Shares of AceVector, the parent company of e-commerce platform Snapdeal, made a subdued debut on Monday, valuing the company at 12.96 billion Indian rupees ($134.7 million), as the absence of profitability offset its reasonable valuation.
Shares of the SoftBank-backed company listed at 28.32 rupees on the National Stock Exchange of India, down 11.5% from the issue price of 32 rupees.
The IPO was subscribed 4.93 times last week, a muted response for an IPO in recent months. Data from PRIME Database showed that about 66% of IPOs in the first half of fiscal year 2026-27 received more than 10 times the bids than were on offer.
The company competes with Nykaa and Meesho in India's growing e-commerce market.
AceVector, which also owns Unicommerce and Stellaro Brands, posted a consolidated loss of 607.8 million Indian rupees for fiscal year 2026, with revenue of 5.1 billion rupees.
"The valuation appears reasonable on a sales basis, but is not deeply attractive given the absence of profits," Swastika Investmart said in its note last week.
AceVector's IPO comprised a fresh issue of shares worth 2.87 billion rupees and an offer for sale of up to 41.56 million shares by existing investors, including controlling shareholder Starfish, owned by SoftBank, and Nexus Venture Partners.