Snapdeal parent AceVector's ₹420 crore IPO subscribed 4.93 times
Kalpana Maurya
1 Oct 2026 · 3 min read
AceVector, the Gurugram company behind Snapdeal, Unicommerce and Stellaro Brands, saw its ₹420 crore IPO subscribed 4.93 times, led by non-institutional investors. The shares are due to list on 5 October 2026, taking Kunal Bahl and Rohit Bansal's group to the public markets as a still loss-making business.
AceVector, the parent of value ecommerce marketplace Snapdeal, closed its ₹420 crore IPO on 29 September 2026 with bids for 4.93 times the shares on offer. Non-institutional investors subscribed their portion about 8.2 times, retail investors about 4.6 times and qualified institutional buyers about 3.4 times, according to Inc42 and Paterson Capital.
Investors bid for about 36.61 crore shares against 7.42 crore on offer. Listing on BSE and NSE is scheduled for 5 October.
The offer
The IPO combined a fresh issue of ₹287 crore with an offer for sale (OFS) of up to 4.16 crore shares, worth about ₹133 crore at the top of the ₹30-32 price band. At the upper end, the issue values AceVector at up to about ₹1,741 crore. The minimum bid was 468 shares.
Selling shareholders include SoftBank's Starfish and Nexus Venture Partners. Before the IPO, Starfish was the largest shareholder with 30.11%, followed by co-founders Kunal Bahl with 12.19% and Rohit Kumar Bansal with 10.93%, Business Today reported.
A day before bidding opened, AceVector raised ₹189 crore from anchor investors. Helios Mutual Fund and Taurus Ethical Fund were the only domestic mutual funds in the anchor book. Inc42 noted a modest grey market premium of about ₹2, or roughly 6%, before listing.
What the money is for
AceVector plans to spend ₹132 crore of the fresh proceeds on marketing and promotion for Snapdeal, and ₹50 crore on technology infrastructure for the marketplace. The rest is earmarked for acquisitions and general corporate purposes. A ₹13 crore pre-IPO placement is adjusted against the fresh issue.
Losses narrowing
Operating revenue rose 29.2% to about ₹510 crore in FY26 from ₹395 crore in FY25. The company is still loss-making, though the loss has shrunk: Inc42 puts the restated FY26 net loss at ₹45.5 crore, down from ₹126.3 crore, while Business Today reports ₹60.7 crore against ₹139.2 crore.
Inc42 flagged the main questions for investors: the exit of SoftBank and Nexus through the OFS, competition from Meesho, Amazon and Flipkart in value ecommerce, and pressure on margins from logistics costs and Snapdeal's zero-commission model. On the other side, Unicommerce's software revenue gives the group a steadier, higher-margin income stream.
About AceVector
Kunal Bahl and Rohit Bansal founded Snapdeal in 2010. It once competed head-on with Flipkart and Amazon, and after a proposed merger with Flipkart fell through in 2017 it moved to a value-focused model aimed at price-conscious shoppers outside the big metros. The group took the AceVector name in 2022.
Headquartered in Gurugram, AceVector today has three businesses: the Snapdeal marketplace, listed ecommerce enablement software firm Unicommerce, and consumer brands business Stellaro Brands. IIFL Capital Services, CLSA India and Systematix Corporate Services managed the issue.
Key facts
- Company: AceVector (Snapdeal, Unicommerce, Stellaro Brands)
- Co-founders: Kunal Bahl, Rohit Kumar Bansal
- IPO size: ₹420 crore (₹287 crore fresh issue + ₹133 crore OFS)
- Price band: ₹30-32; lot size 468 shares
- Subscription: 4.93x (NII 8.16x, retail 4.62x, QIB 3.38x)
- Valuation at upper band: about ₹1,741 crore
- Anchor round: ₹189 crore
- Bidding closed: 29 September 2026; listing: 5 October 2026
Frequently asked questions
How many times was the AceVector IPO subscribed?
4.93 times overall, with non-institutional investors at about 8.2x, retail at about 4.6x and QIBs at about 3.4x.
When will AceVector shares list?
Listing on BSE and NSE is scheduled for 5 October 2026.
Who founded Snapdeal?
Kunal Bahl and Rohit Bansal, who founded it in 2010 and hold about 12.19% and 10.93% of AceVector respectively before the IPO.
Is AceVector profitable?
No. It remained loss-making in FY26, though its net loss narrowed sharply as revenue grew 29.2%.
