Snapdeal parent AceVector debuts below IPO price
AceVector, which owns Snapdeal, started trading on Indian stock markets at an 11-12% discount to its IPO price, opening at ₹28.30 versus the ₹32 offer. Shares dropped further by market close, finishing down 18% from the IPO price with a market cap of ₹1,420 crore ($147 million). AceVector raised ₹420 crore in the IPO; nearly half will go toward reviving Snapdeal with added marketing.
- Shares opened at an 11-12% discount to IPO price
- Closed 18% below IPO price on first day
- Raised ₹420 crore, part fresh, part investor sell-off
- SoftBank, Nexus, Foxconn sold shares but remain invested
- IPO funds mainly set for Snapdeal marketing, tech updates
Sources covering this
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