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[Update] Snapdeal Parent AceVector Ends Market Debut 18.5% Below Issue Price

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[Update] Snapdeal Parent AceVector Ends Market Debut 18.5% Below Issue Price

Snapdeal parent AceVector’s shares closed their maiden trading session at ₹26.10 on the BSE, 18.4% below the issue price of ₹32 and 7.8% below the listing price of ₹28.30. The stock recovered from an intraday low of ₹23.40.

On the NSE, the stock ended at ₹26.08, down 18.5% from the issue price and 7.9% from its listing price of ₹28.32. It touched an intraday low of ₹23.37.

The company ended the session with a market capitalisation of ₹1,420.3 Cr (about $147.4 Mn) on the 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. 08X its acquisition cost on those shares. 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.


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