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AceVector IPO Subscribed 9% On Day 1 So Far, Retail Investors Lead Bidding

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AceVector IPO Subscribed 9% On Day 1 So Far, Retail Investors Lead Bidding

Snapdeal parent AceVector’s ₹420 Cr IPO was subscribed 9% as of 14:12 IST on the first day of bidding, with investors bidding for 65.11 Lakh shares against 7.42 Cr shares on offer, according to BSE data.

Retail investors led bidding, subscribing to 36% of their quota. They placed bids for 49.85 Lakh shares against 1.37 Cr shares reserved for them.

Non-institutional investors (NIIs) bid for 15.27 Lakh shares against their allocation of 2.06 Cr shares, subscribing to 7% of the portion.

Qualified institutional buyers (QIBs) were yet to place bids against the 3.99 Cr shares earmarked for them.

The IPO will close on September 29 (Tuesday). AceVector has set a price band of ₹30-₹32 per share, valuing the company at up to ₹1,741.4 Cr ($181.7 Mn). Its shares are expected to list on the BSE and NSE on October 5.

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

Ahead of the public issue, AceVector raised ₹189 Cr from anchor investors yesterday. Helios Mutual Fund and Taurus Ethical Fund were the only domestic mutual funds to participate, together picking up 93.75 Lakh shares, or 15.87% of the anchor allocation.

AceVector plans to use ₹132 Cr of the net proceeds from the fresh issue for Snapdeal’s marketing and business promotion, and another ₹50 Cr for its technology infrastructure. The remaining proceeds will go towards acquisitions and general corporate purposes.


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