AceVector, the parent company of Snapdeal, saw its ₹420 crore initial public offering (IPO) subscribed 96% by 14:33 IST on the second day of bidding, according to inc42.com. Investors placed bids for 7.16 crore shares against the 7.42 crore shares on offer. The IPO is scheduled to close on September 29, with shares expected to list on the BSE and NSE on October 5.
Retail investors showed strong interest, oversubscribing their quota by 1.11 times with bids for 1.53 crore shares against 1.37 crore shares reserved. Qualified institutional buyers (QIBs) fully subscribed their portion, placing bids for 4.03 crore shares against 3.99 crore shares reserved, reflecting an oversubscription of 1.01 times. Non-institutional investors (NIIs) subscribed 78% of their quota, with bids for 1.61 crore shares against 2.06 crore shares on offer. Within NIIs, bids in the ₹2-10 lakh range oversubscribed by 1.20 times, while bids above ₹10 lakh were subscribed at 78%.
On the first day of bidding, the IPO was subscribed just 23%, with bids for 1.72 crore shares. AceVector set a price band of ₹30-₹32 per share, valuing the company at up to ₹1,741.4 crore. The grey market price suggests a flat listing for the shares. Prior to the IPO, AceVector raised ₹189 crore in funding. This IPO is one of the notable public offerings in the Indian e-commerce sector this year.
AceVector’s shares are expected to debut on the BSE and NSE on October 5, marking a key milestone for the company and its investors.