Acevector

IPO Size: Rs. 420 cr

• Fresh Issue of Rs. 287 cr (16% dilution) for (i) marketing Rs. 132 cr till FY29E (ii) technology investment Rs. 50 cr till FY29E (iii) unidentified acquisition and general corporate purposes 
• Offer for Sale (OFS) of Rs. 133 cr (i) 2/3^rd OFS by promoter (66% stake to shrink to 50%) (ii) 1/3^rd OFS by 7 financial investors

Price band: Rs. 30-32 per share

M cap: Rs. 1,741 cr (IPO is 24% of m cap)

• 75% for institutions and only 10% for retail as company is loss making

IPO Date: Fri 25^th Sep to Tue 29^th Sep 2026, Listing Mon 5^th Oct 2026

Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.

Parent of Unicommerce and Snapdeal

• Unicommerce, in which company holds 25.9%, has witnessed share price halve in the past 2 years, despite revenue doubling during this period. On Unicommerce’s m cap of Rs. 943 cr, this stake is valued, on an optimistic basis, at less than Rs. 200 cr, post 20% holding company discount. 
• Snapdeal, 100% owned by Acevector, is a value fashion e-tailer. But growth is negligible, with FY23 revenue of Rs. 280 cr rising at only 1.6% CAGR to Rs. 294 cr in FY26. Moreover, company still needs funds which is prompting 16% dilution via the IPO. Thus, business is not asset-light. 

Loss Making Company

Acevector’s FY26 revenue stood Rs. 510 cr with loss before depreciation and interest of Rs. 16 cr (or negative 3% EBBITDA margin). The net loss before tax of Rs.38 cr includes other income of Rs. 27 cr. Thus, net business loss of Rs. 65 implies 13% net loss margin. Retailing is a very slim margin business, and Acevector’s double digit net loss margin looks unlikely to be broken even in the next couple of years.   

Shareholder Exit at Loss

• Promoters cost per share is Rs. 382, then what is the desperation to sell 6% equity at 1/10^th the cost? This is unheard of and makes one question - is the future scenario so pessimistic?
• Even 5 other investors, mainly funds like Nexus, Centaurus, Rupen Investment are exiting at loss. And the losses are massive, with cost being Rs. 762 per share for one of the selling shareholders. i.e. selling at 4.4% of cost!

This doesn’t set a good precedence and will not give confidence to any investor to apply in the IPO.

In May 2026, company undertook Rs. 13 cr pre-IPO at Rs. 36 per share, which appears mainly to establish a price benchmark, as quantum raised is very low.