AceVector’s listing has its first buyers. The parent of Snapdeal, Unicommerce and Stellaro Brands pulled in close to $20M, or Rs 189 crore, from institutional investors, filling its anchor book a day before the public offer opened.
Fourteen buyers subscribed to 5.91 crore shares priced at Rs 32 apiece, the top of the price band, in an allocation dated September 24. The largest single allotment went to Negen Undiscovered Value Fund at close to Rs 40 crore, followed by Singularity Growth Opportunities Fund II at roughly Rs 27 crore and Turnaround Opportunities Fund at nearly Rs 20 crore. At the anchor stage, 15.87% of the book went to mutual funds at home, with Helios and Taurus arriving across three schemes.
The offer is sized at Rs 420 crore and takes bids from September 25 through September 29. Newly issued shares account for Rs 287 crore of that; the rest is an offer for sale of 4.16 crore shares that, at the Rs 30-32 price band, would raise around Rs 133 crore. AceVector trimmed the deal from earlier plans and is chasing a valuation near Rs 1,741 crore.
SoftBank and Nexus Venture Partners, both existing backers, are cutting their positions through that offer for sale. Co-founders Kunal Bahl and Rohit Bansal, by contrast, are keeping their stakes and sitting this one out. Marketing, technology infrastructure, acquisitions and general corporate needs will absorb most of the fresh proceeds.
