Snapdeal parent AceVector files confidential IPO papers with Sebi

AceVector, the parent company of e-commerce platform Snapdeal, has confidentially filed draft papers with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), the company said in a public announcement on Saturday.

According to news agency PTI, the Gurugram-based firm stated that it has submitted a "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".

Founded by Kunal Bahl and Rohit Bansal, AceVector is also the parent of software-as-a-service (SaaS) firm Unicommerce and brand-building company Stellar Brands. Unicommerce made its stock market debut earlier this year, with its IPO drawing strong investor interest and being oversubscribed by 168.32 times.

AceVector has chosen to go the confidential filing route, which allows companies to test the waters before making the IPO details public. This mechanism, introduced by Sebi in 2022, is gaining popularity among Indian companies seeking greater flexibility and control over timing and disclosures.

In recent months, a clutch of companies, including INOX Clean Energy, logistics platform Shadowfax, brokerage firm Groww, alternative investment manager Gaja Capital, and commerce enabler Shiprocket have taken the same route. Edtech unicorn PhysicsWallah, Tata Capital, and Imagine Marketing, the parent company of boAt, have also opted for confidential filings.

AceVector’s decision marks another signal that IPO momentum among India’s tech and digital-first companies is building up again, following a lull in 2022–23.

Further details about the offer size, timing, and valuation are expected to be made public once the company converts the confidential filing into a formal DRHP submission.