29 September. The notice, signed by chief financial officer Bharat Venishetti, says the Basis of Allotment was finalised with NSE, the designated stock exchange, on 30 September. Allotted shares were uploaded for credit to demat accounts on 1 October, the day the company filed its listing application with both exchanges.

How the demand broke down

AceVector received 1,33,504 applications for 43,29,45,396 shares against 13,12,50,000 shares on offer, which at Rs 32 comes to about Rs 420 crore. Retail investors subscribed 4.85 times before rejections and 4.75 times after them, and 28,044 successful retail applicants received 1,31,25,000 shares between them.

Non-institutional investors bidding above Rs 10 lakh subscribed 9.37 times, while those bidding between Rs 2 lakh and Rs 10 lakh subscribed 6.97 times. Qualified institutional buyers, excluding anchors, subscribed 3.41 times. Thirteen anchor investors, through 14 applications, bid for 6,62,50,548 shares, and the company allotted them 5,90,62,500 shares at Rs 32, aggregating Rs 189 crore.

On final demand, about 78 percent of the shares bid were at exactly Rs 32 and nearly 22 percent at the cut-off price. The company adds the standard caution that the level of subscription should not be taken as indicative of the market price on listing or of its business prospects.

What the business looks like

The abridged prospectus describes AceVector as an asset-light digital commerce group with three parts: Snapdeal, a value-focused lifestyle marketplace; Unicommerce, an e-commerce enablement software platform; and Stellaro Brands, which owns the women's ethnic wear label Rangita. Revenue from operations for the year ended 31 March 2026 was Rs 5,103.81 million, about Rs 510 crore, up from Rs 3,950.19 million a year earlier. The marketplace contributed 57.54 percent of that, software 40.04 percent and consumer brands 2.51 percent.

The group is still loss-making. It reported a restated loss of Rs 455.06 million for fiscal 2026, narrower than the Rs 1,263.06 million loss in fiscal 2025, and an EBITDA loss of Rs 221.67 million against Rs 1,077.87 million. Because it did not meet the profitability track record in SEBI's ICDR rules, the offer was made under Regulation 6(2), which required at least 75 percent of it to go to qualified institutional buyers.

Where the money goes

The abridged prospectus set the fresh issue at up to Rs 287 crore, alongside an offer for sale of up to 4,15,62,500 shares. From the fresh issue, AceVector earmarked Rs 132 crore for marketing and promotion of the marketplace and Rs 50 crore for its technology infrastructure, with the rest meant for unidentified acquisitions and general corporate purposes. Starfish I Pte. Ltd. was the largest seller, offering up to 2,76,07,082 shares, followed by Nexus India Direct Investments II at up to 73,91,113 shares. The promoters are Kunal Bahl, Rohit Kumar Bansal and Starfish I.

The final split between fresh issue and sale is set out in the Prospectus filed after pricing. This report is not investment advice.