Snapdeal Parent AceVector Sets ₹30-₹32 Price Band For ₹420 Cr IPO
Snapdeal parent AceVector has set a price band of ₹30-₹32 per equity share for its IPO, valuing the company at…
Parent company AceVector of e-commerce platform Snapdeal has announced a ₹30-₹32 price band for its upcoming IPO. The valuation places the company's worth at a maximum of ₹1,741.4 Cr ($181.7 Mn). The IPO consists of a fresh share issue of ₹287 Cr and an offer for sale (OFS) of up to 4.16 Cr shares, totaling an IPO size of ₹420 Cr.
The subscription process will begin on September 25 following anchor bidding on September 24, with the IPO closing on September 29. The shares are set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 5. AceVector has slightly reduced the fresh issue from the initially proposed ₹300 Cr, cutting it by ₹13 Cr, following a ₹300 Cr pre-IPO placement.
Additionally, the OFS component has been decreased by 34.9% from the earlier plan of 6.39 Cr shares. SoftBank's Starfish IPte Ltd, the largest shareholder and part of the promoter group, will participate in the OFS by selling up to 2.76 Cr shares. At the higher end of the price band, Starfish is expected to receive up to ₹88.3 Cr from this stake sale.
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Also reported by 1 other outlet
- AceVector's ₹420-crore IPO to open on September 25; sets price band at ₹30-32/share thehindubusinessline.com
