Snapdeal Parent AceVector’s IPO Subscribed 96% On Day 2 So Far
Snapdeal parent AceVector’s ₹420 Cr IPO has been subscribed 96% as of 14:33 IST on the second day of bidding,…
AceVector's IPO, representing the parent company of ecommerce platform Snapdeal, has seen a remarkable subscription rate of 96% by the second day of bidding, with 7.16 crore shares subscribed against the 7.42 crore shares on offer. Retail investors have been particularly enthusiastic, oversubscribing their allotted shares by 1.11 times.
Qualified institutional buyers (QIBs) have also fully subscribed their quota, placing bids for 4.03 crore shares against 3.99 crore shares reserved for them. Non-institutional investors have contributed 78% of their allotted shares, placing bids for 1.61 crore shares against 2.06 crore shares on offer, with the NII category showing similar patterns in oversubscription.
The IPO, priced between ₹30-₹32 per share, is expected to list on October 5, with AceVector aiming to utilize the raised funds for marketing, technology infrastructure, acquisitions, and general corporate purposes. The company, founded in 2010 by Kunal Bahl and Rohit Bansal, reported a significant improvement in its financials, with net loss narrowing by 64% and operating revenue increasing by 29.2% in comparison to the previous fiscal year.
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