Snapdeal's parent company, AceVector Limited, closes its ₹420 crore mainboard IPO today, 29 September 2026. The issue entered its third and final day of bidding after being subscribed 1.13 times at the end of Day 2, with retail investors leading the demand at 1.34x. Here is everything you need to know before bidding closes.
AceVector IPO Details
| Particular | Detail |
|---|---|
| Issue type | Mainboard IPO (book-built), fresh issue + OFS |
| Issue size | Up to ₹420 crore (at upper price band) |
| Fresh issue | Up to ₹287 crore (8.97 crore shares) |
| Offer for sale (OFS) | Up to ₹133 crore (4.16 crore shares) |
| Price band | ₹30–₹32 per share |
| Face value | ₹1 per share |
| Lot size | 468 shares |
| Minimum retail investment | ₹14,976 (1 lot at ₹32) |
| QIB reservation | 75% |
| NII reservation | 15% |
| Retail reservation | 10% |
| Listing exchanges | NSE & BSE (NSE is designated stock exchange) |
| Book-running lead managers | IIFL Capital Services, CLSA India, Systematix Corporate Services |
| Registrar | MUFG Intime India |
| Post-issue market cap | ~₹1,741.4 crore (at upper band) |
The OFS is by existing institutional shareholders, including SoftBank-backed Starfish I Pte. Ltd., Nexus Venture Partners and Foxconn-backed FIH Business Global. Notably, co-founders Kunal Bahl and Rohit Bansal are not selling any shares in the IPO.
AceVector IPO Dates (tentative)
| Event | Date |
|---|---|
| IPO opened | 25 September 2026 |
| IPO closes | 29 September 2026 (today) |
| Anchor book opened | 24 September 2026 |
| Basis of allotment | 30 September 2026 |
| Refund initiation | 1 October 2026 |
| Demat credit | 1 October 2026 |
| Listing date | 5 October 2026 |
Anchor investors came in a day before the public issue opened. AceVector raised ₹189 crore by allotting 5.91 crore shares at ₹32 apiece to 14 anchor investors. Helios Mutual Fund and Taurus Ethical Fund were the only domestic mutual funds to participate, together taking about 15.87% of the anchor allocation. The anchor book was fully subscribed.
About AceVector: What the Company Does
AceVector Limited is a Gurugram-headquartered holding company founded by Kunal Bahl and Rohit Bansal — the duo behind Snapdeal, which they started in 2010. After Snapdeal's proposed merger with Flipkart collapsed in 2017, the business pivoted to a value-focused e-commerce model. In 2022, Snapdeal was merged with the group's other businesses under the single AceVector banner.
The group runs three businesses as one asset-light digital commerce ecosystem:
- Snapdeal — the value e-commerce marketplace, which contributes roughly 57% of group revenue.
- Unicommerce eSolutions — a listed e-commerce enablement SaaS platform serving brands and sellers, contributing about 40% of revenue.
- Stellaro Brands — the consumer brands arm.
Per the red herring prospectus, the company filed a confidential DRHP with SEBI in July 2025, received the regulator's go-ahead in November 2025, and filed its RHP in September 2026.
AceVector IPO Financials
| Particular (₹ crore) | FY2026 | FY2025 |
|---|---|---|
| Revenue from operations | 510.38 | 395.01 |
| Adjusted EBITDA loss | (15.94) | (39.16) |
| Restated net loss | (45.51) | (126.31) |
Operating revenue grew 29.2% year-on-year in FY2026, while the restated net loss narrowed nearly 64% — real improvement, but the company is still loss-making. Snapdeal's marketplace business drives the bulk of revenue, with the SaaS business contributing the higher-margin slice.
Where the Fresh Issue Money Goes
AceVector plans to deploy the net proceeds from the ₹287 crore fresh issue as follows:
- ₹132 crore — marketing and business promotion for the Snapdeal marketplace business.
- ₹50 crore — technology infrastructure for the marketplace business.
- Balance — inorganic growth through acquisitions and general corporate purposes.
The proceeds are going primarily into reviving Snapdeal's marketplace growth engine — the core turnaround bet behind this IPO.
AceVector IPO Subscription Status
Bidding so far (Day 1 → Day 2):
- Day 1 (25 Sept): 0.23x overall — retail 0.65x, NII 0.44x, QIB yet to bid.
- Day 2 (28 Sept): 1.13x overall — retail 1.34x, NII 1.20x, QIB 1.03x.
Institutions typically place the bulk of their bids on the final day, so the Day 3 numbers could move materially by close. For a full view of today's final-day action across all IPOs, see our IPO GMP Today (29 Sept) roundup.
AceVector IPO GMP Today
The AceVector IPO grey market premium stands at ₹2 per share. At the upper price band of ₹32, this implies an estimated listing price of ₹34 and a listing gain of around 6.25%.
Note: GMP is unofficial, market-reported data and can change at any time. It does not guarantee the actual listing price.
Strengths and Risks
What works in its favour:
- Sharp financial turnaround trajectory — losses down ~64% in a year, revenue up ~29%.
- Diversified digital commerce engine: a consumer marketplace, a listed SaaS business, and consumer brands under one roof.
- Promoters Bahl and Bansal are not selling — skin in the game for the turnaround.
- ₹189 crore anchor book subscribed, with institutional participation.
- Low entry ticket: ₹14,976 minimum investment is accessible for retail investors.
What to watch out for:
- Still loss-making — the turnaround is incomplete and profitability is not yet proven.
- Heavy marketing spend (₹132 crore of the ₹287 crore fresh issue) is a cost that may recur before it pays off.
- Valuation of ~₹1,741 crore on a loss-making base means you're paying for future growth, not current earnings.
- Flat-to-modest GMP (~6%) signals limited grey-market enthusiasm so far.
- Competitive, low-margin value e-commerce space with deep-pocketed rivals.
Should You Apply?
AceVector's IPO is a turnaround bet: a sharper, leaner Snapdeal group with improving unit economics and a listed SaaS asset in the mix. The ₹30–32 price band keeps the entry ticket low, and the Day 2 retail response (1.34x) shows reasonable retail appetite. But the business is still in the red, the GMP is flat, and the money raised is largely going into marketing rather than new revenue-generating assets.
Conservative investors may prefer to wait for a proven profitable quarter before paying for a turnaround. If you do apply, treat it as a high-risk, long-horizon position rather than a listing-gain play. As always, consult a certified financial advisor before investing.
This article is for informational purposes only and is not investment advice. Grey market premiums are unofficial and subject to change.
FAQs
When does the AceVector IPO close?
The IPO opened on 25 September 2026 and closes today, 29 September 2026.
What is the AceVector IPO price band?
The price band is ₹30–₹32 per share, with a face value of ₹1 per share.
What is the AceVector IPO lot size?
The minimum lot size is 468 shares. At the upper end of the price band, the minimum retail investment is ₹14,976.
When will AceVector list on the stock exchange?
The shares are expected to list on the NSE and BSE on 5 October 2026, tentatively. Allotment is expected on 30 September 2026.
What is the AceVector IPO GMP today?
The grey market premium is around ₹2 per share, implying an estimated listing price of ₹34 (~6.25% gain over the ₹32 cap price). GMP is unofficial and may change.
Is AceVector the same as Snapdeal?
AceVector Limited is the parent company of Snapdeal, along with Unicommerce eSolutions and Stellaro Brands. It was formed in 2022 by merging Snapdeal with the group's other businesses.
Are the founders selling shares in the IPO?
No. Co-founders Kunal Bahl and Rohit Bansal are not offloading any shares. The OFS is by institutional investors such as SoftBank-backed Starfish, Nexus Venture Partners and Foxconn-backed FIH Business Global.
Related reading: German Green Steel IPO review — and today's IPO GMP roundup.