AceVector IPO
AceVector shares listed on BSE and NSE on 5 October 2026 after an IPO priced at ₹32, an issue of ₹420 crore.
- Minimum investment
- ₹14,9761 lot of 468 shares, at the issue price
- Issue price
- ₹32
- Lot size
- 468 shares
- Issue size
- ₹420 croreFresh issue and offer for sale
- Bidding
- 25 Sep to 29 Sep
- Listing
- 5 OctBSE, NSE
Dates
AceVector IPO dates
RHP cover page and Terms of the Offer (p. 502)- 24 SepAnchor bidding
- 25 SepBidding opens
- 29 SepBidding closes, UPI by 5 pm
- 30 SepAllotment
- 1 OctRefunds and demat credit
- 5 OctListing
- Today7 Nov
Read before you apply
AceVector IPO review: read before you apply
Worth checking
- SeriousLosses in all three years
The loss was ₹51.30 crore in FY24, ₹126.31 crore in FY25 and ₹45.51 crore in FY26. Cash from operations was negative in all three years (Risk factors 1 and 2).
- SeriousSmall stake in the profitable part
AceVector owns only 26.13% of Unicommerce, its profitable software arm, but controls it through board rights. Most of Unicommerce's profit belongs to other shareholders, so the FY26 loss for AceVector's own shareholders was ₹60.78 crore (Risk factor 7).
- Marketplace margins have fallen
Snapdeal's contribution margin fell from 57.46% of its revenue in FY24 to 37.28% in FY26 (our calculation), and its adjusted EBITDA loss grew to ₹50.25 crore (RHP, Basis for Offer Price, KPIs).
- FY26 helped by one-off income
FY26 other income of ₹27.28 crore includes ₹15.76 crore of old liabilities written back (RHP, Other Financial Information, p. 418).
- Money for unnamed acquisitions
Up to 25% of the gross fresh issue can go to acquisitions that are not yet identified (Risk factor 19 and Objects of the Offer).
- Pending cases
20 cases are pending against the company, including 3 criminal cases, with ₹61.11 crore involved. 9 cases are pending against the promoters (Risk factor 17).
Strengths
- Software arm growing fast
Unicommerce (SaaS) revenue grew from ₹103.58 crore in FY24 to ₹204.34 crore in FY26, and its share of group revenue rose from 27.28% to 40.04% (RHP, Our Business).
- Revenue growing
Revenue grew 15.9% a year from FY24 to FY26 to ₹510.38 crore (our calculation from the restated financial information).
- Losses narrowing
Adjusted EBITDA loss fell from ₹39.16 crore in FY25 to ₹15.94 crore in FY26 (RHP, Basis for Offer Price, KPIs).
- More sales on Snapdeal
Net merchandise value on Snapdeal rose from ₹633.34 crore in FY24 to ₹1,093.11 crore in FY26 (RHP, Basis for Offer Price, KPIs).
- No borrowings
The group had no borrowings on 31 March 2026 (RHP, Summary of Financial Information).
What AceVector does
AceVector runs three businesses. Snapdeal is an online marketplace for low-priced fashion, home and beauty products, aimed at value shoppers. Unicommerce sells software that helps online sellers manage orders, stock and shipping. Stellaro Brands sells the Rangita women's ethnic wear brand online and in 19 stores.
The company was set up in 2007 in New Delhi as Jasper Infotech and was renamed Snapdeal and then AceVector. Its promoters are Kunal Bahl, Rohit Kumar Bansal and Starfish I Pte. Ltd.
Listing and subscription
AceVector IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹32
- Listing price
- ₹28.32
- Gain at open
- −11.5%
- Day close
- ₹26.08
Subscription
- Total
- 4.93x
- Retail
- 4.62x
- Updated
- 29 Sep 2026, 5:00 pm IST
- QIB75% of offer3.38x
- NII15% of offer8.16x
- Big NII8.92x
- Small NII6.64x
- Retail10% of offer4.62x
- Total4.93x
As of 29 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
AceVector IPO price band, lot size and issue size
RHP cover page, The Offer (p. 69) and Offer Structure (p. 506). Fresh issue of up to ₹287.00 crore, after a ₹13.00 crore pre-IPO placement was taken off it.| Issue price | ₹32 |
| Lot size | 468 shares |
| Issue size | ₹420 crore at the upper price |
| Fresh issue | ₹287 crore |
| Offer for sale | ₹133 crore by promoter Starfish I Pte. Ltd.; investors Nexus India Direct Investments II, FIH Business Global, Nexus Opportunity Fund, Nexus Ventures III, Rupen Investment and Industries, Centaurus Trading and Investments; and individuals Kenneth Stuart Glass, Jason Ashok Kothari, Laurent Bernard Amouyal, Misha Kohli, Radhika Gupta and Nalin Luis Moniz |
| Face value | ₹1 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 140)| Object of the issue | ₹ crore |
|---|---|
| Marketing and business promotion for the Snapdeal marketplace | 132.00 |
| Technology infrastructure for the Snapdeal marketplace | 50.00 |
| Acquisitions not yet identified, and general corporate purposes (amount to be set at the final price) | |
| Offer for sale by existing shareholders. The company receives none of this money |
Minimum and maximum investment
Our calculation: at ₹32 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 468 | ₹14,976 |
| Retail (max) | 13 | 6,084 | ₹1,94,688 |
| Small NII (min) | 14 | 6,552 | ₹2,09,664 |
| Small NII (max) | 66 | 30,888 | ₹9,88,416 |
| Big NII (min) | 67 | 31,356 | ₹10,03,392 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 152 to 153)Set to the issue price, ₹32. Change it to see what you would be paying for.
- Market cap
- ₹1,741 cr
- P/E (FY26, diluted)
- Loss-making
- Price to book
- 17.1x
- Market cap to sales
- 3.4x
- Peer average P/E
- 462.5x
Based on FY26, diluted loss per share of ₹1.32, 54.42 crore shares, net worth of ₹102.08 crore (March 2026, owners' share) and revenue of ₹510.38 crore. EPS is negative, so a P/E for AceVector is not meaningful. The peer average P/E of 462.50x is from the RHP (p. 152 to 153) and uses only one peer, FSN E-Commerce Ventures; the other two peers are loss-making. Shares are after the IPO (our calculation at the issue price of ₹32).
Financials
AceVector financials
RHP, Restated Consolidated Financial Information (p. 71 to 75) and Other Financial Information (p. 418), ₹ croreRevenue by segment
Revenue grew 15.9% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 379.76 | 395.02+4.0% | 510.38+29.2% |
| EBITDA | -35.77 | -107.79 | -22.17 |
| EBITDA margin | -9.42% | -27.29% | -4.34% |
| Adjusted EBITDA | -26.52 | -39.16 | -15.94 |
| Profit after tax | -51.30 | -126.31 | -45.51 |
| Loss for owners of AceVector | -57.87 | -139.27 | -60.78 |
| Diluted EPS (₹) | -1.26 | -3.04 | -1.32 |
| Total equity | -122.37 | 188.40 | 260.35 |
| Cash from operations | -54.85 | -27.35 | -1.80 |
Consolidated figures. FY25 includes a ₹73.61 crore exceptional charge and FY24 a ₹2.83 crore exceptional charge. Total equity includes the share of other Unicommerce shareholders.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 153 to 154). Peer prices as of 17 Sep 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| AceVector | 510.38 | -1.32 | Not meaningful (loss) | -59.54% |
| FSN E-Commerce Ventures | 10,022.35 | 0.70 | 462.50x | 13.87% |
| Brainbees Solutions | 8,547.94 | -2.90 | NA | -2.91% |
| Meesho | 12,626.35 | -3.11 | NA | -30.95% |
The peer average P/E of 462.5x is our calculation, a simple average of the peers listed.
Key performance indicatorsAdjusted EBITDA margin, Return on net worth, Net merchandise value (₹ crore) and more
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Adjusted EBITDA margin | -6.98% | -9.91% | -3.12% |
| Return on net worth | NA | -110.24% | -59.54% |
| Net merchandise value (₹ crore) | 633.34 | 869.56 | 1,093.11 |
| Delivered units | 1.48 crore | 1.99 crore | 2.60 crore |
| Annual transacting customers | 78.5 lakh | 1.04 crore | 1.22 crore |
| Marketplace adjusted EBITDA (₹ crore) | -36.72 | -48.01 | -50.25 |
| SaaS adjusted EBITDA (₹ crore) | 16.20 | 25.35 | 41.28 |
| Unicommerce clients | 3,502 | 7,008 | 8,261 |
Return on net worth for FY24 is not given in the RHP because net worth was negative.
RHP, Basis for Offer Price, KPIs (p. 155 to 156)
Company
About AceVector
Business
RHP, Our Business (p. 214 to 219)In FY26, 83.75% of units sold on Snapdeal were priced below ₹599 and 82.22% went to customers outside metro cities. Snapdeal is asset-light: it holds no stock and uses outside delivery firms.
Revenue by segment, FY26
- Pin codes served, FY26
- 18,972
- Units below ₹599, FY26
- 83.75%
- Stake in Unicommerce
- 26.13%
- Rangita stores
- 19
Key risks
RHP, Risk Factors- Continuing lossesThe group has made losses for three years and may keep doing so.
- Negative cash flowOperations used cash in FY24, FY25 and FY26.
- Snapdeal dependenceThe marketplace was 57.54% of FY26 revenue.
- Control of UnicommerceIt owns 26.13% and could lose control if its board rights change.
- CompetitionE-commerce in India is highly competitive.
- Delivery partnersIt relies fully on outside logistics firms for deliveries.
- TechnologyOutages or failures in its own or cloud systems would hurt the business.
- AcquisitionsPart of the money is for acquisitions not yet identified.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO percentages depend on the number of fresh shares, so only shares left after the offer for sale are shown (our calculation).
Promoters and the promoter group own 64.10% before the IPO on a fully diluted basis. Starfish I Pte. Ltd. is the largest holder and the largest seller. After-IPO percentages depend on the number of fresh shares, so only shares left after the offer for sale are shown (our calculation).
| Shareholder | Before IPO (fully diluted) | Selling (shares) | Shares after OFS (ours) |
|---|---|---|---|
| Starfish I Pte. Ltd. (promoter) | 30.11% | 2,76,07,082 | 11,30,73,398 |
| Kunal Bahl (promoter) | 12.19% | Nil | 5,69,67,520 |
| Rohit Kumar Bansal (promoter) | 10.93% | Nil | 5,10,82,720 |
| B2 Professional Services LLP (promoter group) | 10.87% | Nil | 5,07,76,640 |
| Nexus India Direct Investments II | 8.05% | 73,91,113 | 3,02,24,887 |
| eBay Singapore Services | 4.83% | Nil | 2,25,52,000 |
| FIH Business Global Pte. Ltd. | 3.73% | 17,40,528 | 1,56,64,752 |
RHP, Capital Structure (p. 121) and cover page
IndustryIndian retail market FY25: USD 1,120.4 billion
- Indian retail market FY25
- USD 1,120.4 billion
- Retail expected by FY30
- USD 1,837.7 billion (10.4% a year)
- Indian value lifestyle retail FY25
- USD 128.6 billion
- Value lifestyle expected by FY30
- USD 206.7 billion (10.0% a year)
1Lattice report 'B2C and E-commerce SaaS Opportunities in India' in the RHP, commissioned and paid for by the company (p. 177 and p. 185)
LitigationAgainst the company: criminal, tax, regulatory and civil: 20 · Against subsidiaries: tax: 8 · Against promoters (also directors): criminal and tax: 9
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory and civil | 20 | ₹61.11 crore |
| Against subsidiaries: tax | 8 | ₹1.48 crore |
| Against promoters (also directors): criminal and tax | 9 | ₹7.76 crore |
RHP, Risk Factors (Risk factor 17, p. 36 to 37)
Company detailsLegal name, registered office, CIN and website
| Legal name | AceVector Limited |
| Founded | 2007, as Jasper Infotech Private Limited |
| Former name | Snapdeal Limited |
| Promoters | Kunal Bahl, Rohit Kumar Bansal, Starfish I Pte. Ltd. |
| Corporate office | Gurugram, Haryana |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
AceVector IPO allotment status
Out from 30 Sep 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select AceVector LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
AceVector IPO FAQs
When does the AceVector IPO open and close?
The AceVector IPO opens on Friday, 25 September 2026 and closes on Tuesday, 29 September 2026. Anchor bidding is on 24 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the AceVector IPO price band and lot size?
The price is ₹32 per share. The lot size is 468 shares, so the minimum bid is 468 shares, or ₹14,976 at the upper price.
What is the AceVector IPO size?
The AceVector IPO is of ₹420 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoter Starfish I Pte. Ltd.; investors Nexus India Direct Investments II, FIH Business Global, Nexus Opportunity Fund, Nexus Ventures III, Rupen Investment and Industries, Centaurus Trading and Investments; and individuals Kenneth Stuart Glass, Jason Ashok Kothari, Laurent Bernard Amouyal, Misha Kohli, Radhika Gupta and Nalin Luis Moniz.
What is the AceVector IPO allotment date?
Allotment is on Wednesday, 30 September 2026. Refunds and demat credit are expected on 1 October 2026.
What is the AceVector IPO listing date?
AceVector shares are due to list on BSE and NSE on Monday, 5 October 2026.
Who is the registrar of the AceVector IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does AceVector do?
AceVector is a New Delhi-based digital commerce group that runs the Snapdeal marketplace, controls e-commerce software firm Unicommerce and owns the Rangita clothing brand.
What does AceVector do?
It runs the Snapdeal marketplace, controls e-commerce software firm Unicommerce and sells the Rangita clothing brand. Snapdeal was 57.54% of FY26 revenue.
How will AceVector use the IPO money?
Of the ₹287.00 crore fresh issue, ₹132.00 crore is for Snapdeal marketing and ₹50.00 crore for its technology. The rest is for acquisitions and general corporate purposes.
Who is selling shares in the AceVector OFS?
Promoter Starfish I Pte. Ltd. sells up to 2,76,07,082 shares. Twelve other investors and individuals, including Nexus India Direct Investments II, sell the rest of the 4,15,62,500 shares.
Is AceVector profitable?
No. It made losses of ₹51.30 crore in FY24, ₹126.31 crore in FY25 and ₹45.51 crore in FY26 (RHP, Restated Financial Information).
When does the AceVector IPO open and close?
It opened on 25 September 2026 and closed on 29 September 2026. The shares listed on BSE and NSE on 5 October 2026.
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