AceVector makes weak market debut, shares list 11.5% below issue price

AceVector Ltd., the parent company of Snapdeal, experienced a disappointing debut on the stock market on Monday, October 5. The shares opened at a significant discount, trading at Rs 28.32 on the NSE and Rs 28.30 on the BSE, falling approximately 11.5% from their issue price of Rs 32. This weak opening contrasted with previous grey market trading, which had predicted a modest 3% increase at launch.

Despite raising Rs 420 crore at the upper end of the Rs 30 to Rs 32 price band, providing AceVector with a market capitalization of Rs 1,540.05 crore, the market reaction was less favorable than anticipated. SoftBank subsidiary Starfish and Nexus Venture Partners were among the early investors, selling off part of their holdings through the issue's offer for sale component of Rs 133 crore.

The offering drew significant interest from high-net-worth individuals, with subscriptions at 5.07 times overall. Anchor investors, including Negen Undiscovered Value Fund, Singularity Growth Opportunities, and Turnaround Opportunities Fund, played a crucial role in securing Rs 189 crore at the issue price. SoftBank retains the largest shareholding at 30.11%, followed by co-founders Kunal Bahl and Rohit Kumar Bansal.

The Gurugram-based company operates a digital ecosystem encompassing Snapdeal, Unicommerce eSolutions, and Stellaro Brands. Although the business has been operating at a loss, AceVector managed to reduce its net loss for FY26 to Rs 60.7 crore, up from Rs 139.2 crore in the previous year, with operating revenue growing 29.2% to Rs 510.4 crore.

The company intends to utilize the majority of the Rs 287 crore raised from the fresh capital to bolster marketing efforts, enhance its technology infrastructure, and pursue strategic acquisitions.