AceVector IPO Reaches Full Subscription on Day Two as Primary Market Demand Rebounds — September 28, 2026

The initial public offering (IPO) of AceVector Limited, the parent firm behind e-commerce player Snapdeal, Unicommerce eSolutions, and Stellaro Brands, was fully subscribed on Monday, September 28, 2026, marking its second day of bidding. The book-building issue received bids for 7.42 crore shares by mid-afternoon, crossing the total offer size of 7,42,29,166 shares.

The resurgence in subscription numbers signals renewed investor interest in tech-enabled and consumer internet businesses, coinciding with a broader rebound across Dalal Street’s primary issuance market.

Subscription Breakdown

Demand picked up briskly across investor categories on Day 2 of the bidding process:

• Retail Individual Investors (RIIs): The retail portion led subscription charts, being booked 1.12 times.
• Qualified Institutional Buyers (QIBs): Institutional participation, which was quiet on the opening day, climbed to 1.03 times the allotted quota.
• Non-Institutional Investors (NIIs): High-net-worth individuals and corporate bidders subscribed to 0.85 times their allocated segment.

The issue opened for public bidding on Friday, September 25, 2026, closing its opening session with 23% total subscription before accelerating to reach full subscription by 3:08 p.m. IST on Monday. Bidding closes on Tuesday, September 29, 2026.

Issue Structure and Valuations

AceVector has fixed a price band of Rs 30 to Rs 32 per equity share with a face value of Re 1 each. The minimum application size stands at 468 shares, requiring an outlay of Rs 14,976 at the upper price limit.

At the upper end of the price band, AceVector is targeting a market valuation of up to Rs 1,741.4 crore (approximately $182 million).

The Rs 420-crore offering is split into two components:

• A fresh issue of equity shares aggregating to Rs 287 crore.
• An offer for sale (OFS) of up to 4.16 crore equity shares worth Rs 133 crore.

The OFS involves stake sales by early institutional backers, including SoftBank-owned Starfish and Nexus Venture Partners. Co-founders Kunal Bahl and Rohit Bansal, who together hold 33.99% equity in AceVector directly and via B2 Professional Services LLP, are not offloading any shares through the offer.

Prior to the public bidding, the company mobilised Rs 189 crore from 14 anchor investors at the upper price band of Rs 32 per share, drawing funds including Helios Mutual Fund, Singularity Growth Opportunities Fund II, and Alchemy Long Term Ventures Fund.

Utilization of Proceeds

According to the red herring prospectus, the company will deploy the net proceeds from the fresh capital raise into its core platforms:

• Marketing and Business Promotion: Rs 132 crore is earmarked for scaling customer acquisition and visibility for the marketplace division.
• Technology Infrastructure: Rs 50 crore will be utilized for technology enhancements and IT architecture.
• Corporate Expansion: The remainder is allocated toward general corporate requirements and potential inorganic acquisitions.

Financial Snapshot and Business Profile

Formerly incorporated as Jasper Infotech in 2007, the company rebranded to AceVector Limited in 2023. It runs an asset-light e-commerce and software ecosystem primarily driven by three business units:

• Snapdeal: A value-focused e-commerce marketplace catering extensively to Tier-2 and smaller towns, operating across 18,972 pin codes.
• Unicommerce eSolutions: An e-commerce management SaaS suite offering order, warehouse, and logistics management via platforms such as Uniware, Shipway, and Convertway.
• Stellaro Brands: An omnichannel consumer brand arm housing private labels including women's ethnic apparel brand Rangita.

For the financial year ended March 31, 2026 (FY26), AceVector clocked consolidated revenue from operations of Rs 510.38 crore, up from Rs 395 crore in the prior period. During the year, Unicommerce's SaaS platform generated Rs 204 crore in revenue. While adjusted operational margins have shown recovery, the company reported a consolidated net loss of Rs 45.51 crore for FY26.

The basis of allotment is scheduled to be finalized on September 30, 2026, and equity shares are slated to debut on both the BSE and NSE on October 5, 2026.

Tags: AceVector Snapdeal Unicommerce NSE BSE SEBI