AceVector IPO: Snapdeal Parent Files Confidential Draft Papers With SEBI

AceVector, Snapdeal's parent company, on Saturday said it has confidentially filed initial public offering documents with the Securities and Exchange Board of India.

The company submitted the "pre-filed draft red herring prospectus with SEBI and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges."

Beyond Snapdeal, Gurugram-based AceVector operates Unicommerce, a software-as-a-service platform, and Stellar Brands, a consumer brand building firm. Unicommerce went public in 2024, with its IPO significantly oversubscribed by 168.32 times showing huge investor interest.

Founded by Kunal Bahl and Rohit Bansal, AceVector chose the confidential pre-filing route for its IPO. This allows the company to keep the details of its draft red herring prospectus private until later stages, a flexible option increasingly popular among Indian firms managing their IPO plans.

In recent months, INOX Clean Energy, logistics service provider Shadowfax Technologies, stockbroking firm Groww, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah, and Imagine Marketing (the parent company of wearables brand boAt) all opted for confidential IPO filings.

In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.

Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving SEBI's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.

Additionally, firms can modify the primary issue size by up to 50% until the updated DRHP stage.

(With Inputs From PTI)