Starfish I Pte Ltd secured ₹88.3 crore from the AceVector IPO by selling shares at ₹32 each. The company raised ₹287 crore through a fresh issue, which closed on September 29. AceVector plans to use this money for marketing and technology. Shares will list on the BSE and NSE on October 5.
SoftBank-backed Starfish I Pte Ltd emerged as the biggest beneficiary among selling shareholders in Snapdeal parent AceVector’s ₹420 crore initial public offering (IPO), securing about ₹88.3 crore through the offer-for-sale (OFS) component.
Starfish, AceVector’s largest shareholder, sold 2.76 crore shares at the IPO’s upper price of ₹32 apiece, accounting for roughly two-thirds of the total OFS proceeds. According to AceVector’s red herring prospectus (RHP), the shares sold represented a 0.08X return multiple.
Starfish will continue to hold 11.3 crore shares in AceVector following the IPO, worth about ₹361.8 crore at the issue price.
AceVector, the parent of e-commerce marketplace Snapdeal and e-commerce enablement platform Unicommerce, raised ₹287 crore through a fresh issue, while existing shareholders offered up to 4.16 crore shares through the OFS. At ₹32 a share, the issue valued the company at about ₹1,741 crore.
The IPO, which closed on September 29, was subscribed 4.93 times, with the company set to list on the BSE and NSE on October 5.
Nexus sees divergent returns
Nexus Venture Partners also secured a partial exit through multiple investment vehicles, though the returns varied significantly across funds.
Nexus India Direct Investments II sold 73.9 lakh shares for ₹23.6 crore, representing a 1.03X return multiple. The fund will retain 3 crore shares, worth about ₹96.7 crore at the IPO price.
Nexus Opportunity Fund Ltd sold 8.4 lakh shares for ₹2.6 crore at a 0.14X return multiple, while Nexus Ventures III sold 4.6 lakh shares for ₹1.4 crore, translating into a 0.07X multiple.
Other shareholders sell shares
Other selling shareholders included FIH Business Global, Rupen Investment and Industries and Centaurus Trading and Investments. FIH sold 17.4 lakh shares for ₹5.6 crore, while Rupen Investment and Centaurus each sold 2.7 lakh shares for about ₹86 lakh.
AceVector to deploy fresh capital
AceVector intends to use the fresh capital primarily for marketing and business promotion of its marketplace business, technology infrastructure, acquisitions, and general corporate purposes. The company reported a consolidated loss of ₹60.7 crore in FY26, while revenue from operations rose 29.2% to ₹510.4 crore.