The IPO has a price band of ₹30 to ₹32 per equity share. At the upper end of the band, the company is looking to raise ₹420 crore and is expected to command a post-issue market capitalisation of around ₹1,741 crore.
Ahead of the IPO, AceVector raised ₹189 crore from anchor investors. The company allotted 5.9 crore shares at ₹32 apiece, the upper end of the price band.
Negen Undiscovered Value Fund received the largest allocation in the anchor book, with 1,24,99,812 shares worth around ₹40 crore. Singularity Growth Opportunities Fund II was allotted 84,37,104 shares worth nearly ₹27 crore.
Turnaround Opportunities Fund received 62.49 lakh shares worth around ₹20 crore, while Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund and LC Pharos Multi Strategy Fund VCC were each allotted 46.87 lakh shares worth about ₹15 crore.
Other investors in the anchor book include Helios Mid Cap Fund, Helios Small Cap Fund, Ashika Global Finance, Taurus Ethical Fund, Emerge Capital Opportunities Scheme, Saint Capital Fund, ASAS Global Fund Incorporated VCC Sub Fund and TMF Holdings.
SBI Securities: Avoid
SBI Securities has assigned an ‘Avoid’ rating to the AceVector IPO, citing persistent losses, intense competition and the company’s dependence on third-party logistics providers.
AceVector operates across value e-commerce through Snapdeal, e-commerce enablement SaaS through Unicommerce and consumer brands through Stellaro Brands. Revenue grew at a 15.9% CAGR between FY24 and FY26, led by a 40.5% CAGR in its higher-margin SaaS business.
The brokerage said that adjusted EBITDA losses narrowed to ₹16 crore in FY26 from ₹27 crore in FY24. It expects future growth to be driven by greater penetration in Tier 2 and smaller cities, AI-driven improvements to search, expansion of the SaaS client base and growth in retail stores.
However, SBI Securities highlighted continued losses and intense competition from established players such as Meesho, Flipkart and Amazon as key concerns. The brokerage also pointed to AceVector’s complete dependence on third party logistics providers.
At the upper price band of ₹32, the IPO is valued at 3.4 times FY26 price-to-sales on a post issue basis. Given the competitive intensity, SBI Securities expects the company to remain loss making in the near-to-medium-term and has recommended avoiding the issue and tracking the stock after listing.
IPO details
The IPO comprises a fresh issue of up to ₹287 crore and an offer for sale of shares worth ₹133 crore. The shares have a face value of ₹1 each.
Under the offer for sale, existing shareholders including SoftBank subsidiary Starfish and Nexus Venture Partners will sell shares. Other selling shareholders include FIH Business Global, Kenneth Stuart Glass, Jason Ashok Kothari, Rupen Investment and Industries, Centaurus Trading and Investments and Laurent Bernard Amouyal.
Investors can bid for a minimum of 468 shares and in multiples thereafter. Of the total issue, 75% has been reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.
AceVector had also raised ₹13 crore through a pre-IPO round, which will be adjusted against the fresh issue component.
Use of IPO proceeds
AceVector plans to deploy ₹132 crore from the net fresh issue proceeds towards marketing and business promotion expenses for its marketplace business.
Another ₹50 crore will be used to strengthen technology infrastructure for the marketplace business. The remaining proceeds will be used for acquisitions and general corporate purposes.
Business and financials
Gurgaon-headquartered AceVector operates an asset-light digital commerce ecosystem comprising Snapdeal, Unicommerce eSolutions and consumer brands under Stellaro Brands.
The company reported a net loss of ₹60.7 crore in FY26, narrowing from ₹139.2 crore in the previous fiscal year. Revenue from operations, however, increased 29.2% to ₹510.4 crore from ₹395 crore a year earlier.
Starfish is AceVector’s largest shareholder with a 30.11% stake, followed by Kunal Bahl with 12.19% and Rohit Kumar Bansal with 10.93%. B2 Professional Services LLP, owned by the wives of Bahl and Bansal, holds a 10.87% stake.
The grey market premium for AceVector shares stood at ₹2 on Friday, although the premium can change depending on market sentiment.
IIFL Capital Services, CLSA India and Systematix Corporate Services are the merchant bankers to the issue. Trading in AceVector shares is expected to begin on October 5.
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