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Snapdeal Parent AceVector Lists At 11.6% Discount On BSE

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Snapdeal Parent AceVector Lists At 11.6% Discount On BSE

Snapdeal parent AceVector made a weak stock market debut, listing at ₹28.30 on the BSE, an 11.6% discount to its issue price of ₹32 per share.

On the NSE, the stock debuted at ₹28.32, an 11.5% discount to the IPO price.

At its BSE listing price, AceVector commanded a market capitalisation of ₹1,540.1 Cr (about $161 Mn), down from its IPO valuation of ₹1,741.4 Cr (about $181.7 Mn).

AceVector had set the IPO price band at ₹30-₹32 per share. The company’s ₹420 Cr IPO comprised a fresh issue of shares worth ₹287 Cr and an OFS of up to 4.16 Cr shares, worth ₹133 Cr at the issue price.

The IPO closed with an oversubscription of 4.93X. The issue received bids for 36.61 Cr shares against 7.42 Cr shares on offer. 

The OFS delivered sharply different outcomes for selling shareholders. SoftBank’s Starfish I Pte Ltd received ₹88.3 Cr from the sale of 2.76 Cr shares, but recovered just 0.08X its acquisition cost on those shares. Individual investor Kenneth Stuart Glass, meanwhile, booked a 5.4X return multiple on his ₹4.2 Cr share sale.

Ahead of the IPO, AceVector raised ₹189 Cr from anchor investors. The only two mutual funds which participated were Helios Mutual Fund and Taurus Ethical Fund.

AceVector has earmarked ₹132 Cr from the fresh issue proceeds for Snapdeal’s marketing and business promotion, and ₹50 Cr for technology infrastructure. The remaining proceeds will fund acquisitions and general corporate purposes.

Founded in 2010 by Kunal Bahl and Rohit Bansal, the business began as Snapdeal and adopted the AceVector identity in 2022.


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