Snapdeal parent AceVector launches ₹420 crore IPO after 4.93x subscription

AceVector, the parent of Snapdeal, opened its ₹420 crore IPO on September 25 and closed it on September 29, pricing shares between ₹30 and ₹32. The issue attracted a muted 4.93 times subscription, well below the enthusiasm seen during the company’s peak valuation of $6.5 billion.

Marketplace revenue grew to ₹293.7 crore in FY26 from ₹249.9 crore in FY25, while net merchandise value rose 25.7% to ₹1,093.1 crore. Unicommerce, the group’s SaaS arm, saw its revenue increase 51.6% to ₹204.3 crore in FY26, outpacing Snapdeal’s marketplace growth. Stellaro Brands, the consumer‑brands unit, lifted revenue from operations to ₹12.8 crore in FY26 from ₹11.4 crore a year earlier.

Snapdeal was once valued at $6.5 billion with backing from SoftBank, Alibaba and Foxconn, but lost ground as Amazon and Flipkart expanded in India. The company shifted from broad‑market competition to affordable fashion, home and beauty for Tier II and Tier III shoppers.

What we know

AceVector’s ₹420 Cr IPO, which opened on September 25 and closed on September 29, comprised a fresh issue of ₹287 Cr and an offer for sale (OFS) of around ₹133 Cr, with shares priced in the ₹30-32 band.
After a relatively muted 4.93X subscription to its IPO, Snapdeal’s parent AceVector is all set to make its stock market debut on Monday.
The marketplace revenue rose to ₹293.7 Cr in FY26 from ₹249.9 Cr in FY25.
Net merchandise value (NMV), the value of delivered merchandise after excluding cancellations and returns, increased 25.7% to ₹1,093.1 Cr, from ₹869.6 Cr in FY25.
Its SaaS revenue rose 51.6% to ₹204.3 Cr in FY26 from ₹134.8 Cr in FY25, compared with Snapdeal’s marketplace revenue growth of 17.5% during the same period.