AceVector Ltd, the parent company of Snapdeal, has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI), nearly a year after receiving observations on its confidential IPO filing. The company has reduced its fresh issue size by ₹13 crore to ₹287 crore from the ₹300 crore proposed earlier. The offer-for-sale (OFS) component has also been cut by 34.9% to 4.16 crore shares. The IPO will open for public subscription on September 25, with anchor bidding on September 24, according to inc42.com.
The reduction in the fresh issue size followed a pre-IPO placement round that raised ₹13 crore, prompting the cut. SoftBank’s selling entity Starfish I Pte Ltd has lowered its OFS by 34.8% to 2.76 crore shares from 4.23 crore shares. Nexus-affiliated selling entities—Nexus India Direct Investments II, Nexus Opportunity Fund Ltd, and Nexus Ventures III Ltd—will collectively sell 86.96 lakh shares, down from 1.33 crore shares earlier proposed. Some individual investors, including Priyanka Shreevar Kheruka, have opted out of the OFS in the RHP, inc42.com reported.
AceVector’s IPO adjustments reflect strategic moves to balance fresh capital raising and existing shareholder exits. The trimmed OFS and fresh issue sizes indicate a calibrated approach to market conditions and investor appetite. SoftBank and Nexus entities remain significant sellers, highlighting their continued stake reduction in the company. The IPO is among the notable listings in the Indian e-commerce sector this year, following a confidential filing process that began nearly a year ago, according to inc42.com.
The IPO subscription window will be open from September 25 to September 29, with anchor investors bidding a day earlier on September 24. The final share allotment and listing dates will be announced post subscription, marking a key milestone for AceVector’s public market debut, as detailed by inc42.com.