AceVector, the parent company of Snapdeal, saw its ₹420 crore initial public offering (IPO) subscribed 9% by 14:12 IST on the first day of bidding, according to BSE data. Investors placed bids for 65.11 lakh shares against the 7.42 crore shares on offer. The IPO, which has a price band of ₹30-₹32 per share, will close on September 29 and is expected to list on the BSE and NSE on October 5.
Retail investors led the bidding, subscribing to 36% of their quota by placing bids for 49.85 lakh shares against 1.37 crore shares reserved for them. Non-institutional investors (NIIs) subscribed to 7% of their allocation, bidding for 15.27 lakh shares against 2.06 crore shares. Qualified institutional buyers (QIBs) had not placed bids against their 3.99 crore share allocation by the same time. AceVector raised ₹189 crore from anchor investors ahead of the public issue, with Helios Mutual Fund and Taurus Ethical Fund acquiring 93.75 lakh shares, or 15.87% of the anchor allocation.
The IPO comprises a fresh issue of shares worth ₹287 crore and an offer for sale (OFS) of up to 4.16 crore shares valued at ₹133 crore at the upper price band. AceVector plans to use ₹132 crore of the net proceeds for Snapdeal’s marketing and business promotion, ₹50 crore for technology infrastructure, and the remaining funds for acquisitions and general corporate purposes. The company is valued at up to ₹1,741.4 crore ($181.7 million) based on the price band.
AceVector’s shares are scheduled to list on the BSE and NSE on October 5. The IPO closes on September 29, marking a key milestone in the company’s public market debut and capital raising efforts to support Snapdeal’s growth and technology upgrades.