AceVector's Bold IPO Leap: A Digital Commerce Power Play

AceVector Ltd, backed by SoftBank, has filed for an IPO with a fresh issue of Rs 300 crore and an offer-for-sale by existing shareholders. The company aims to use proceeds to bolster technology, marketing, and growth strategies. Founders Kunal Bahl and Rohit Bansal will retain their stake.

SoftBank-supported AceVector Ltd, a digital-commerce ecosystem, has submitted updated draft papers to the Securities and Exchange Board of India (Sebi) for an upcoming initial public offering (IPO). The company plans to issue new shares valued at Rs 300 crore as part of this offering.

The IPO will also include an offer-for-sale (OFS) involving 6.38 crore shares from current stakeholders, as stated in the updated draft red herring prospectus. Entities such as promoter Starfish I Pte Ltd, Nexus, Wonderful Star Pte Ltd, and others will divest their holdings.

While prominent investors are selling shares, AceVector's founders, who collectively hold a 23.56% stake, will retain their shares. Conversely, Starfish, possessing a 30.68% stake, will part with some of its shares. The proceeds from the IPO aim to fortify the company's technology, marketing endeavors for Snapdeal, and fund expansion through acquisitions.

(With inputs from agencies.)