AceVector IPO Oversubscribed 2.59X On Day 3 So Far
Snapdeal parent AceVector’s ₹420 Cr IPO was oversubscribed 2.59X on the final day of bidding, with investors placing bids for…
AceVector, the Snapdeal parent company, saw its ₹420 Cr IPO oversubscribed by 2.59 times on the final day of bidding. Investors placed bids for 19.25 Cr shares while 7.42 Cr shares were available. Non-institutional investors (NIIs) dominated the bids, placing 8.46 Cr shares against 2.06 Cr shares designated for them, resulting in a 4.11X oversubscription.
Within this category, investors bidding between ₹2 Lakh and ₹10 Lakh had their quota oversubscribed 3.58X, while NIIs bidding for lots over ₹10 Lakh saw a 4.38X oversubscription. Qualified Institutional Buyers (QIBs) followed with a 1.61X oversubscription, placing 6.38 Cr shares against a reserve of 3.99 Cr. Domestic financial institutions and foreign institutional investors also oversubscribed their quotas by 3.22X and 4.38X respectively.
The grey market premium for the Snapdeal parent is currently at ₹2, indicating a slight premium at listing. The company plans to use a portion of the net proceeds for marketing, technology infrastructure, acquisitions, and general corporate purposes.
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