E-commerce platform Snapdeal’s parent AceVector’s Rs.420-Cr IPO oversubscribed 2.6x

Gurugram-based AceVector , the parent company of Snapdeal, has seen its INR 420-Cr IPO oversubscribed 2.59 times. Investors placed bids for 19.25-Cr shares against the 7.42-Cr shares offered.The IPO consists of a fresh issue of shares totalling INR 287-Cr and an offer for sale (OFS) of up to 4.16-Cr shares, valued at INR 133-Cr at the upper end of the price band. Current shareholders, including SoftBank and Nexus Venture Partners, are divesting portions of their stakes through the OFS. The issue had a price band of INR 30–INR 32 per share, reflecting a valuation of INR 1,741.4 Cr (USD 181.7 M).Founded in 2010 by Kunal Bahl and Rohit Bansal, the company operates as a value-focused e-commerce platform.AceVector intends to allocate INR 132-Cr of the net proceeds from the fresh issue toward marketing and business promotion for Snapdeal, while INR 50-Cr is earmarked for technology infrastructure. A part of the remaining funds are designated for potential acquisitions.