Snapdeal Parent AceVector To File DRHP For INR 500 Cr IPO: Report

Ecommerce platform Snapdeal’s parent AceVector is reportedly preparing to file its draft red herring prospectus (DRHP) for INR 500 Cr IPO.

Citing sources, Entrackr reported that AceVector’s public issue will primarily comprise a fresh issue of shares. “The proposed issue will be majority primary capital and CLSA and IIFL are likely to be the bankers for the proposed IPO,” a source was quoted as saying. 

Inc42 has reached out to AceVector for a comment on the development. The story will be updated on receiving a response. 

Besides Snapdeal, AceVector is the parent of listed ecommerce enablement platform Unicommerce and house of brands platform Stellaro Brands. The three entities were consolidated under a single group brand in 2022. 

Cofounders Kunal Bahl and Rohit Bansal, along with SoftBank and Nexus Venture Partners, are the biggest shareholders in the consolidated company. 

The Multiple Pieces Of AceVector

Founded in 2010 by Bahl and Bansal, Snapdeal is an online marketplace that was once a major contender in the Indian ecommerce market. However, the platform lost its momentum and was on the verge of a shutdown once. Snapdeal even mulled a potential merger with Flipkart in 2017, but the deal failed to materialise. Its shift to value ecommerce proposition gradually got it back on track.

On the other hand, Unicommerce is an enterprise tech platform that provides SaaS solutions across order and inventory management, among others. Its public issue in 2024 was oversubscribed 168X, and shares listed on the stock exchanges at a premium of nearly 118%.

Meanwhile, Stellaro Brands operates a house of brands. It sells ethnic wear under the Rangita label and Indo-Western apparels under the Urban Mark brand.

India’s Startup IPO Spring

With this, AceVector has become the latest new-age tech company to jump on the IPO bandwagon. Ather Energy and ArisInfra have listed on the stock exchanges so far this year. Coworking major Smartworks is expected to list on the bourses tomorrow. 

Alongside, 19 new-age tech companies have filed their DRHPs with SEBI for a listing, including Urban Company, Meesho, Groww, and others. Many have received regulatory nods from the market regulator. 

Yesterday, coworking giant WeWork India also secured approval from SEBI to launch its IPO. Just a couple of days ago, Smartworks closed its public issue with an oversubscription of 13.45X as investors bid for 13.9 Cr shares as against 1.04 Cr shares on offer. 

Last week, meat and seafood startup Captain Fresh converted into a public entity as it gears up for a public listing.