Acevector shares drop 11.5% in trading debut
The initial public offering (IPO) of AceVector Ltd was subscribed 4.93 times on Tuesday, the last day of bidding
SoftBank-backed digital commerce company Acevector Ltd saw its shares drop 11.5% during its trading debut on Monday. The stock opened at ₹28.30, trading 11.56% below its issue price of ₹32. This marked a discount of 11.5% on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The company's market valuation was recorded at ₹1,394.75 crore.
The initial public offering (IPO) was subscribed 4.93 times, which was the maximum allowed. The ₹420-crore IPO had a price band set between 30-32 per share, and the company raised additional funds through a fresh issue of equity shares worth ₹287 crore and an offer-for-sale of 4.16 crore shares amounting to ₹133 crore. Acevector operates an asset-light digital commerce ecosystem comprising three business units: Snapdeal, a lifestyle e-commerce marketplace; Unicommerce, an e-commerce enablement software-as-a-service platform; and Stellaro Brands, an omnichannel retailing business.
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