AceVector Limited IPO Analysis

1. IPO Snapshot

Particular	Details
Company Name	AceVector Limited
IPO Type	100% Book Built Offer; Fresh Issue + Offer for Sale
Fresh Issue	₹2,870.00 million
Offer for Sale	41,562,500 shares
Face Value	₹1 per Equity Share
Price Band	₹30–₹32 per Equity Share
Minimum Bid Lot	468 Equity Shares; bids in multiples of 468
Anchor Investor Bidding	September 24, 2026
Bid/Offer Opens	September 25, 2026
Bid/Offer Closes	September 29, 2026
Listing Exchange	BSE and NSE; NSE is the Designated Stock Exchange
Registrar	MUFG Intime India Private Limited
Book Running Lead Managers	IIFL Capital Services; CLSA India; Systematix Corporate Services

2. IPO Details

Particular	At Floor Price ₹30	At Cap Price ₹32
Fresh Issue Shares	95,666,666	89,687,500
Fresh Issue Amount	₹2,870.00 million	₹2,870.00 million
OFS Shares	41,562,500	41,562,500
OFS Value	₹1,246.88 million	₹1,330.00 million
Total Offer Shares	137,229,166	131,250,000
Total Offer Value	₹4,116.88 million	₹4,200.00 million
Pre-Issue Shares	454,499,270	454,499,270
Post-Offer Shares	550,165,936	544,186,770
Post-Offer Market Capitalisation	₹16,504.98 million	₹17,413.98 million

3. Issue Reservation

Category	% of Offer
QIB	Not less than 75%
NII	Not more than 15%
Retail Individual	Not more than 10%
Anchor	Up to 60% of QIB Portion

4. IPO Lot Size

Application	Lots	Shares	Amount @ ₹30	Amount @ ₹32
Retail (Min)	1	468	₹14,040	₹14,976
Retail (Max)	13	6,084	₹182,520	₹194,688
S-HNI (Min)	14	6,552	₹196,560	₹209,664
S-HNI (Max)	66	30,888	₹926,640	₹988,416
B-HNI (Min)	67	31,356	₹940,680	₹1,003,392

5. About the Company

AceVector was incorporated as Jasper Infotech Private Limited on September 12, 2007. It changed its name to Snapdeal Private Limited in 2019, became a public limited company as Snapdeal Limited in 2021, and changed its name to AceVector Limited in 2023. The RHP describes the group as an asset-light digital commerce ecosystem built around three businesses: Snapdeal, Unicommerce and Stellaro Brands.

Business	Description
Snapdeal	Value-focused lifestyle e-commerce marketplace; 18,972 pin-codes served in FY2026; 95.45% of NMV from lifestyle categories; 83.75% of delivered units below ₹599.
Unicommerce	E-commerce enablement SaaS business through Uniware, Shipway and Convertway; 8,261 clients in FY2026.
Stellaro Brands	Consumer brands business; Rangita brand and 19 current omnichannel single-brand retail stores; 17 stores at March 31, 2026.
Operating model	Snapdeal uses a zero-inventory, asset-light marketplace model and third-party logistics; the group shares technology, data, supply-chain and corporate capabilities.

6. Restated Financial Information

Income Statement (₹ million except EPS)

Particular	FY2026	FY2025	FY2024
Revenue from operations	5,103.81	3,950.19	3,797.61
Other income	272.84	117.51	49.79
Total income	5,376.65	4,067.70	3,847.40
Total expense	5,752.20	4,537.53	4,276.67
Loss before exceptional items and tax	(375.55)	(469.83)	(429.27)
Loss before tax	(375.55)	(1,205.88)	(457.57)
Loss for the year	(455.06)	(1,263.06)	(512.97)
Basic / diluted EPS (₹)	(1.32)	(3.04)	(1.26)

Balance Sheet (₹ million)

Balance-sheet item	FY2026	FY2025	FY2024
Total assets	5,752.80	5,580.88	4,104.97
Equity attributable to parent	1,020.81	1,263.32	(1,420.91)
Non-controlling interests	1,582.70	620.70	197.26
Total equity	2,603.51	1,884.02	(1,223.65)
Borrowings	—	4.54	—
Trade payables	1,065.39	850.53	745.53
Total liabilities	3,149.29	3,696.86	5,328.62

Cash Flow (₹ million)

Cash-flow item	FY2026	FY2025	FY2024
Net cash used in operating activities	(17.97)	(273.47)	(548.45)
Net cash from / (used in) investing activities	176.02	(1,030.35)	(326.78)
Net cash from / (used in) financing activities	(60.39)	1,269.27	693.04
Cash and cash equivalents at year-end	174.69	77.03	111.58

7. Key Performance Indicators

KPI	FY2026	FY2025	FY2024
Revenue from operations	5,103.81	3,950.19	3,797.61
Adjusted EBITDA	(159.42)	(391.55)	(265.21)
Marketplace revenue	2,936.75	2,498.67	2,528.87
Marketplace contribution margin	1,094.72	1,110.28	1,453.05
Marketplace adjusted EBITDA	(502.51)	(480.06)	(367.20)
NMV	10,931.10	8,695.55	6,333.37
Delivered units (million)	25.98	19.91	14.81
Annual transacting customers (million)	12.16	10.43	7.85
SaaS revenue	2,043.38	1,347.90	1,035.81
SaaS adjusted EBITDA	412.77	253.47	161.96
Uniware annual transaction run-rate (million)	1,155.79	982.61	791.63
Number of clients	8,261	7,008	3,502

8. Peer Comparison

Company	Face Value ₹	Closing Price ₹	Revenue ₹m	Basic EPS ₹	Diluted EPS ₹	NAV ₹	P/E	RoNW
AceVector Limited	1	Not disclosed / IPO not listed	5,103.81	(1.32)	(1.32)	2.21	Not ascertainable	(59.54%)
FSN E-Commerce Ventures Limited	1	323.75	100,223.50	0.70	0.70	5.00	462.50	13.87%
Brainbees Solutions Limited	2	169.25	85,479.44	(2.90)	(2.90)	90.71	NA	(2.91%)
Meesho Limited	1	207.31	126,263.48	(3.11)	(3.11)	9.25	NA	(30.95%)

9. Shareholding & Capital Structure

Shareholding

Holder	Pre-Offer Shares	Pre-Offer % (FD)	Post-Offer % at Floor ₹30	Post-Offer % at Cap ₹32
Starfish I Pte. Ltd.	140,680,480	30.11%	20.09%	20.31%
Kunal Bahl	56,967,520	12.19%	10.12%	10.23%
Rohit Kumar Bansal	51,082,720	10.93%	9.08%	9.17%
Promoters – total	248,730,720	53.24%	39.29%	39.71%
B2 Professional Services LLP	50,776,640	10.87%	9.02%	9.12%
Promoters + Promoter Group	299,507,360	64.10%	48.31%	48.83%
Nexus India Direct Investments II	37,616,000	8.05%	5.37%	5.43%
eBay Singapore Services Private Limited	22,552,000	4.83%	4.01%	4.05%
FIH Business Global Pte. Ltd.	17,405,280	3.73%	2.78%	2.81%
Duneam Investments (Mauritius) Pte Ltd	11,460,960	2.45%	2.04%	2.06%
PI Opportunities Fund – I	4,689,600	1.00%	0.83%	0.84%
Kenneth Stuart Glass	4,390,400	0.94%	0.55%	0.55%
Nexus Opportunity Fund Limited	4,273,600	0.91%	0.61%	0.62%
QRG Investments and Holdings Limited	4,273,280	0.91%	0.76%	0.77%
Brothers Fortune Apparel Pte. Ltd.	3,232,800	0.69%	0.57%	0.58%
Nexus Ventures III, Ltd.	2,369,600	0.51%	0.34%	0.34%
Other public shareholders	42,728,390	9.15%	31.58%	30.85%
Total	454,499,270	97.29%	97.75%	97.72%

Capital Structure

Capital Item	Disclosure
Authorised equity share capital	2,000,000,000 Equity Shares of ₹1 each
Issued, subscribed and paid-up before Offer	454,499,270 Equity Shares of ₹1 each
Securities premium before Offer	₹113,866.00 million

10. Objects of the Issue

Object	Amount	Deployment
Marketing and business promotion – Marketplace	₹1,320.00 million	FY2027 ₹400 million; FY2028 ₹550 million; FY2029 ₹370 million
Technology infrastructure – Marketplace	₹500.00 million	FY2027 ₹100 million; FY2028 ₹200 million; FY2029 ₹200 million
Inorganic growth through acquisitions + general corporate purposes	[●] in RHP; to be finalized after Offer Price	FY2027–FY2029; schedule provisional

11. OFS / Selling Shareholders

Selling Shareholder	OFS Shares	Weighted Average Cost / Share ₹
Starfish I Pte. Ltd.	27,607,082	382.40
Nexus India Direct Investments II	7,391,113	31.03
FIH Business Global Pte. Ltd.	1,740,528	762.60
Kenneth Stuart Glass	1,320,799	5.90
Jason Ashok Kothari	1,111,680	40.52
Nexus Opportunity Fund Ltd	839,713	217.54
Nexus Ventures III, Ltd.	465,599	406.25
Rupen Investment and Industries Private Limited	269,120	46.49
Centaurus Trading and Investments Private Limited	269,120	46.49
Laurent Bernard Amouyal	224,786	7.30
Misha Kohli	215,280	46.49
Radhika Gupta	53,840	46.45
Nalin Luis Moniz	53,840	46.45

12. Key Risks Highlighted in the RHP

Key Risks

Category	RHP Disclosure	Potential Impact
Financial	The Group has reported restated losses in each of FY2024–FY2026 and negative operating cash flows in all three years.	Potential effect on financial condition and liquidity if losses or cash outflows persist.
Business concentration	Snapdeal generated 57.54% of FY2026 revenue from operations and is a significant part of the group.	Changes in marketplace performance could affect consolidated results.
Competition	The RHP describes the e-commerce industry as highly competitive.	Competitive pressure could affect customers, sellers, pricing and results.
Control of Unicommerce	AceVector held 26.13% of Unicommerce's issued and paid-up equity share capital while consolidating it as a subsidiary.	Loss of effective control could change the basis of consolidation and affect reported results.
Technology / cyber	The RHP identifies platform disruption, third-party infrastructure failures and data-security risks.	Service interruptions or breaches could affect operations and reputation.
Litigation / regulatory	The RHP discloses criminal, civil, tax and regulatory matters.	Adverse outcomes could lead to liabilities, penalties or operational effects.
Seller / product risk	The marketplace relies on sellers for product quality and compliance.	Counterfeit, unsafe, unauthorised or infringing products could create claims or reputational effects.
Use of proceeds	Unidentified acquisitions and general corporate purposes include provisional amounts and broad permitted uses.	Deployment may change with business and market conditions within the disclosed framework.
Records / compliance	The RHP states that some historical corporate records could not be traced and that there were instances of delayed statutory dues.	Past filing and record issues may require further compliance attention.
Audit matters	The RHP identifies modifications in certain audit reports and an emphasis of matter relating to prior-year restatement.	Readers should consider the disclosed audit matters alongside the restated financial statements.

13. Litigation & Contingent Liabilities

Category	Disclosure
Company – criminal	Three outstanding criminal matters are described, including Aegean Infotech; the Quickdel/Monopoly Carriers matter; and a Supreme Court SLP concerning allegations relating to sale of a Schedule-H drug through the platform.
Company – material civil	Khaitan India Ltd. and Khaitan Electricals Ltd. claim ₹500.00 million for alleged trademark infringement; an injunction order was passed in 2019; matter pending.
Company – regulatory	CCPA pressure-cooker matter; PPCB plastic-waste correspondence; NGT plastic-waste application; CCPA toy investigation and ₹0.50 million penalty challenged before Delhi High Court.
Company – other	MCA information proceeding; other matters disclosed from public court records; MediaAgility pre-litigation invoice demand of ₹34.97 million.
Consumer matters	72 consumer complaints; aggregate contingent liability reported at ₹0.72 million to the extent quantifiable.
Directors / promoters	Criminal matters are disclosed against Kunal Bahl and others; no outstanding material civil litigation or regulatory actions against the promoters/directors were stated in the relevant subsections.
Subsidiaries	No outstanding criminal proceedings, material civil litigation or regulatory actions against subsidiaries were stated; Stellaro and Unicommerce have certain recovery-related criminal complaints.
Tax proceedings	Company: 6 direct-tax cases with no quantified amount and 6 indirect-tax cases involving ₹32.86 million; subsidiaries: 4 direct-tax cases involving ₹0.70 million and 4 indirect-tax cases involving ₹14.14 million.
Company tax assessments	Disallowed expenditure: ₹1,597.28 million for AY2022–23; ₹459.59 million for AY2023–24; ₹621.66 million for AY2018–19. Appeals and penalty proceedings are pending.
Creditors	2 material creditors with ₹221.20 million outstanding; total trade payables at March 31, 2026 were ₹1,073.08 million.

14. Registrar

Particular	Disclosure
Name	MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Address	C-101, 247 Park, 1st Floor, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra
Contact	Shanti Gopalkrishnan; +91 810 811 4949
Email	acevector.ipo@in.mpms.mufg.com
SEBI Registration	INR000004058

15. Lead Manager(s)

BRLM	Address	SEBI Registration	Contact
IIFL Capital Services Limited	24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (West), Mumbai	INM000010940	Mukesh Garg / Pawan Kumar Jain
CLSA India Private Limited	8/F Dalamal House, Nariman Point, Mumbai	INM000010619	Prachi Chandgothia / Akhil Viswatmula
Systematix Corporate Services Limited	The Capital, A Wing, 603–606, 6th Floor, BKC, Bandra (East), Mumbai	INM000004224	Harsha Panjwani / Shoaib Hossain

16. Company Contact Details

Particular	Disclosure
Registered Office	Mezzanine Floor, A-83, Okhla Industrial Area, Ph-II, New Delhi 110 020, India
Corporate Office	M3M Urbana Business Park Tower A, 3rd Floor, Golf Course Road Ext, Sector 67, Khandsa Road, Gurgaon 122001, Haryana
Telephone	+91 124 473 9850
Email	companysecretary@acevector.com
Website	www.acevector.com
Company Secretary / Compliance Officer	Prabhas Singh