Snapdeal Parent AceVector Sets ₹30-₹32 Price Band For ₹420 Cr IPO

Snapdeal parent AceVector has set a price band of ₹30-₹32 per equity share for its IPO, valuing the company at up to ₹1,741.4 Cr ($181.7 Mn) at the upper end.

The IPO comprises a fresh issue of shares worth ₹287 Cr and an offer for sale of up to 4.16 Cr shares. At ₹32 per share, the size of the IPO is ₹420 Cr. 

The IPO will open for public subscription on Friday (September 25), following anchor bidding on Thursday (September 24). It will close on September 29. AceVector’s shares are expected to list on the BSE and NSE on October 5.

AceVector reduced the fresh issue by ₹13 Cr from the ₹300 Cr proposed in its UDRHP after raising the same amount through a pre-IPO placement. It also cut the OFS component by 34.9% from the earlier proposed 6.39 Cr shares.

SoftBank’s Starfish I Pte Ltd, AceVector’s largest shareholder and part of its promoter group, will sell up to 2.76 Cr shares through the OFS. At the upper end of the price band, the stake sale will fetch Starfish up to ₹88.3 Cr.

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