AceVector IPO: RHP Filed for Rs 287 Cr Fresh Issue as FY26 Cash Flow Turns Positive

SoftBank-backed AceVector, the parent company of Snapdeal and Unicommerce, has filed its red herring prospectus with SEBI for an IPO. The issue includes a Rs 287 crore fresh issue and an offer for sale by existing shareholders.

The IPO structure gives AceVector new capital while also allowing select investors to sell part of their holdings.

Existing shareholders will sell up to 4.12 crore shares through the offer for sale. Starfish I Pte. Ltd., the promoter selling shareholder, will offer up to 2.76 crore shares, representing 66.9% of the total shares on offer.

Three Nexus entities — Nexus India Direct Investments II, Nexus Opportunity Fund and Nexus Ventures III — will collectively offer 86.96 lakh shares, around 21% of the OFS. Co-founders Kunal Bahl and Rohit Bansal, who together hold a 33.99% stake directly and through related entities, will not participate in the OFS.

AceVector has turned free cash flow positive in FY26, generating adjusted free cash flow from operations of Rs 10.82 crore after a negative position in the previous year. Operating revenue rose 29% to Rs 510.38 crore in FY26 from Rs 395.02 crore in FY25.

The company also narrowed its adjusted EBITDA loss by 59% to Rs 15.94 crore in FY26 from Rs 39.16 crore in FY25. Its adjusted EBITDA margin improved to -3.12% from -9.91% over the same period.

AceVector operates Snapdeal, a value-focused ecommerce marketplace, and Unicommerce, an ecommerce enablement SaaS platform. Snapdeal gets more than 62% of its business from fashion, with most products priced below Rs 599, and nearly 82% of orders from non-metro cities.

Unicommerce serves more than 8,100 clients across India, Southeast Asia and the Middle East through its ecommerce technology platforms. AceVector plans to use fresh issue proceeds for Snapdeal’s technology infrastructure, marketing and business development, inorganic growth opportunities and general corporate requirements.

The IPO will open for subscription on September 25 and close on September 29. The anchor book will open on September 24.

IIFL, CLSA and Systematix Group are the book-running lead managers for the issue.