Snapdeal parent AceVector slumps over 19% in India debut (updated)

Meesho

05/10/2026 06:02

Updates with closing levels
Oct 5 (Reuters) - Shares of AceVector ACEV.NS, the parent company of Indian e-commerce platform Snapdeal, made a subdued debut on Monday, falling 19.3%, as investors were concerned over the lack of profits.
     
Here are more details: 
Shares of the SoftBank-backed 9984.T company listed at 28.32 rupees on the National Stock Exchange of India, down 11.5% from the issue price of 32 rupees.
Shares extended losses to end at 25.81 rupees, valuing the company at 14.19 billion rupees ($147.36 million).
The IPO was subscribed 4.93 times last week, a muted response for an IPO in recent months. Data from Prime  Database, which provides data on the Indian primary capital market, showed that about 66% of IPOs in the first half of fiscal year 2026-27 received more than 10 times the bids that were on offer. 
The company competes with Nykaa FSNE.NS and Meesho MEES.NS in India's growing e-commerce market. 
AceVector, which also owns Unicommerce and Stellaro Brands, posted a consolidated loss of 607.8 million rupees for ​fiscal year 2026, ​with revenue of 5.1 billion rupees. 
"The valuation appears reasonable on a sales basis, but is not deeply attractive given the absence of profits," Swastika Investmart said in a note last week. 
AceVector's IPO comprised a fresh issue ​of shares worth 2.87 billion rupees and an offer ​for sale of up to 41.56 million shares by existing investors, ‌including ⁠controlling shareholder Starfish, owned by SoftBank, and Nexus Venture Partners.
($1 = 96.2950 Indian rupees)

 (Reporting by Vivek Kumar M; Editing by Rashmi Aich and Mrigank Dhaniwala)
 ((VivekKumar.M@thomsonreuters.com;))