AceVector Limited, the SoftBank-backed parent of Snapdeal and Unicommerce, has filed its red herring prospectus with SEBI for an initial public offering. The proposed listing combines a fresh issue of Rs 287 crore with an offer for sale of up to 4.12 crore shares by existing shareholders. The filing marks a significant milestone for the digital commerce group as it prepares to enter the public market.
IPO Structure and Shareholder Participation
The fresh issue will raise Rs 287 crore for the company, while the offer for sale allows existing shareholders to sell up to 4.12 crore shares. Starfish I Pte. Ltd., the promoter selling shareholder, will offer up to 2.76 crore shares, representing about 66.9 percent of the OFS. Three Nexus entities will collectively sell 86.96 lakh shares, while co-founders Kunal Bahl and Rohit Bansal will not participate in the offer.
Offer Details and Allocation
AceVector has a face value of Rs 1 per share and a pre-issue outstanding share base of 45.44 crore shares. Retail investors will receive 10 percent of the issue, and the company plans to list on BSE and NSE. Existing investors including SoftBank and Foxconn will sell a small portion of their holdings through the offer for sale.
Business Ecosystem and Market Reach
AceVector operates an asset-light digital commerce ecosystem spanning value-focused e-commerce, e-commerce enablement SaaS and consumer brands. Snapdeal is a zero-inventory marketplace that served customers across 18,972 pin codes in FY2026 and generated more than 62 percent of its business from fashion. Unicommerce supports more than 8,100 clients across India, Southeast Asia and the Middle East, while Stellaro Brands operates the Rangita women's ethnic wear brand.
Financial Performance and Turnaround
AceVector reported operating revenue of Rs 510.38 crore in FY2026, a 29 percent increase from Rs 395.02 crore in the previous year. Its adjusted EBITDA loss narrowed by 59 percent to Rs 15.94 crore from Rs 39.16 crore, improving the adjusted EBITDA margin to negative 3.12 percent from negative 9.91 percent. The company also turned adjusted free cash flow from operations positive at Rs 10.82 crore in FY2026.
Use of Proceeds and Strategic Objectives
The company plans to deploy the net proceeds from the fresh issue primarily to strengthen Snapdeal's technology infrastructure and to invest in marketing and business promotion. Around Rs 132 crore is earmarked for marketing and business promotion expenses of the marketplace business, while Rs 50 crore will be used for technology infrastructure costs. The remaining funds will support inorganic growth opportunities and general corporate requirements.
IPO Timeline and Listing Details
The public issue will open for subscription on September 25 and close on September 29, with the anchor book opening on September 24. Basis of allotment is expected to be finalized on September 30, and shares are scheduled to list on BSE and NSE on October 5. IIFL Capital Services, CLSA and Systematix Group are the book-running lead managers, while MUFG Intime India is the registrar.
AceVector's IPO arrives at a time when the company has reduced losses, improved margins and achieved positive free cash flow. The offering gives public market investors exposure to value-focused e-commerce and e-commerce enablement SaaS in a single listed entity. Investor response will likely depend on the company's ability to sustain revenue growth and move toward profitability in a competitive digital commerce market.