AceVector Limited, the parent company of Snapdeal, Unicommerce eSolutions and Stellaro Brands, is set to enter the Indian primary market with its initial public offering. The company has fixed the IPO price band at ₹30 to ₹32 per equity share, with the issue scheduled to open on September 25, 2026 and close on September 29, 2026. At the upper price band, the IPO will raise approximately ₹420 crore and value AceVector at around ₹1,741 crore. The shares are proposed to be listed on both BSE and NSE.
AceVector IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Price Band | ₹30–₹32 per share |
| Face Value | ₹1 per share |
| Total Issue Size | ₹420 crore |
| Fresh Issue | ₹287 crore |
| Offer for Sale | ₹133 crore |
| Lot Size | 468 shares |
| Minimum Investment | ₹14,976 |
| Issue Type | Book Built |
| Listing | BSE and NSE |
| Anchor Date | September 24, 2026 |
| Allotment | September 30, 2026 |
| Refund/Demat Credit | October 1, 2026 |
| Expected Listing | October 5, 2026 |
| Lead Managers | IIFL Capital Services, CLSA India, Systematix Corporate Services |
| Registrar | MUFG Intime India |
The IPO comprises a fresh issue of approximately ₹287 crore and an offer for sale of up to 4.16 crore shares valued at approximately ₹133 crore at the upper price band. The current issue is smaller than AceVector’s earlier proposed offering, which included a ₹300 crore fresh issue and a larger OFS component. Existing shareholders including SoftBank-backed Starfish and Nexus Venture Partners are among the selling shareholders. The company’s co-founders Kunal Bahl and Rohit Kumar Bansal are not selling shares in the IPO.
AceVector Business Model
AceVector operates an asset-light digital commerce ecosystem built around three businesses: Snapdeal, Unicommerce eSolutions and Stellaro Brands. The structure gives the company exposure to different parts of the digital commerce value chain, including consumer marketplaces, e-commerce technology infrastructure and consumer brands.
Snapdeal operates as a value-focused e-commerce marketplace. Rather than competing primarily in the premium segment, its platform is designed around value-conscious consumers and products across categories such as fashion, home and general merchandise, beauty and personal care. The marketplace follows an asset-light model in which AceVector does not generally own the inventory sold by marketplace sellers.
Also Read: Orient Cables (India) IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Unicommerce provides software-as-a-service solutions that help businesses manage e-commerce operations. Its platforms cover areas such as order management, inventory management, warehouse management, logistics, returns and other commerce-related workflows. Unicommerce had 8,261 clients as of March 31, 2026, making the SaaS business an important part of AceVector’s overall digital-commerce ecosystem. Unicommerce itself became a listed company in 2024.
The third business is Stellaro Brands, which focuses on consumer brands and omnichannel retail. Its portfolio includes Rangita, a women’s ethnic-wear brand operating through online channels and exclusive stores. As of March 31, 2026, Stellaro Brands operated 17 exclusive brand outlets according to IPO-related disclosures.
This combination gives AceVector exposure to both B2C and B2B commerce. Snapdeal provides access to consumers and sellers, Unicommerce supplies technology infrastructure to merchants, while Stellaro provides a direct consumer-brand opportunity.
Snapdeal Marketplace
Snapdeal remains the largest contributor to AceVector’s revenue. In FY26, the marketplace business generated approximately ₹293.7 crore of revenue, representing about 57.5% of the company’s operating revenue. The marketplace recorded a net merchandise value of approximately ₹1,093.1 crore during FY26 and delivered around 2.6 crore units. Annual transacting users stood at approximately 1.2 crore during the year.
Also Read: German Green Steel & Power IPO Details: Price Band, Dates, Financials, GMP and Key Risks
The marketplace is particularly focused on value-conscious shoppers and non-metro markets. This positioning differentiates Snapdeal’s operating model from platforms that concentrate more heavily on premium products and urban consumers. However, the company operates in an intensely competitive e-commerce environment where customer acquisition, discounts, logistics, seller quality and product selection can significantly influence marketplace activity.
Unicommerce SaaS Business
Unicommerce provides a different source of revenue within the AceVector ecosystem because its SaaS operations are focused on enterprise technology rather than direct consumer commerce. The business generated approximately ₹204.3 crore of revenue in FY26, contributing around 40% of AceVector’s operating revenue. Its client base increased to 8,261 from 7,008 a year earlier.
The SaaS segment also showed stronger operating economics than the marketplace business. Its adjusted EBITDA profit increased to approximately ₹41.3 crore in FY26 from ₹25.3 crore in FY25. This improvement is relevant because it demonstrates that AceVector’s overall financial performance is influenced by businesses with very different operating models and margin characteristics.
AceVector Financial Performance
AceVector has delivered strong revenue growth while continuing to report losses. Operating revenue increased from ₹379.76 crore in FY24 to ₹395.02 crore in FY25 and ₹510.38 crore in FY26. The latest RHP-based restated figures show the net loss narrowing substantially from ₹126.31 crore in FY25 to ₹45.51 crore in FY26.
Also Read: Runwal Enterprises IPO Details: Price Band, Dates, Financials and Key Risks
| Financial Year | Revenue from Operations | Net Profit/(Loss) |
|---|---|---|
| FY24 | ₹379.76 crore | ₹(51.30) crore |
| FY25 | ₹395.02 crore | ₹(126.31) crore |
| FY26 | ₹510.38 crore | ₹(45.51) crore |
Adjusted EBITDA loss also improved significantly. The adjusted EBITDA loss narrowed from approximately ₹39.2 crore in FY25 to ₹15.9 crore in FY26, while the adjusted EBITDA margin improved from about -9.91% to -3.12%.
Some current media reports cite a FY26 net loss of approximately ₹60.7 crore based on reported figures, while the RHP-based restated financial statements cited by IPO databases and industry reports show a loss of approximately ₹45.5 crore. The restated RHP figures are the more appropriate reference for analysing the IPO financial history.
The financial trend therefore shows two important developments: revenue is growing at a meaningful rate, while losses are narrowing. However, the company has not yet reached consolidated profitability, making the path toward sustainable positive earnings an important factor for investors to monitor.
Use of IPO Proceeds
AceVector plans to use a substantial portion of the fresh issue proceeds to strengthen the Snapdeal marketplace business. Approximately ₹132 crore is proposed for marketing and business promotion expenses, while another ₹50 crore is intended for technology infrastructure costs associated with the marketplace. The remaining proceeds are planned for inorganic growth through acquisitions and general corporate purposes.
Also Read: Moneyview IPO Details: Price Band, Dates, Financials, GMP and Key Risks
The focus on marketing is particularly relevant because marketplace businesses require continuous investment in customer acquisition, seller participation and brand visibility. Technology investment is also important as Snapdeal competes in an environment where search, recommendation, payments, logistics integration and platform reliability influence the customer experience.
AceVector had also raised approximately ₹13 crore through a pre-IPO round, with that amount adjusted against the fresh issue component.
AceVector IPO GMP
Grey market premium, or GMP, is an unofficial indicator of pre-listing market sentiment and is not part of the formal IPO process. Current IPO trackers had not established a reliable premium figure as of September 22, 2026. GMP can change quickly before listing and should not be interpreted as a guaranteed listing gain or return.
Key Risks
The first major risk is that AceVector remains loss-making at the consolidated level. Although revenue is growing and adjusted EBITDA losses have narrowed, the company still needs to improve operating efficiency sufficiently to achieve sustainable profitability.
Also Read: Adroit Industries (India) IPO Details: Price Band, Dates, Financials, GMP and Key Risks
The Snapdeal marketplace also faces intense competition from larger e-commerce platforms and other value-focused digital marketplaces. Customer acquisition and retention can require significant marketing expenditure, which is particularly relevant because ₹132 crore of the fresh IPO proceeds is earmarked for marketing and business promotion.
The marketplace business also carries logistics and operating-cost risks. In FY26, logistics was one of AceVector’s largest expense categories, while total expenses remained significantly higher than revenue. Any increase in fulfilment costs, promotional spending or other operating expenses could delay the transition toward profitability.
Another consideration is the different performance profiles of AceVector’s businesses. Snapdeal remained EBITDA-loss making, while Unicommerce generated an adjusted EBITDA profit. Changes in the mix between marketplace and SaaS operations could therefore influence consolidated margins and future profitability.
AceVector also plans to pursue inorganic growth using part of the IPO proceeds. Acquisitions can expand the company’s capabilities or product portfolio, but they also introduce integration, valuation and execution risks.
Also Read: Elevate Campuses IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Finally, the IPO contains a substantial OFS component. Approximately ₹133 crore of the issue proceeds will go to existing selling shareholders rather than to AceVector. The fresh issue, rather than the OFS, is the component that directly provides new capital to the company. Investors therefore need to distinguish between primary capital raised for business purposes and secondary shares sold by existing investors.
Conclusion
AceVector’s IPO provides public-market exposure to a digital commerce ecosystem combining value-focused e-commerce through Snapdeal, e-commerce enablement SaaS through Unicommerce and consumer brands through Stellaro Brands. The combination gives the company exposure across several parts of the digital commerce value chain.
The ₹420 crore IPO comprises a ₹287 crore fresh issue and an OFS of approximately ₹133 crore. The fresh capital is primarily intended for Snapdeal’s marketing, technology infrastructure and future inorganic growth. The company has reported strong revenue growth, with operating revenue reaching approximately ₹510.38 crore in FY26, while the RHP-based restated net loss narrowed to about ₹45.51 crore.
The key factors to monitor include the pace of revenue growth, the transition toward profitability, Snapdeal’s ability to scale its marketplace efficiently, Unicommerce’s SaaS growth, marketing expenditure, logistics costs and the execution of future acquisitions. The company’s asset-light structure and diversified digital-commerce businesses provide important context, but its continuing consolidated losses and competitive environment remain significant considerations.
Also Read: Swastika Infra IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to subscribe to the IPO, or a guarantee of listing gains. IPO investments involve market, business, financial and regulatory risks. Investors should read the company’s Red Herring Prospectus and evaluate their own financial objectives and risk tolerance before making any investment decision.
