AceVector Ltd IPO
Status: Upcoming
Overview
IPO date
25 Sept 2026 to 29 Sept 2026
Face value
₹ 1 per share
Price
₹ 30 to ₹32 per share
Issue Size
131,250,000 shares
(aggregating up to ₹ 420 Cr)
(aggregating up to ₹ 420 Cr)
Allotment Date
30 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
E-Commerce/App based Aggregator
Unlock Stock of the Month
T&C*
Strengths vs Risks of AceVector Ltd
Know the pros & cons
Strengths
- Diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support, shared capabilities, and financial efficiency.
- Leading value-focused e-commerce marketplace purpose-built for value shoppers, offering a wide range of high quality lifestyle products.
- Robust unit economics with operating leverage in effect, ensuring improved profitability.
- Proprietary technology stack powering discovery-led, personalised shopping experience.
- Ability to identify, acquire, and scale businesses across the e-commerce value chain.
- Robust governance practices, experienced management and marquee investors.
Risks
- The company has incurred restated loss of Rs.455.06 million, Rs.1,263.06 million andRs.512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively. If the company is unable to generates adequate revenue growth and manage its expenses and cash flows as the company grow, its may continue to incur losses in the future.
- The company has had net cash flows used in operating activities for the Financial Years 2026, 2025 and 2024 and net cash flows used in financing activities for the Financial Year 2026 and its may continue to have a net used cash position in the future.
- A significant portion of the company's revenue from operations is generated through Snapdeal, its marketplace business. As per Ind AS 108 - Operating Segments, the company's revenue from operations - marketplace contributed to Rs.2,936.75 million, Rs.2,498.67 million and Rs.2,528.87 million in Financial Years 2026, 2025 and 2024, respectively, which amounted 57.54 %, 63.25% and 66.59%, respectively, of the company's revenue from operations. Its efforts to acquire new users, clients and customers of the company's business and retain them may not be successful or may be more costly than its expect, which could prevent the company from maintaining or increasing its revenue.
- The company operates in a highly competitive industry and its failures to compete effectively could have a negative impact on the success of the company's business and/or impact its margins.
- If the company is unable to manage its growth or execute the company's strategies effectively, its business plan and expansion may not be successful, and the company's business and prospects may be adversely affected.
- The company's business depends on the growth of the e-commerce industry in India and its ability to effectively respond to changing user behaviour on digital platforms. In the event the growth of the company's businesses is not in tandem with the growth of the e-commerce industry, its results of operations, financial condition, cash flows and prospects could be adversely affected.
- Potential loss of control over Unicommerce could adversely affect the company's business, financial condition, and results of operations.
- The company's technology infrastructure and the technology infrastructure of its third-party providers (including the company cloud infrastructure service providers) are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, users, third-party providers, the company's reputation and adversely affect its financial condition, results of operations and cash flows.
- The company uses of "open source" software could adversely affect its ability to offer the company's products and services and subject it to possible litigation.
- The company's business depends on its ability to maintain and scale the company's technology. Any interruptions or delays in service on its websites or mobile application or any undetected errors or design faults could result in limited capacity, reduced demand, processing delays, and loss of users, suppliers or sellers.
- The company's Statutory Auditors have reported a modification for certain matter specified in the Report on Other Legal and Regulatory Requirements in the audit report for Financial Year 2026. Further, there are certain emphasis of matter in the auditors reports for Financial Year 2025. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Financial Years 2026, 2025 and 2024.
- The company relies on online search engines, social media channels, emails and text messages for a large portion of its online traffic and usage and if algorithms, terms of service and features of these search engines are changed, it may affect the company's financial condition, cash flows and results of operations.
- The company provides a comprehensive suite of products through its Subsidiary, Unicommerce. If the company fails to develop new products and innovate its products, the company's business, operating results, financial performance, cash flows and prospects may be materially and adversely affected.
- If the company is unable to maintain its existing clients or attract new clients, the company's revenue growth and profitability for its e-commerce enablement SaaS business may be adversely affected.
- Any harm to the company's brand or reputation or failures to maintain, protect and enhance its brand could limit the company's ability to retain or expand its customer base which may adversely affect the company's business, financial condition, results of operations and cash flows, and may result in the company being unable to attract new users.
- The company relies exclusively on third-party logistics service providers for the deliveries of products to the company's buyers, and any disruption of or interference with their services could adversely affect its business, financial condition, cash flows and results of operations.
- There are pending litigations against the Company, Subsidiaries, and certain of its Promoters, Directors, Key Managerial Personnel and members of the company's Senior Management. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business, results of operations, cash flows and reputation.
- The company has issued Equity Shares in the last 12 months at prices that may be lower than the Offer Price and grants of stock options under its employee stock option plan schemes.
- If the company's Net Proceeds to be utilised towards inorganic growth through unidentified acquisitions are insufficient for the cost of its proposed inorganic acquisition, the company may have to seek alternative forms of funding.
- If the company is unable to successfully integrate acquisitions, investments or alliances into its business, the company's business, results of operations, cash flows and financial condition could be adversely affected.
- The development and roll out of new stores and new brands involves substantial risks and it could strain the company's existing resources and could adversely affect its business, results of operations, cash flows and financial condition.
- If the company is unable to continue to innovate or if the company fails to adapt to changes in its industry, the company's business, financial condition, results of operations and cash flows would be adversely affected.
- The Company is unable to trace some of its historical corporate records, and may have experienced delays in certain corporate filings in the past.
- The company has not been able to obtain certain records of the prior work experience for certain members of the Senior Management and one of the Independent Directors of the Company, and have relied on affidavits and declarations furnished by them for details of their profile included in this Red Herring Prospectus
- There have been certain instances of delays in payment of statutory dues by the Company in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- The company relies on its sellers to provide popular and on-trend products of a good quality on the company's platform at affordable price-points, and cancellation of orders and product returns may adversely affect its business, cash flows, financial condition, cash flows and results of operations.
- The company is exposed to credit risk from its trade receivables and the recoverability of these receivables is subject to uncertainties.
- Any contingent liabilities which may arise in the future may adversely affect the company's results of operations, financial condition and cash flows.
- The company may incur liability for counterfeit, unauthorised, illegal, or infringing products sold or misleading information available on its platforms.
- The company does not control seller pricing on its marketplace, which could affect the company's ability to respond to user preferences and trends, resulting in an adverse impact on its business, operations, turnover.
- If the company or its sellers fails to identify and effectively respond to changing user preferences and spending patterns in a timely manner, the demand for products could decrease, causing the company's revenue and results of operations to decline.
- The company is subject to payment-related risks, including risks associated with cash on delivery and payment processing risks.
- The seasonality of the company's business affects its quarterly results and places an increased strain on the company operations.
- The company relies on the Google Play Store and the Apple App Store to offer and promote its app. If their terms and conditions change to the company detriment, if its violate, or if a platform provider believes that the company has violated, the terms and conditions of its platform, the company's business will suffer.
- The company relies on its sellers to facilitate a part of the fulfilment process, and the company's sellers may fails to adequately serve its users.
- The company's online marketing listings or reviews may constitute internet advertisement, which subjects the company to laws, rules and regulations applicable to advertising.
- The company's refund policies may adversely affect its results of operations.
- Failures by the company's suppliers or sellers to comply with product safety, intellectual property, or other laws may subject it to liability, damage the company's reputation and brand, and harm its business.
- The company does not have control over the quality of the products offered by sellers and brands but may be subject to legal liabilities and reputational harm as a result of product defects, poor quality control or authenticity issues.
- Failures to deal effectively with fraudulent activities on the company's websites or mobile applications would increase its fraud losses and harm the company's business and could severely diminish seller and consumer confidence in and uses of its services.
- If there are interruptions or performance problems associated with the company's products leading to client dissatisfaction, its business, financial performance, cash flows and prospects may be materially and adversely affected.
- The successful operation of the company's business depends on the performance, reliability and security of network and mobile infrastructure, and other third-party providers.
- The company's success depends, in part, on its ability to expand uses of the company's products by clients globally and accordingly, its business is susceptible to risks associated with international operations.
- The company does not manufacture any of the products that are sold in its `Rangita' stores, and the company relies entirely on third party vendors for the manufacturing of all products under its own brands who are required to meet the company's product specification, quality, design and manufacturing standards, which subjects it to risks, which, if materialized, could adversely affect the company's business, results of operations, cash flows and financial condition.
- If the company fails to identify and effectively respond to changing consumer preferences in a timely manner, the demand for its products could decrease, causing the company's business, results of operations, financial condition and cash flows to be adversely affected.
- The company propose to deploy the Net Proceeds of the Offer over a period of three Financial Years, from Financial Year 2027 till Financial Year 2029. Accordingly, the implementation of the Objects of the Offer may be delayed.
- There may be infringement of the company's intellectual property rights from time to time.
- If the company or third parties on whom its relies does not obtain, renew or maintain the statutory and regulatory permits and approvals required to operates the company or their business, as the case may be, it could have an adverse effect on the company's business.
- The company relies on consumer discretionary spending and may be adversely affected by economic downturns and other macroeconomic conditions or trends.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company depends on the performance of management and other highly-qualified and skilled personnel, and if the company is unable to attract, retain, and motivate these and other well-qualified employees, its business could be harmed.
- The company's culture and values have been critical to its success and if the company cannot maintain this culture and its values as the company grow, its business and reputation could be adversely affected.
- The company may requires additional capital through financing in the future and its operations could be curtailed if the company is unable to obtain required capital and financing on favourable terms when needed.
- Failures to renew the company's current leases or licenses or locate desirable alternatives for its facilities or increasing lease rentals could adversely affect the company's business.
- Increases in operational costs could adversely affect the company's results of operations.
- The company does not have insurance policies to cover all possible events, and its current insurance policies may be insufficient to cover all future costs and losses the incurrence or magnitude of which are unforeseen or unpredictable and could result in an adverse effect on the company's business operations and results of operations.
- The company track certain operational and key business metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- This Red Herring Prospectus contains information from third parties including an industry report prepared by an independent third-party research agency, 1Lattice, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer. The company cannot assure you that such third-party statistical, financial and other industry information is either complete or accurate.
- The company's Subsidiary, Unicommerce, provides software-as-a-service (SaaS) products to certain companies engaged in similar line of business as that of the Company. Any conflict of interest that may occur could adversely affect its business, financial condition, results of operations and cash flows.
- Certain of the company's Directors, Key Managerial Personnel and Senior Management are interested in the company in addition to their normal remuneration or benefits and reimbursement of expenses incurred.
AceVector Ltd Peer Comparison
Understand the company’s industry standing
AceVector Ltd
FSN E-Commerce Ventures Ltd
Brainbees Solutions Ltd
Face Value
1
1
2
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
510.38
10022.35
8547.94
EPS-Basis
-1.32
0.7
-2.9
EPS-Diluted
-1.32
0.7
-2.9
NAV Per Share
2.21
5
90.71
P/E-Basic EPS
---
462.5
---
P/E-Diluted EPS
---
---
---
RONW(%)
-59.54
13.87
-2.91
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 25 Sept 2026 & closes on 29 Sept 2026.
AceVector Ltd IPO will close on 29 Sept 2026.
- Diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support, shared capabilities, and financial efficiency.
- Leading value-focused e-commerce marketplace purpose-built for value shoppers, offering a wide range of high quality lifestyle products.
- Robust unit economics with operating leverage in effect, ensuring improved profitability.
- Proprietary technology stack powering discovery-led, personalised shopping experience.
- Ability to identify, acquire, and scale businesses across the e-commerce value chain.
- Robust governance practices, experienced management and marquee investors.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Kunal Bahl | 56967520 | 12.19 | 56967520 | 10.47 |
| 2 | Rohit Kumar Bansal | 51082720 | 10.93 | 51082720 | 9.39 |
| 3 | Starfish I Pte. Ltd. | 140680480 | 30.11 | 113073398 | 20.78 |
| 4 | B2 Professional Services LLP | 50776640 | 10.87 | 50776640 | 9.33 |
- The company has incurred restated loss of Rs.455.06 million, Rs.1,263.06 million andRs.512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively. If the company is unable to generates adequate revenue growth and manage its expenses and cash flows as the company grow, its may continue to incur losses in the future.
- The company has had net cash flows used in operating activities for the Financial Years 2026, 2025 and 2024 and net cash flows used in financing activities for the Financial Year 2026 and its may continue to have a net used cash position in the future.
- A significant portion of the company's revenue from operations is generated through Snapdeal, its marketplace business. As per Ind AS 108 - Operating Segments, the company's revenue from operations - marketplace contributed to Rs.2,936.75 million, Rs.2,498.67 million and Rs.2,528.87 million in Financial Years 2026, 2025 and 2024, respectively, which amounted 57.54 %, 63.25% and 66.59%, respectively, of the company's revenue from operations. Its efforts to acquire new users, clients and customers of the company's business and retain them may not be successful or may be more costly than its expect, which could prevent the company from maintaining or increasing its revenue.
- The company operates in a highly competitive industry and its failures to compete effectively could have a negative impact on the success of the company's business and/or impact its margins.
- If the company is unable to manage its growth or execute the company's strategies effectively, its business plan and expansion may not be successful, and the company's business and prospects may be adversely affected.
- The company's business depends on the growth of the e-commerce industry in India and its ability to effectively respond to changing user behaviour on digital platforms. In the event the growth of the company's businesses is not in tandem with the growth of the e-commerce industry, its results of operations, financial condition, cash flows and prospects could be adversely affected.
- Potential loss of control over Unicommerce could adversely affect the company's business, financial condition, and results of operations.
- The company's technology infrastructure and the technology infrastructure of its third-party providers (including the company cloud infrastructure service providers) are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, users, third-party providers, the company's reputation and adversely affect its financial condition, results of operations and cash flows.
- The company uses of "open source" software could adversely affect its ability to offer the company's products and services and subject it to possible litigation.
- The company's business depends on its ability to maintain and scale the company's technology. Any interruptions or delays in service on its websites or mobile application or any undetected errors or design faults could result in limited capacity, reduced demand, processing delays, and loss of users, suppliers or sellers.
- The company's Statutory Auditors have reported a modification for certain matter specified in the Report on Other Legal and Regulatory Requirements in the audit report for Financial Year 2026. Further, there are certain emphasis of matter in the auditors reports for Financial Year 2025. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Financial Years 2026, 2025 and 2024.
- The company relies on online search engines, social media channels, emails and text messages for a large portion of its online traffic and usage and if algorithms, terms of service and features of these search engines are changed, it may affect the company's financial condition, cash flows and results of operations.
- The company provides a comprehensive suite of products through its Subsidiary, Unicommerce. If the company fails to develop new products and innovate its products, the company's business, operating results, financial performance, cash flows and prospects may be materially and adversely affected.
- If the company is unable to maintain its existing clients or attract new clients, the company's revenue growth and profitability for its e-commerce enablement SaaS business may be adversely affected.
- Any harm to the company's brand or reputation or failures to maintain, protect and enhance its brand could limit the company's ability to retain or expand its customer base which may adversely affect the company's business, financial condition, results of operations and cash flows, and may result in the company being unable to attract new users.
- The company relies exclusively on third-party logistics service providers for the deliveries of products to the company's buyers, and any disruption of or interference with their services could adversely affect its business, financial condition, cash flows and results of operations.
- There are pending litigations against the Company, Subsidiaries, and certain of its Promoters, Directors, Key Managerial Personnel and members of the company's Senior Management. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business, results of operations, cash flows and reputation.
- The company has issued Equity Shares in the last 12 months at prices that may be lower than the Offer Price and grants of stock options under its employee stock option plan schemes.
- If the company's Net Proceeds to be utilised towards inorganic growth through unidentified acquisitions are insufficient for the cost of its proposed inorganic acquisition, the company may have to seek alternative forms of funding.
- If the company is unable to successfully integrate acquisitions, investments or alliances into its business, the company's business, results of operations, cash flows and financial condition could be adversely affected.
- The development and roll out of new stores and new brands involves substantial risks and it could strain the company's existing resources and could adversely affect its business, results of operations, cash flows and financial condition.
- If the company is unable to continue to innovate or if the company fails to adapt to changes in its industry, the company's business, financial condition, results of operations and cash flows would be adversely affected.
- The Company is unable to trace some of its historical corporate records, and may have experienced delays in certain corporate filings in the past.
- The company has not been able to obtain certain records of the prior work experience for certain members of the Senior Management and one of the Independent Directors of the Company, and have relied on affidavits and declarations furnished by them for details of their profile included in this Red Herring Prospectus
- There have been certain instances of delays in payment of statutory dues by the Company in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- The company relies on its sellers to provide popular and on-trend products of a good quality on the company's platform at affordable price-points, and cancellation of orders and product returns may adversely affect its business, cash flows, financial condition, cash flows and results of operations.
- The company is exposed to credit risk from its trade receivables and the recoverability of these receivables is subject to uncertainties.
- Any contingent liabilities which may arise in the future may adversely affect the company's results of operations, financial condition and cash flows.
- The company may incur liability for counterfeit, unauthorised, illegal, or infringing products sold or misleading information available on its platforms.
- The company does not control seller pricing on its marketplace, which could affect the company's ability to respond to user preferences and trends, resulting in an adverse impact on its business, operations, turnover.
- If the company or its sellers fails to identify and effectively respond to changing user preferences and spending patterns in a timely manner, the demand for products could decrease, causing the company's revenue and results of operations to decline.
- The company is subject to payment-related risks, including risks associated with cash on delivery and payment processing risks.
- The seasonality of the company's business affects its quarterly results and places an increased strain on the company operations.
- The company relies on the Google Play Store and the Apple App Store to offer and promote its app. If their terms and conditions change to the company detriment, if its violate, or if a platform provider believes that the company has violated, the terms and conditions of its platform, the company's business will suffer.
- The company relies on its sellers to facilitate a part of the fulfilment process, and the company's sellers may fails to adequately serve its users.
- The company's online marketing listings or reviews may constitute internet advertisement, which subjects the company to laws, rules and regulations applicable to advertising.
- The company's refund policies may adversely affect its results of operations.
- Failures by the company's suppliers or sellers to comply with product safety, intellectual property, or other laws may subject it to liability, damage the company's reputation and brand, and harm its business.
- The company does not have control over the quality of the products offered by sellers and brands but may be subject to legal liabilities and reputational harm as a result of product defects, poor quality control or authenticity issues.
- Failures to deal effectively with fraudulent activities on the company's websites or mobile applications would increase its fraud losses and harm the company's business and could severely diminish seller and consumer confidence in and uses of its services.
- If there are interruptions or performance problems associated with the company's products leading to client dissatisfaction, its business, financial performance, cash flows and prospects may be materially and adversely affected.
- The successful operation of the company's business depends on the performance, reliability and security of network and mobile infrastructure, and other third-party providers.
- The company's success depends, in part, on its ability to expand uses of the company's products by clients globally and accordingly, its business is susceptible to risks associated with international operations.
- The company does not manufacture any of the products that are sold in its `Rangita' stores, and the company relies entirely on third party vendors for the manufacturing of all products under its own brands who are required to meet the company's product specification, quality, design and manufacturing standards, which subjects it to risks, which, if materialized, could adversely affect the company's business, results of operations, cash flows and financial condition.
- If the company fails to identify and effectively respond to changing consumer preferences in a timely manner, the demand for its products could decrease, causing the company's business, results of operations, financial condition and cash flows to be adversely affected.
- The company propose to deploy the Net Proceeds of the Offer over a period of three Financial Years, from Financial Year 2027 till Financial Year 2029. Accordingly, the implementation of the Objects of the Offer may be delayed.
- There may be infringement of the company's intellectual property rights from time to time.
- If the company or third parties on whom its relies does not obtain, renew or maintain the statutory and regulatory permits and approvals required to operates the company or their business, as the case may be, it could have an adverse effect on the company's business.
- The company relies on consumer discretionary spending and may be adversely affected by economic downturns and other macroeconomic conditions or trends.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company depends on the performance of management and other highly-qualified and skilled personnel, and if the company is unable to attract, retain, and motivate these and other well-qualified employees, its business could be harmed.
- The company's culture and values have been critical to its success and if the company cannot maintain this culture and its values as the company grow, its business and reputation could be adversely affected.
- The company may requires additional capital through financing in the future and its operations could be curtailed if the company is unable to obtain required capital and financing on favourable terms when needed.
- Failures to renew the company's current leases or licenses or locate desirable alternatives for its facilities or increasing lease rentals could adversely affect the company's business.
- Increases in operational costs could adversely affect the company's results of operations.
- The company does not have insurance policies to cover all possible events, and its current insurance policies may be insufficient to cover all future costs and losses the incurrence or magnitude of which are unforeseen or unpredictable and could result in an adverse effect on the company's business operations and results of operations.
- The company track certain operational and key business metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- This Red Herring Prospectus contains information from third parties including an industry report prepared by an independent third-party research agency, 1Lattice, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer. The company cannot assure you that such third-party statistical, financial and other industry information is either complete or accurate.
- The company's Subsidiary, Unicommerce, provides software-as-a-service (SaaS) products to certain companies engaged in similar line of business as that of the Company. Any conflict of interest that may occur could adversely affect its business, financial condition, results of operations and cash flows.
- Certain of the company's Directors, Key Managerial Personnel and Senior Management are interested in the company in addition to their normal remuneration or benefits and reimbursement of expenses incurred.
The Issue type of AceVector Ltd is Book Building.
The minimum application for shares of AceVector Ltd is 468.
The total shares issue of AceVector Ltd is 131250000.
Initial public offering of up to [*] equity shares of face value of Re.1/- each ("Equity Shares") of Acevector Limited (the "company" or the "company") for cash at a price of Rs.[*] per equity share (including a premium of Rs.[*] per equity share) ("Offer Price") aggregating up to Rs.[*] crores (the "Offer") comprising a fresh issue of up to [*] equity shares of face value of Re.1/- each aggregating up to Rs. 287.00 crores (the "Fresh Issue") and an offer for sale of up to 41,562,500 equity shares of face value of Re.1/- each aggregating up to Rs.[*] crores (the "Offer for Sale"), by the selling shareholder and such equity shares, the "Offered Shares").
Price Band: Rs. 30/- to Rs. 32/- for equity share of face value of Rs. 10 each.
The floor price is 30 times times the face value and cap price is 32 times of the face value of the equity shares.
Bids can made for a minimum of 468 equity shares and in multiples of 468 equity shares thereafter.