AceVector, the parent company of Snapdeal, Unicommerce and Stellaro Brands, has raised nearly $20 million (Rs 189 crore) from anchor investors ahead of its initial public offering (IPO), Entrackr reported.
The company allotted 5.91 crore shares at Rs 32 apiece, the upper end of its IPO price band, to 14 anchor investors on September 24, a day before the issue opens for public subscription.
Negen Undiscovered Value Fund received the largest allocation, with shares worth nearly Rs 40 crore. Singularity Growth Opportunities Fund II was allotted shares worth around Rs 27 crore, while Turnaround Opportunities Fund received nearly Rs 20 crore worth of shares, according to the report.
Domestic mutual funds accounted for 15.87% of the anchor book. Helios Mutual Fund and Taurus Mutual Fund participated through three schemes, together receiving shares worth around Rs 30 crore.
AceVector’s Rs 420 crore IPO opens on September 25 and closes on September 29. The issue has a price band of Rs 30-32 per share and comprises a fresh issue of Rs 287 crore and an offer for sale (OFS) of 4.16 crore shares worth around Rs 133 crore at the upper price band.
Existing investors, including SoftBank and Nexus Venture Partners, will offload part of their holdings through the OFS. Co-founders Kunal Bahl and Rohit Bansal are not participating in the offer for sale.
The company has reduced the size of the IPO from its earlier plans and is targeting a valuation of around Rs 1,741 crore at the upper end of the price band, the report said.
Proceeds from the fresh issue will be used primarily towards marketing and business promotion for Snapdeal, technology infrastructure, acquisitions and general corporate purposes.
