Snapdeal parent AceVector raises ₹189 crore via anchor book ahead of ₹420-crore IPO opening

AceVector, the parent of Snapdeal, Unicommerce and Stellaro Brands, on September 24 mopped up ₹189 crore by allotting 5.9 crore equity shares to 14 anchor investors ahead of its IPO. 

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The company, promoted by Kunal Bahl, Rohit Kumar Bansal and SoftBank, will open its ₹420-crore initial public offering (IPO) for public subscription on September 25, at a price band of ₹30-32 per share. Bidding closes on September 29. 

The IPO consists of a fresh issue of equity shares worth ₹287 crore, alongside an offer-for-sale (OFS) of 4.15 crore equity shares by existing shareholders, including promoter Starfish. 

Negen Undiscovered Value Fund took the largest position in the anchor book, buying 1.24 crore equity shares for ₹40 crore at ₹32 apiece, the top end of the price band. 

Singularity AMC, mentored by ace investor Madhusudan Kela, picked up 84.37 lakh shares for close to ₹27 crore, while 360 ONE Asset Management's Turnaround Opportunities Fund acquired 62.49 lakh shares for ₹20 crore. 

Out of the total anchor allocation, 93.74 lakh shares went to two domestic mutual funds, Helios Mutual Fund and Taurus Mutual Fund, as per AceVector's filing with the exchanges. 

Alchemy Capital Management, TIMF Holdings, Saint Capital Fund, Emerge Capital and Mavira AMC were among the other participants in the anchor round. 

Besides SoftBank, AceVector counts Nexus Venture Partners, FIH Business Global and eBay International AG among its marquee backers. 

The company, which runs the e-commerce marketplace Snapdeal, plans to deploy ₹132 crore of the net fresh issue proceeds on marketing and business promotion for the marketplace business. 

A further ₹50 crore is set aside for technology infrastructure costs of the marketplace business, with the balance going towards inorganic growth through acquisitions and general corporate purposes. 

IIFL Capital Services, CLSA India and Systematix Corporate Services are the merchant bankers to the AceVector IPO.