AceVector Secures ₹189 Crore From Anchor Investors Ahead of ₹420-Crore IPO

AceVector Limited, the parent company of e-commerce marketplace Snapdeal, has successfully raised ₹189 crore from institutional investors as part of its anchor book allocation ahead of its ₹420-crore initial public offering (IPO). The bidding for the anchor book opened and closed on September 24, with the issue opening for public subscription from September 25 to September 29.

The company informed stock exchanges that it allotted 5,90,62,500 equity shares to 14 anchor investors at ₹32 apiece, which represents the upper end of its fixed price band of ₹30 to ₹32 per share.

Anchor Book Highlights and Key Institutional Allocations

Institutional interest was led by alternative investment and value funds, alongside select domestic mutual fund schemes. Negen Undiscovered Value Fund emerged as the largest bidder, securing 1,24,99,812 shares valued at nearly ₹40 crore, accounting for the single biggest allocation in the anchor tranche.

Key participants in the anchor allocation include:

• Negen Undiscovered Value Fund: Allotted 1,24,99,812 shares (~₹40 crore).
• Singularity Growth Opportunities Fund II: Allotted 84,37,104 shares (~₹27 crore).
• Turnaround Opportunities Fund: Allotted 62.49 lakh shares (~₹20 crore).
• Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund, and LC Pharos Multi Strategy Fund VCC: Each allotted 46.87 lakh shares (~₹15 crore each).
• Mutual Fund Participation: Two domestic mutual fund houses picked up a combined 93.74 lakh shares (~₹30 crore), representing 15.87% of the anchor allocation across three schemes: Helios Mid Cap Fund, Helios Small Cap Fund, and Taurus Ethical Fund.
• Other Investors: Saint Capital Fund, Ashika Global Finance, Emerge Capital Opportunities Scheme, ASAS Global Fund Incorporated VCC Sub Fund, and TMF Holdings.

Issue Structure and Utilisation of Proceeds

The ₹420-crore public offering comprises a fresh issue of shares aggregating up to ₹287 crore and an offer for sale (OFS) of up to 4,15,62,500 shares worth around ₹133 crore by existing shareholders. Prominent institutional shareholders trimming their holdings through the OFS include SoftBank subsidiary Starfish I Pte. Ltd., Nexus Venture Partners, and Foxconn-backed FIH Business Global.

Co-founders Kunal Bahl and Rohit Bansal, who together control roughly 33.99% of the equity capital directly and via B2 Professional Services LLP, are not offloading any shares during the IPO.

AceVector plans to allocate ₹132 crore from its fresh proceeds towards brand marketing and customer acquisition for its flagship marketplace business, Snapdeal. Another ₹50 crore has been earmarked to upgrade and expand its core technology infrastructure, with the remaining capital budgeted for potential inorganic acquisitions and general corporate objectives.

Financial Profile and Market Outlook

Incorporated in 2007, Gurugram-headquartered AceVector functions as a multi-engine digital ecosystem that includes value-focused e-commerce under Snapdeal, e-commerce enablement SaaS via Unicommerce eSolutions, and consumer brands under Stellaro Brands.

For the financial year ended March 31, 2026, AceVector reported revenue from operations of ₹510.38 crore, reflecting an increase from ₹395.02 crore recorded in FY25. Over the same timeframe, the company's adjusted EBITDA losses contracted significantly to ₹15.94 crore compared to ₹39.16 crore in the preceding fiscal, pointing to cost optimization across marketing and supply chains.

At the upper boundary of the price band (₹32), AceVector commands a post-issue valuation of roughly ₹1,741 crore. The retail quota for the IPO has been set at 10%, with 75% reserved for Qualified Institutional Buyers (QIBs) and 15% for Non-Institutional Investors (NIIs). The issue's lead managers are IIFL Capital Services, CLSA India, and Systematix Corporate Services. Trading in the shares is scheduled to commence on October 5 on both the BSE and NSE.

Tags: AceVector Snapdeal NSE BSE SEBI Initial Public Offering