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AceVector makes weak market debut, shares list 11.5% below issue price

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AceVector makes weak market debut, shares list 11.5% below issue price

Shares of AceVector Ltd., the parent company of Snapdeal, stumbled on their stock market debut on Monday, October 5, opening at a notable discount on both the NSE and BSE. The stock listed at Rs 28.32 on the NSE and Rs 28.30 on the BSE, down roughly 11.5% from its issue price of Rs 32. The weak debut caught some investors off guard, especially as grey market trading had previously indicated a modest 3% listing gain.

The company raised Rs 420 crore at the upper end of its Rs 30 to Rs 32 price band, giving it a market capitalisation of Rs 1,540.05 crore. The issue included a fresh issue of shares worth Rs 287 crore alongside an offer for sale component of Rs 133 crore, allowing early investors like SoftBank subsidiary Starfish and Nexus Venture Partners to offload part of their holdings.

By the time bidding closed on September 29, the offering was subscribed 5.07 times overall, driven largely by high-net-worth individuals, while retail and institutional quotas saw steady participation.

Ahead of the main opening, AceVector had already secured Rs 189 crore from a group of anchor investors at Rs 32 per share. Funds like Negen Undiscovered Value Fund, Singularity Growth Opportunities, and Turnaround Opportunities Fund took up significant portions of the anchor book, alongside a mix of other domestic and offshore funds.

SoftBank's Starfish remains the company's largest shareholder with a 30.11% stake, followed by co-founders Kunal Bahl and Rohit Kumar Bansal.

The Gurugram-based firm operates a digital ecosystem that spans Snapdeal, SaaS provider Unicommerce eSolutions, and direct-to-consumer brands under Stellaro Brands.


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