Acevector IPO(Snapdeal)
Acevector IPO(Snapdeal) is a mainboard IPO raising ₹420 Cr at ₹30 – ₹32 a share. It listed on 5 Oct 2026 at ₹28, −11.5% against its issue price of ₹32, and trades at ₹21 today (−35.3% since issue). It was subscribed 4.93× in total.
4.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
AceVector is a digital commerce group operating three asset-light businesses in India: (i) Snapdeal, a value-focused online marketplace selling affordable lifestyle products (fashion, home, beauty) via third-party sellers; (ii) Unicommerce (Uniware, Shipway, Convertway), a SaaS platform that helps e-commerce sellers manage orders, inventory, shipping and marketing; and (iii) Stellaro Brands, an omnichannel consumer brands business currently retailing women's ethnic wear under the Rangita brand across 19 single-brand stores. Customers are largely Indian 'value' or 'Bharat' shoppers (Tier 2+ cities) for Snapdeal, and D2C brands, traditional offline brands, e-commerce sellers and 3PL providers for Unicommerce.
How it earns
Primarily marketplace commissions/marketing fees on Snapdeal (asset-light, zero-inventory model), subscription SaaS fees on Unicommerce (Uniware/Shipway/Convertway), and direct retail sales of branded merchandise through Stellaro.
Who buys
Snapdeal: value-conscious 'Bharat shoppers' in Tier 2+ and non-metro cities — 12.16 million annual transacting customers in FY26, with 82.22% of delivered units from non-metro cities. Unicommerce: 8,261 clients including D2C brands, traditional offline brands, e-commerce sellers, brand aggregators, 3PL firms and SMBs. Stellaro Brands: retail consumers of women's ethnic wear via 19 omnichannel single-brand stores and online channels. No customer-concentration % is stated.
Scale
Snapdeal served customers across 18,972 pin codes with 25.98 million delivered units and 12.16 million annual transacting customers in FY26; Unicommerce had 8,261 clients processing orders across 11,370 warehouses and 912 stores; Stellaro Brands operated 19 omnichannel single-brand retail stores as of the filing (Figures stated in ₹ million; 1 crore = 10 million.)
What it says sets it apart
- Snapdeal is among the top two pure-play value e-commerce marketplaces in India by revenue in each of FY24, FY25 and FY26, with FY26 revenue of ₹293.675 crore (₹2,936.75 million).
- Asset-light, zero-inventory marketplace model with no debt, supported by a 'Smart' courier allocation engine processing over 63.82 million monthly data points and delivering logistics cost of ₹70.90 per delivered unit in FY26.
- Unicommerce is the largest e-commerce enablement SaaS platform in the transaction processing layer in India (Uniware), with 353 integrations (151 marketplace/web-store, 129 logistics, 11 ERP/POS, 46 Shipway, 16 Convertway) and FY26 SaaS revenue of ₹204.338 crore.
- Cross-business synergies: Unicommerce's SaaS tools (Uniware, Shipway, Convertway) are used by Snapdeal sellers and by Stellaro Brands for inventory, fulfilment and marketing automation; logistics accounted for 41.78% of total expense in FY26, jointly negotiated for scale benefits.
- Deep value-shopper focus: 95.45% of Snapdeal FY26 NMV from lifestyle categories, 83.75% of delivered units priced below ₹599, 89.83% of transactions via mobile app, and an average product rating of 4.0/5 maintained across the last three financial years via a six-point quality management system.
Revenue mix
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹510 Cr+29% | ₹-46 Cr | -8.9% | ₹260 Cr | ₹0 Cr |
| FY2025 | ₹395 Cr+4% | ₹-126 Cr | -32.0% | ₹188 Cr | ₹0 Cr |
| FY2024 | ₹380 Cr | ₹-51 Cr | -13.5% | ₹-122 Cr | ₹0 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 8.16× their allocation. QIB: 3.38×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by IIFL Capital Services Limited — median +12.2% across the 42 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 10 Nov 2026.
What to watch
- The register's top risk: Three consecutive years of restated losses totaling over ₹2.2 billion (prospectus page 27).
- Its cohort's record: median +9.2% since issue price, 38.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ACEVECTOR LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.