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AceVector raises Rs 189 Cr from anchor investors ahead of IPO

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AceVector raises Rs 189 Cr from anchor investors ahead of IPO

AceVector, the parent company of Snapdeal, Unicommerce and Stellaro Brands, has raised Rs 189 crore from anchor investors ahead of its initial public offering (IPO).

The company allotted 5.91 crore shares to 14 anchor investors at Rs 32 per share, the upper end of its IPO price band. The anchor round was completed on September 24, a day before the public issue opens for subscription.

Negen Undiscovered Value Fund emerged as the largest investor in the anchor book, receiving shares worth nearly Rs 40 crore. Singularity Growth Opportunities Fund II invested around Rs 27 crore, while Turnaround Opportunities Fund was allotted shares worth nearly Rs 20 crore.

Domestic mutual funds accounted for 15.87% of the anchor allocation, with Helios Mutual Fund and Taurus Mutual Fund participating through three schemes. The two fund houses together received shares worth around Rs 30 crore.

AceVector’s Rs 420 crore IPO will open for subscription on September 25 and close on September 29. The issue has a price band of Rs 30-32 per share and comprises a fresh issue of Rs 287 crore and an offer for sale (OFS) of 4.16 crore shares worth around Rs 133 crore at the upper price band.

SoftBank, Nexus Venture Partners and other existing investors will sell part of their holdings through the OFS. Co-founders Kunal Bahl and Rohit Bansal are not selling any shares in the IPO.

AceVector had earlier planned a larger IPO but has now trimmed the issue size. The company is seeking a valuation of around Rs 1,741 crore at the upper end of the price band.


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