Snapdeal’s parent company, AceVector Limited, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO) consisting of a fresh issue of equity shares and an offer for sale (OFS). The company plans to raise Rs 300 crore through the fresh issue, while existing shareholders will sell up to 6.39 crore shares as part of the OFS. Additionally, AceVector has kept the option open for a pre-IPO placement of up to Rs 60 crore, which, if undertaken, will reduce the size of the fresh issue accordingly.
The selling shareholders include promoter entity Starfish I Pte. Ltd., and investor shareholders Nexus India Direct Investments II, Nexus Ventures III, Nexus Opportunity Fund Ltd, Wonderful Star Pte. Ltd, Rupen Investment and Industries Private Limited, and Centaurus Trading and Investments Private Limited. Individual shareholders are also participating in the offer for sale (OFS).
The book-running lead managers to the issue are IIFL Capital Services Limited and CLSA India Private Limited, while MUFG Intime India Private Limited has been appointed as the registrar.
Founded in 2007 as Jasper Infotech, the company later rebranded as Snapdeal before becoming AceVector. It now operates across value e-commerce and software-as-a-service platforms through businesses such as Snapdeal, Unicommerce, Stellaro Brands, and Shipway, with Kunal Bahl and Rohit Kumar Bansal continuing to lead the group.
How will the proceeds be utilised?
AceVector plans to deploy the net proceeds from its initial public offering (IPO) primarily to strengthen the growth engines of its marketplace business. According to the UDRHP, the largest allocation, Rs 125 crore, will go towards marketing and business promotion, covering customer acquisition, brand-building campaigns, merchant onboarding, and performance marketing across digital channels. This spending will be phased across financial year (FY) 26 to FY28 to align promotional intensity with market conditions.
The company has also earmarked Rs 55 crore to upgrade and scale its technology infrastructure. This investment will expand platform capabilities, improve data processing and reliability systems, and enhance tools supporting seller management, logistics integration, and marketplace operations. Most of this outlay will be incurred between FY27 and FY29, as AceVector expects to fund a portion of its near-term tech requirements through internal accruals.
The remaining portion of the net proceeds will fund inorganic growth through acquisitions and general corporate purposes. However, the final allocation depends on the issue pricing. The prospectus caps this at no more than 35% of gross proceeds, with spending on either acquisitions or general corporate purposes limited to 25% of the gross issue size.
Cap Table
| SHAREHOLDERS | PERCENTAGE OF EQUITY SHARE CAPITAL |
| Starfish I Pte. Ltd. | 30.68 |
| Kunal Bahl | 12.42 |
| Rohit… |
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