Minerva Capital Research Solutions

Acevector

RHP
ListedListed 5 Oct 2026MainboardNSE: ACEVECTORCheck allotment
Current price₹ 19.59−38.78% since issue
Listing day−11.5%
Issue price
₹ 32
Issue size
₹ 420 Cr.
Min. investment
₹ 14,976
Listing price
₹ 28.32
Subscribed
4.93x
Lot size
468 shares
P/E
-ve
RoNW
-59.54%
EPS
₹ -ve
NAV
₹ 2.21
Promoter stake
49.96%

About

Acevector Ltd was started in 2007. It runs what it calls an asset-light digital commerce ecosystem through its subsidiaries, spanning data, technology and AI driven businesses. Asset light means it operates the platforms and brands rather than owning warehouses and inventory at scale. The group has three parts. Snapdeal is a value driven lifestyle e-commerce marketplace selling affordable merchandise across lifestyle categories. Uniware, Convertway and Shipway are software-as-a-service products that help other businesses run their e-commerce operations end to end. Stellaro Brands is an omnichannel portfolio of value focused consumer brands. In FY2026 Snapdeal served customers across 18,972 pin codes in India. Its focus is on middle income, value conscious shoppers in Tier 2 and smaller cities, a segment the company describes as a large and largely untapped part of the value e-commerce market.

Timeline

  1. Opens
    25 Sep
    done
  2. Closes
    29 Sep
    done
  3. Allotment
    30 Sep
    done
  4. Refunds
    1 Oct
    done
  5. Demat credit
    1 Oct
    done
  6. Listing
    5 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 2 on 24 Sep 2026
Lowest
₹ 0 on 22 Sep 2026
First quoted
₹ 0 on 22 Sep 2026

Subscription

How many times each investor group bid for its share, as of 29 Sep 2026, 07:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1468₹ 14,976
Retail (Max)136,084₹ 1,94,688
S-HNI (Min)146,552₹ 2,09,664
B-HNI (Min)6731,356₹ 10,03,392

Company overview

Financials

Financials by year
Assets575.28558.09410.5
Total Income537.67406.77384.74
Profit After Tax−45.51−126.31−51.3
EBITDA−22.17−107.79−35.77
NET Worth102.08126.33−142.09
Reserves and Surplus56.9986.59−181.83
Total Borrowing—0.45—

Strengths

  • Losses have narrowed sharply. The loss after tax came down from Rs 126.31 crore in FY2025 to Rs 45.51 crore in FY2026.
  • The operating loss narrowed even faster, with EBITDA improving from minus Rs 107.79 crore to minus Rs 22.17 crore, so the business is close to breaking even at the operating level.
  • Sales grew 32% in FY2026, from Rs 406.77 crore to Rs 537.67 crore.
  • Net worth has been restored from minus Rs 142.09 crore in FY2024 to a positive Rs 102.08 crore.
  • The company carries almost no debt.
  • The group is diversified across three different businesses, a marketplace, e-commerce software and consumer brands, rather than depending on the marketplace alone.
  • The SaaS products give recurring subscription income, which is steadier than marketplace commissions.
  • Snapdeal reaches 18,972 pin codes and targets value conscious buyers in Tier 2 and smaller cities, where the larger platforms are less dominant.

Risks

  • The company is still loss-making. It lost Rs 45.51 crore in FY2026, Rs 126.31 crore in FY2025 and Rs 51.30 crore in FY2024, so there is no year of profit to point to.
  • There is no P/E to judge the issue on. EPS is negative and return on net worth is minus 59.54%.
  • Net asset value is only Rs 2.21 per share against a price band of Rs 30 to Rs 32, so the Rs 1,741.40 crore market capitalisation rests entirely on future profits rather than on what the company owns today.
  • Rs 132 crore of the issue money goes into marketing and business promotion for the marketplace. That is a running cost that will have to be spent again, not an asset.
  • Value e-commerce is fiercely competitive, with Amazon, Flipkart and Meesho all far better funded and chasing the same buyers.
  • Net worth has swung wildly, from minus Rs 142.09 crore to plus Rs 126.33 crore and then down to Rs 102.08 crore, so the capital base is not yet stable.
  • Promoter holding falls from 64.11% to 49.96% after the issue, leaving the promoters just below a half share.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue
Funding a portion of the marketing and business promotion expense of the Marketplace business of Company132
Funding the technology infrastructure costs of the Marketplace business of Company50
Funding inorganic growth through acquisitions and general corporate purpose—

Promoters

  • Kunal Bahl
  • Rohit Kumar Bansal
  • Starfish I Pte.Ltd
Promoter holding64.11%→49.96%before → after the issue · down 14.15 points

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Systematix Corporate Services Limited, IIFL Capital Services Limited
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.