Snapdeal parent AceVector’s initial public offering (IPO) enabled early investors and promoters to exit, with SoftBank-backed Starfish I Pte Ltd selling shares worth about ₹88.3 crore. The IPO, priced at ₹32 per share, included a fresh issue of ₹287 crore and an offer-for-sale (OFS) of up to 4.16 crore shares valued at ₹133 crore, valuing AceVector at ₹1,741 crore, according to inc42.com.
Starfish I, AceVector’s largest shareholder, sold 2.76 crore shares in the OFS, representing roughly two-thirds of the total OFS proceeds, but recorded a return multiple of 0.08X on these shares. Post-IPO, Starfish retains 11.3 crore shares valued at ₹361.8 crore. Nexus Venture Partners also partially exited, with its various funds selling a combined 86.9 lakh shares, though returns varied significantly across its investment vehicles, per inc42.com.
Nexus India Direct Investments II sold 73.9 lakh shares for ₹23.6 crore at a 1.03X return multiple and retains 3 crore shares worth ₹96.7 crore. In contrast, Nexus Opportunity Fund Ltd and Nexus Ventures III recorded return multiples of 0.14X and 0.07X respectively on their smaller share sales. The IPO’s mixed outcomes highlight the varied investor sentiment and performance within the startup funding landscape, as detailed by inc42.com.
AceVector’s IPO raised a total of ₹420 crore, combining fresh issuance and OFS, marking a significant liquidity event for the company and its investors. The IPO pricing and share sales were finalized this week, with Starfish I’s remaining stake valued at over ₹360 crore at the issue price, according to inc42.com.