AceVector IPO closed its subscription window on September 29, 2026, with a final cumulative subscription of 4.90 times the offer size. Non-Institutional Investors (bHNI) were the standout category, racing to 8.92x — a 288.2% intraday surge from the day-open reading of 1.69x.

Subscription Status

The issue gathered momentum sharply in the final session of Day 3, with the total subscription jumping from 1.48x at 11:15 AM IST to 4.90x by the 5:15 PM IST snapshot — a 231.1% intraday move. This marked a decisive acceleration from the Day 2 closing figure of 1.13x and the muted Day 1 close of 0.23x.

Category-wise Breakdown

NII (bHNI) emerged as the most aggressive category, closing at 8.92x — up from 1.69x at the day open, a gain of +4.87x (+288.2%). Small HNIs (sHNI) followed at 6.56x. Retail investors picked up pace significantly after 2:00 PM IST, closing at 4.50x, up 135.6% from the day-open reading of 1.91x. QIBs, which were at 1.34x at the start of the day, more than doubled to close at 3.38x — a jump of +152.2%. Employee subscriptions remained at 0x throughout.

Intra-day Timeline

Subscription momentum accelerated significantly during Day 2. QIB bids arrived between 12:15 PM and 1:15 PM IST, lifting the total subscription from 0.37x to 0.63x in that hour. By 14:15 IST, the total reached 0.65x. The final hours saw a massive surge, with QIB demand jumping to 1.03x and total subscription hitting 1.13x by 17:15 IST.

Offer Details

About the Company

AceVector operates an asset-light digital commerce ecosystem comprising three businesses: Snapdeal, a value-focused lifestyle e-commerce marketplace ranked among India's top two pure-play value platforms with FY2026 revenue of ₹2,936.75 million; Unicommerce (via Unicommerce eSolutions Limited), India's largest e-commerce enablement SaaS platform offering Uniware, Shipway, and Convertway with FY2026 SaaS revenue of ₹2,043.38 million; and Stellaro Brands, an omnichannel consumer brands business operating the Rangita women's ethnic wear label across 19 stores. The company targets value-conscious 'Bharat Shoppers' primarily in Tier 2+ cities. Total consolidated revenue from operations stood at ₹5,103.81 million in FY2026.

Financial Highlights

The company has reported losses over the past three financial years, with revenue showing growth.

Objects of the Issue

• Funding a portion of the marketing and business promotion expense of the Marketplace business (₹132 crore).
• Funding the technology infrastructure costs of the Marketplace business (₹50 crore).
• Funding inorganic growth through acquisitions and general corporate purposes.

Risk Factors

• Sustained Financial Losses and Negative Cash Flows: The company has incurred restated losses of ₹455.06 million, ₹1,263.06 million, and ₹512.97 million in FY2026, FY2025, and FY2024 respectively, with negative operating cash flows across all three years.
• Intense Competition in E-Commerce: The company faces rivals with greater financial resources, stronger brand recognition, and established supply relationships in a rapidly evolving market.
• Cybersecurity Threats and Data Privacy Risks: Technology infrastructure is susceptible to cyberattacks and data breaches; non-compliance with the Digital Personal Data Protection Act, 2023 could result in significant penalties.
• Marketplace Revenue Concentration: Snapdeal contributed 57.54%, 63.25%, and 66.59% of total revenue from operations in FY2026, FY2025, and FY2024 respectively; any slowdown in India's e-commerce growth could materially impact performance.
• Pending Litigations: The company, its subsidiaries, promoters, and directors face multiple pending legal proceedings with aggregate claims of approximately ₹611.06 million.

What's Next

Allotment is scheduled for September 30, 2026, with the listing date set for October 5, 2026.