AceVector IPO

Easy to miss in the prospectus

• Two different losses run through this record. The ₹60.78 Cr shown for FY26 is the loss attributable to equity holders of the parent, which is the basis the RHP uses for earnings per share and for return on net worth. The group's total restated loss was ₹45.51 Cr. The disclosed loss margin of 8.92% divides that smaller group loss by revenue from operations; on the parent-attributable loss the same revenue gives 11.91%.
• Return on net worth here is the issuer's own figure, calculated on closing net worth, as its note states. On average net worth - the formula more commonly used - FY26 would be about minus 53.2% rather than minus 59.54%.
• EBITDA and Adjusted EBITDA are not close. The RHP's EBITDA adds back tax, finance costs and depreciation to the restated loss for the year and gives minus ₹22.17 Cr in FY26, a margin of minus 4.34%. The Adjusted EBITDA the company leads with, minus ₹15.94 Cr and a margin of minus 3.12%, additionally adds back exceptional items, ₹23.41 Cr of share-based payments and ₹15.76 Cr of liabilities written back, and deducts other income and lease payments.
• This record leaves debt-to-equity blank rather than writing zero. Borrowings were nil at 31 March 2026 and the capitalisation statement records the borrowings-to-total-equity ratio as 'not applicable'. Lease liabilities of ₹20.49 Cr sit outside that borrowings line, and the ₹50.00 Cr of 14.50% debentures outstanding at 11 August 2026 sit after the balance sheet date entirely.
• Several figures here rest on the final offer price of ₹32 rather than on the RHP, which leaves the price, the fresh-issue share count and the post-Offer capital as placeholders throughout. The 54,41,86,770 post-issue shares are the RHP's pre-Offer 45,44,99,270 plus the 8,96,87,500 fresh shares that the disclosed ₹287.00 Cr fresh issue buys at ₹32; that denominator independently reproduces the 47.40% post-issue promoter holding reported elsewhere and the ₹1,578 Cr market capitalisation quoted at the ₹29.00 close, which is why it is used. The ₹133.00 Cr offer-for-sale figure is the RHP's disclosed 4,15,62,500 shares at the same ₹32, and market capitalisation, price to sales and price to book all follow from it. The offer-for-sale share count itself is disclosed in the RHP and is not derived from any rupee amount.
• Promoter holding needs three numbers to read properly. The 64.10% recorded here is promoters plus promoter group on a fully diluted basis including 1,26,82,560 vested options, as the RHP states; the three promoters alone are 53.24% on the same basis; and on outstanding shares only, the same promoter-plus-group block of 29,95,07,360 shares is 65.90%. Post-issue holding is a placeholder in the RHP, so it is left blank.
• A pre-IPO placement was done above the eventual cap price. On a resolution dated 25 May 2026 the company allotted 36,11,110 shares at ₹36 each, raising ₹13.00 Cr, four months before the ₹30-32 band was fixed. That money was deducted from the fresh issue and is earmarked for general corporate purposes, which is why the general-corporate allocation out of net proceeds was reduced by the same amount.
• The peer table yields one usable multiple. The RHP reports the highest, lowest and average industry P/E as the same number, 462.50 times, because only FSN E-Commerce Ventures had positive diluted earnings in FY26 - Brainbees Solutions and Meesho were both loss-making, as was AceVector, so no P/E was ascertainable for the issuer either.
• The name has changed three times. Incorporated 12 September 2007 as Jasper Infotech Private Limited, renamed Snapdeal Private Limited in March 2019, Snapdeal Limited on conversion to a public company in December 2021, and AceVector Limited in January 2023. Snapdeal is now one of three businesses and 57.54% of revenue.
• Net asset value of ₹2.21 is struck on a fully diluted 46,19,91,520 shares, which includes vested options and exceeds the 45,44,99,270 shares outstanding. On outstanding shares alone the same net worth gives ₹2.25.
• The 332 employees are full-time staff of the parent company on a standalone basis at 31 March 2026, not a group headcount, and the figure includes a net 50 people transferred in from Unicommerce and Shipway during FY26 whose cost is fully recharged to those entities.
• FY25's recovery in net worth was not operating. Net worth went from minus ₹142.09 Cr to ₹126.33 Cr largely because a ₹277.81 Cr put-option liability owed to SB Investment Holdings (UK) over part of its Unicommerce stake was reversed when Unicommerce listed, and that reversal was itself the consequence of a voluntary change in accounting policy flagged as an emphasis of matter in the FY25 audit report.
• FY25 also carried ₹73.61 Cr of exceptional items - ₹57.89 Cr of expected credit loss on an advertisement security deposit and ₹15.71 Cr of costs for Unicommerce's own IPO - against nil in FY26, which flatters any year-on-year comparison of the bottom line.
• Subscription figures differ by source. The exchange-derived tally used here is 5.07 times overall on bids for 36,60,74,280 shares against 7,21,87,500 offered, with QIBs excluding anchors at 3.42 times, non-institutional bidders at 8.53 times and retail at 4.82 times; at least one brokerage page reports 4.93 times overall instead.
• No grey market quotes are recorded. They ran between roughly ₹0 and ₹1 on a ₹32 issue throughout the bidding and allotment window, and the two trackers checked disagree on the listing-morning print - one shows ₹0 and one shows ₹1 - so neither is carried here.
• The listing was a discount on both exchanges: ₹28.32 on the NSE, 11.50% below the ₹32 issue price, and ₹28.30 on the BSE, 11.56% below. The stock closed its first session at ₹26.08 after touching ₹23.37, which remains the low of its traded range.
• The anchor book took 45% of the offer - 5,90,62,500 shares for ₹189.00 Cr at ₹32 - from 14 investors, but only two were domestic mutual funds, Helios across two schemes and Taurus Ethical Fund. The rest were alternative investment funds and similar vehicles, with the single largest, Negen Undiscovered Value Fund, taking about 21% of the anchor allocation.
• The industry sizing, the 'top two pure-play value marketplace' ranking for Snapdeal and the 'largest e-commerce enablement SaaS platform' claim for Uniware all come from a 1Lattice report that the company commissioned and paid for exclusively for this offer, under an engagement letter dated 13 May 2025.
• The company discloses that it cannot trace certain historical corporate records, including letters of offer for past share and preference-share allotments and the valuation report for its divestment of Vulcan Express, despite a Registrar of Companies search in July 2025, and that its joint managing directors have paid late submission fees on Form FC-TRS filings on more than one occasion.