AceVector Limited IPO
ListedMainboardE-Commerce/App based Aggregator
4.93×
Subscribed
Price band
₹30 – ₹32
Lot size
468
1 lot = ₹14,976
Issue size
₹420 Cr
Open – close
25 Sept 2026
to 29 Sept 2026
Listing
05 Oct 2026
Listing gain
-11.50%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed3 of 7 dimensions read
A mixed but reasonable offering — 1 positive against 0 negative signals
Strength64/100
- Out-earns its peersReturn on net worth of 59.5% against a peer median of 13.9%
- Steady revenue growthRevenue compounding at 15.9%
- Institutional book coveredQIB portion subscribed 3.38×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Sept 2026
- Closes29 Sept 2026
- Allotment30 Sept 2026
- Listing05 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.38x
Non-institutionalNII / HNI8.16x
Big NIIabove ₹10L8.92x
Small NII₹2L – ₹10L6.64x
Retail individualRII4.62x
1,33,108 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Sept 2026.
Chance of allotment
Retail4.62× subscribed
~1 in 4.6
Minimum 1 lot · 468 shares · ₹14,976 blocked
Retail is 4.62× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 4.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII8.16× subscribed
~1 in 8.2
Minimum 14 lots · 6,552 shares · ₹2,09,664 blocked
HNI is 8.16× subscribed. This category is allotted proportionately, so a bid receives roughly 1/8.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹2+6.3%
over the upper band · last seen 04 Oct 2026 · flat since 24 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹30 – ₹32
Face value₹1
Lot size468shares
Minimum application₹14,976at cut-off
Total issue size₹420 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
RoNW-59.54%
NAV2.21
Price to Book Value14.48
ISININE580P01029
RegistrarMUFG Intime India Private Limited
Lead managersIIFL Capital Services Limited, CLSA India Private Limited, Systematix Corporate Services Limited
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 9,84,37,500 | — |
| Anchor Investor | 5,90,62,500 | — |
| QIB (Ex. Anchor) | 3,93,75,000 | — |
| NII (HNI) | 1,96,87,500 | — |
| bNII > ₹10L | 1,31,25,000 | 2003.00% |
| sNII < ₹10L | 65,62,500 | 1001.00% |
| Retail | 1,31,25,000 | 28044.00% |
Total issue 13,12,50,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9761 lot · 468 sh
Retail (Max)₹1,94,68813 lots · 6,084 sh
S-HNI (Min)₹2,09,66414 lots · 6,552 sh
S-HNI (Max)₹9,88,41666 lots · 30,888 sh
B-HNI (Min)₹10,03,39267 lots · 31,356 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted5,90,62,500
Anchor portion₹189 Cr
Bid date24 Sept 2026
Lock-in ends (50%)30 Oct 2026
Lock-in ends (rest)29 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding a portion of the marketing and business promotion expense of the Marketplace business of our Companynot stated
- 02Funding the technology infrastructure costs of the Marketplace business of our Companynot stated
- 03Funding inorganic growth through acquisitions and general corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 379.761 | — | — | — | — |
| 2025 | 395.019 | — | — | 188.402 | — |
| 2026 | 510.381 | — | — | 260.351 | — |
Revenue CAGR 15.9%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| AceVector Limitedthis issue | 1.32 | — | 2.21 | 59.54% |
| FSN E-Commerce Ventures Limited | 0.70 | 462.50 | 5.00 | 13.87% |
| Brainbees Solutions Limited | -2.90 | — | 90.71 | 2.91% |
| Meesho Limited | -3.11 | — | 9.25 | 30.95% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe company has incurred restated losses of ₹455.06 million, ₹1,263.06 million and ₹512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively, and may continue to incur losses if it fails to generate adequate revenue growth or manage expenses and cash flows.
mediumThe 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 may continue to have a net used cash position in the future.
Litigation
Except as stated in this section, there are no outstanding (i) criminal proceedings (including FIRs), (ii) actions taken by statutory or regulatory authorities including notices sent by such authorities irrespective of any materiality threshold, (iii) claims relating to direct and indirect taxes, in a consolidated manner, or (iv) other pending litigation as determined to be material by our Board pursuant to the Materiality Policy (as disclosed herein below), in each case, involving our Company, its Subsidiaries, our Directors or our Promoters (the “Relevant Parties”). Additionally, except as disclosed in this section, there are no outstanding criminal proceedings and outstanding actions by regulatory and statutory authorities against our KMPs and SMPs.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About AceVector Limited
AceVector is a digital commerce company operating businesses across value e-commerce, e-commerce enablement software and consumer brands. Its businesses include Snapdeal, a value-focused e-commerce marketplace offering products across fashion, home and general merchandise, and beauty and personal care; Unicommerce, which provides SaaS products for managing e-commerce operations through its Uniware, Shipway, and Convertway platforms; and Stellaro Brands, a consumer brands business operating online channels and omnichannel retail stores. Unicommerce’s products cover order processing, inventory, warehouse and store management, shipping, logistics, and marketing automation. Stellaro Brands currently operates the Rangita women’s ethnic wear brand through online channels and 19 omnichannel single-brand retail stores. AceVector operates through its subsidiaries, including Unicommerce eSolutions Limited and Stellaro Brands Private Limited, and uses shared functions covering technology, finance, legal, human resources and other corporate activities.
Founded 2007MD Mr Kunal Bahl and Mr Rohit Kumar BansalSector E-Commerce/App based Aggregator
Offer documents
The primary sources everything above is drawn from
Common questions
What is the AceVector Limited IPO GMP today?
The most recent grey-market premium recorded for AceVector Limited is ₹2 per share — about 6.3% over the ₹32 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the AceVector Limited IPO subscribed?
AceVector Limited is subscribed 4.93× overall (QIB 3.38×, NII 8.16×, retail 4.62×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Private Limited.
What is the minimum investment in the AceVector Limited IPO?
One lot is 468 shares, so a retail application at the ₹32 cut-off price blocks ₹14,976. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the AceVector Limited IPO?
The retail portion is subscribed 4.62×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 5. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the AceVector Limited IPO allotment date?
Allotment is scheduled for 2026-09-30, with listing on 2026-10-05. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.