Snapdeal parent AceVector raises Rs 189 crore from anchors; Negen, Singularity among top investors
In a significant move, AceVector, the owner of Snapdeal, has successfully garnered Rs 189 crore from anchor investors for its upcoming IPO, scheduled to open on September 25 with a set price range of Rs 30-32 per share. Major allocations were made to funds like Negen Undiscovered Value Fund and Singularity Growth Opportunities Fund II.
AceVector, the parent company of online marketplace Snapdeal, successfully raised Rs 189 crore from anchor investors prior to its planned initial public offering (IPO) set to open for public subscription on September 25. Shares were allocated to these anchor investors at Rs 32 each, which was the top end of the IPO price band.
Negen Undiscovered Value Fund emerged as the largest anchor investor, securing 1,24,99,812 shares worth approximately Rs 40 crore. Following Negen was Singularity Growth Opportunities Fund II, which obtained 84,37,104 shares valued at nearly Rs 27 crore. Other notable anchor investors included Turnaround Opportunities Fund, Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund, and LC Pharos Multi Strategy Fund VCC, each receiving 46.87 lakh shares worth around Rs 15 crore.
Together, these anchor investors accounted for 93.74 lakh shares, or 15.87% of the total anchor allocation, representing about Rs 30 crore. Notably, no applications were received from insurance companies and pension funds, resulting in no allocations to them.
The company's IPO will commence on September 25 and conclude on September 29, with the anchor investor bidding round taking place on September 24. The price band has been set between Rs 30 and Rs 32 per share. Investors can bid for a minimum of 468 shares, in increments of 468 thereafter, with the minimum retail application costing Rs 14,976 at the upper price band.
The public issue consists of a fresh issue worth Rs 287 crore and an offer for sale (OFS) of up to 4,15,62,500 shares by existing shareholders, totaling approximately Rs 420 crore. The proceeds from the fresh issue will be utilized for marketing and business promotion, technology infrastructure costs, inorganic growth through acquisitions, and general corporate purposes.
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