AceVector IPO: SoftBank Sells Shares Worth 88 Million Euros
AceVector's initial public offering provided an exit for investors, with SoftBank's entity Starfish I selling shares for approximately 88 million euros. Other investors saw mixed returns.
Snapdeal parent AceVector's initial public offering (IPO) has provided an exit opportunity for several early investors and promoters. SoftBank-backed Starfish I Pte Ltd emerged as the largest beneficiary from the offer-for-sale (OFS) component.
At the issue price of €32 per share, Starfish I, a SoftBank entity and the company's largest shareholder, garnered approximately €88.3 million by selling 2.76 million shares. This represents a 0.08X return multiple on the shares sold, according to AceVector's red herring prospectus.
Following the IPO, Starfish I will continue to hold 11.3 million shares, valued at about €361.8 million at €32 per share.
AceVector's €420 million IPO comprises a fresh issue of €287 million and an OFS of up to 4.16 million shares worth approximately €133 million at the upper price band. The company is valued at €1,741 million at €32 per share.
Nexus Venture Partners experienced mixed returns across its funds. Nexus India Direct Investments II sold shares for €23.6 million with a 1.03X return multiple, while Nexus Opportunity Fund Ltd and Nexus Ventures III sold at a loss. Other selling shareholders include FIH Business Global, Rupen Investment, and Centaurus Trading and Investments.
Individual investors, however, booked the sharpest returns. Kenneth Stuart Glass sold shares for €4.2 million at a 5.42X return multiple. Laurent Bernard Amouyal also booked a substantial return. Jason Ashok Kothari, former strategy officer at Snapdeal, sold shares for €3.5 million with a 0.78X return multiple.