AceVector Raises ₹189 Crore From Anchor Investors Ahead of IPO
AceVector, the parent company of e-commerce platform Snapdeal, has raised ₹189 crore from anchor investors ahead of its initial public offering. The company allocated shares at ₹32 each, the upper end of its price band.
AceVector, the parent company of the e-commerce platform Snapdeal, has secured ₹189 crore (approximately $22.6 million) from anchor investors as it prepares for its initial public offering (IPO) on Tuesday.
The company allotted 59.1 million shares to anchor investors at ₹32 per share, which was the highest price in its IPO price band. The anchor round saw participation from two domestic mutual funds, Helios Mutual Fund and Taurus Ethical Fund, which collectively acquired 9.375 million shares. Negen Undiscovered Value Fund emerged as the largest anchor investor, investing ₹40 crore.
AceVector's ₹420 crore IPO will open for public subscription on Wednesday and close on Sunday, with an expected listing on October 5. The IPO values the company at ₹1,741.4 crore and includes a fresh issue of shares worth ₹287 crore, alongside an offer for sale of 41.6 million shares.
The company plans to deploy a significant portion of the proceeds towards Snapdeal. AceVector has earmarked ₹132 crore for marketing and business promotion until FY29 and ₹50 crore for enhancing Snapdeal's technology infrastructure. The remaining over ₹100 crore is designated for potential acquisitions, though specific targets have not yet been identified.