Snapdeal Parent AceVector Files RHP, Trims OFS To 4.16 Cr Shares

AceVector Ltd, the parent company of Snapdeal, has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) nearly a year after receiving the regulator's observations on its confidential IPO filing, per Inc42. The company has reduced its fresh issue from ₹300 Cr to ₹287 Cr, a ₹13 Cr cut that reflects AceVector's completion of a pre-IPO placement round for the same amount.

The offer-for-sale (OFS) component has been trimmed by 34.9% to 4.16 Cr shares from 6.39 Cr shares initially proposed. SoftBank's selling entity Starfish I Pte Ltd reduced its OFS by 34.8% to 2.76 Cr shares from 4.23 Cr shares. Three Nexus-affiliated selling entities—Nexus India Direct Investments II, Nexus Opportunity Fund Ltd, and Nexus Ventures III Ltd—will collectively sell 86.96 lakh shares, down from 1.33 Cr shares. Individual investor Priyanka Shreevar Kheruka, who had proposed to sell 19.37 lakh shares in the earlier draft, is not participating in the OFS in the RHP. Other selling shareholders include Jason Ashok Kothari (11.11 lakh shares), Rupen Investment and Industries (2.69 lakh shares), and Centaurus Trading and Investments (2.69 lakh shares).

AceVector's IPO timeline is set, with anchor bidding scheduled for September 24 and public subscription opening on September 25, closing on September 29. The adjusted offer size and reduced OFS suggest a recalibrated fundraising strategy following the pre-IPO round, potentially reflecting investor demand or market conditions. The timing comes as Snapdeal, India's homegrown e-commerce platform, seeks to return to public markets after years of private funding and operational refinement.