Snapdeal Parent AceVector's IPO Gets Subscribed Over 5X on Its Final Day
AceVector, the parent company of Snapdeal, Unicommerce and Stellaro Brands, saw solid demand for its initial public offering, with the Rs 420 crore issue subscribed 5.07 times overall by the time bidding closed on September 29, with investors placing bids for over 36.6 crore shares against 7.22 crore shares on offer.
Here's how the demand actually built up. The non-institutional investor (NII) category led the charge, jumping sharply from just 1.31 times on the second day to 8.53 times by the final day, while the retail portion closed at 4.83 times. The qualified institutional buyers (QIB) segment moved up from 1.05 times to 3.42 times on the last day, a pattern that's fairly typical, institutional investors often wait until the final hours to commit, while retail and HNI demand builds more steadily through the window.
The structure of the offer and its purpose matter here too. The IPO was open for subscription from September 25 to 29, priced in a band of Rs 30-32 per share, with a minimum investment of Rs 14,040 for a single lot. It combined a Rs 287 crore fresh issue with an offer for sale worth around Rs 133 crore at the upper price band. Fresh proceeds are earmarked primarily for Snapdeal's marketing and business promotion, technology infrastructure upgrades, potential acquisitions, and general corporate purposes. Ahead of the public opening, AceVector had already raised Rs 189 crore from 14 anchor investors through an allotment of 5.91 crore shares at Rs 32 apiece.
The financial backdrop shows a company still working toward full profitability but moving in the right direction. AceVector's operating revenue grew 29% to Rs 510.38 crore in FY26, up from Rs 395.02 crore in FY25, while its adjusted EBITDA loss narrowed over the same period, a sign of improving unit economics even as the company continues investing in growth.
From India's original flash-sale e-commerce disruptor to a public company, AceVector's listing marks a long-awaited milestone for one of Indian internet's most talked-about turnaround stories.
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— Sandeep Raiza