Snapdeal Parent AceVector’s IPO Subscribed 96% On Day 2 So Far

Snapdeal parent AceVector’s ₹420 Cr IPO has been subscribed 96% as of 14:33 IST on the second day of bidding, with investors placing bids for 7.16 Cr shares against the 7.42 Cr shares on offer.

Till now, retail investors have been most bullish on the public float, oversubscribing their quota 1.11X. These investors have placed bids for 1.53 Cr shares till now against 1.37 Cr shares reserved for them.

Following them, the qualified institutional buyer (QIB) portion has been completely subscribed, with these investors placing bids for 4.03 Cr shares against 3.99 Cr shares reserved for the category. This translates to an oversubscription of 1.01X.

Non-institutional investors (NIIs) subscribed their quota by 78%, placing bids  for 1.61 Cr shares against 2.06 Cr shares on offer.

Within the NII category, investors bidding for lots in the range of ₹2-10 Lakh oversubscribed their quota by 1.20X, while the portion for bids above ₹10 Lakh was subscribed 78%.

On the first day of bidding on Friday (September 25), the IPO was subscribed just 23%, with investors placing bids for 1.72 Cr shares against 7.42 Cr shares on offer.

The IPO is set to close tomorrow (September 29). AceVector set a price band of ₹30-₹32 per share, valuing the company at up to ₹1,741.4 Cr. 

Its shares are expected to list on the BSE and NSE on October 5. As per grey market price (GMP) price for AceVector today, the company’s shares are expected to make a flat listing.

Ahead of opening the IPO, AceVector raised ₹189 Cr from anchor investors by allotting 5.91 Cr shares at ₹32 apiece. Helios Mutual Fund and Taurus Ethical Fund were the only domestic mutual funds to participate. Together, they picked up 93.75 Lakh shares, or 15.87% of the anchor allocation.

The issue comprises a fresh issue of shares worth ₹287 Cr and an offer for sale (OFS) of up to 4.16 Cr shares, worth ₹133 Cr at the upper end of the price band.

AceVector plans to use ₹132 Cr of the fresh issue proceeds for Snapdeal’s marketing and business promotion and another ₹50 Cr for its technology infrastructure. The remaining funds will be used for acquisitions and general corporate purposes. On the other hand, investors like SoftBank, Nexus Venture Partners, among others will be paring their stake in the company via the IPO.

Founded in 2010 by Kunal Bahl and Rohit Bansal, AceVector owns ecommerce platform Snapdeal, ecommerce enablement platform Unicommerce and consumer brands business Stellaro Brands. The group adopted the AceVector name in 2022.

The company’s restated net loss for the fiscal year FY26 narrowed nearly 64% to ₹45.5 Cr in from ₹126.3 Cr in FY25. Its operating revenue, meanwhile, rose 29.2% to ₹510.3 Cr from ₹395 Cr.

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