- ₹189 crore anchor book adds institutional backing ahead of September 25 opening
- Price band fixed at ₹30–32; minimum bid 468 shares; issue closes September 29
- Fresh issue of ₹287 crore to fund marketplace marketing, technology and inorganic growth
- FY26 operating revenue rises 29% to ₹510.38 crore, while adjusted EBITDA loss narrows sharply
- Snapdeal, Unicommerce and Stellaro Brands form the company’s asset-light digital commerce portfolio
- Post-issue market capitalisation at the upper band estimated at about ₹1,741 crore
R MANICKAVASAGAM
AHMEDABAD, SEPT 24
Can an e-commerce ecosystem built around value retail, technology and consumer brands convert improving revenue momentum into sustainable profitability? That is the central investor question as AceVector Ltd, the parent of Snapdeal and Unicommerce, opens its ₹420-crore initial public offering on Friday.
SoftBank-backed AceVector has fixed the IPO price band at ₹30–32 per equity share, with the public issue opening on September 25 and closing on September 29. The company has already raised ₹189 crore from anchor investors through an allocation of 5.9 crore shares at ₹32 a share, the upper end of the price band.
The IPO comprises a fresh issue of ₹287 crore and an offer for sale of ₹133 crore by existing shareholders. Anchor bidding took place on September 24. The shares are proposed to be listed on BSE and NSE, with NSE as the designated stock exchange.
Three engines, one listed platform
AceVector operates an asset-light digital commerce ecosystem comprising Snapdeal, its value-focused lifestyle marketplace; Unicommerce, an e-commerce enablement SaaS platform; and Stellaro Brands, its omnichannel consumer-brands business.
The company’s growth trajectory has strengthened operationally. Revenue from operations rose 29.2% to ₹510.38 crore in FY26 from ₹395.02 crore in FY25, while adjusted EBITDA loss narrowed to ₹15.94 crore from ₹39.16 crore. However, the company continued to report a net loss of about ₹60.7 crore in FY26, compared with ₹139.2 crore in FY25.
That combination—higher revenue, narrowing operating losses but continuing net losses—puts the spotlight on the company’s path towards profitability.
Where the ₹287 crore fresh capital goes
AceVector plans to deploy ₹132 crore of the fresh-issue proceeds towards marketing and business promotion for its marketplace business and ₹50 crore towards technology infrastructure.
The remaining proceeds are earmarked for inorganic growth through acquisitions and general corporate purposes. The company had also raised ₹13 crore through a pre-IPO placement, with the proceeds to be adjusted against the fresh issue.
The IPO allocation reserves 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.
Investors can bid for a minimum of 468 shares and in multiples thereafter. At the upper price band, the minimum application works out to ₹14,976.
Anchor book brings 14 funds
The ₹189-crore anchor allocation saw participation from 14 funds, including Helios Mutual Fund, Singularity Growth Opportunities Fund II, Alchemy Long Term Ventures Fund Series 3 and Negen Undiscovered Value Fund. Two domestic mutual-fund schemes received 15.87% of the anchor allocation.
Existing investors including SoftBank’s Starfish and Nexus Venture Partners are participating in the OFS. The company’s co-founders Kunal Bahl and Rohit Kumar Bansal, together with their jointly owned entity B2 Professional Services LLP, are not selling shares in the IPO.
The company has trimmed the issue from its earlier proposal of a ₹300-crore fresh issue and an OFS of 6.38 crore shares, making the present offer smaller in terms of the planned fresh capital and secondary sale.
The Unicommerce precedent
AceVector’s portfolio gives investors exposure to multiple layers of digital commerce—from consumer-facing marketplace operations to SaaS-led e-commerce enablement and consumer brands.
Its subsidiary Unicommerce eSolutions was listed in 2024 after its IPO was subscribed more than 168 times, providing an earlier public-market reference point within the group.
IIFL Capital Services, CLSA India and Systematix Corporate Services are the book-running lead managers to the AceVector IPO.
The company is expected to list on October 5, subject to the IPO process and applicable approvals.
For AceVector, therefore, the September 25 launch is more than another internet-business listing. It puts a value-commerce marketplace, a listed e-commerce technology franchise and a consumer-brands platform under one public-market lens—with its ability to translate revenue growth into sustained profitability likely to remain a key metric for investors to track.
