Business
Starfish takes Rs 88.3 crore from AceVector IPO
The Hindu BusinessLine··3 Oct
SoftBank-backed Starfish I Pte Ltd took about Rs 88.3 crore from Snapdeal parent AceVector's Rs 420 crore IPO through the offer-for-sale. Starfish sold 2.76 crore shares at Rs 32 each, remaining the largest selling shareholder in the issue. The IPO closed on September 29, was subscribed 4.93 times, and is set to list on October 5.
Prism
What It Means For You
- Investors watching the October 5 BSE and NSE listing can note the Rs 32 issue price and about Rs 1,741 crore valuation.
- Starfish still holds 11.3 crore AceVector shares worth about Rs 361.8 crore at the issue price.
- AceVector plans to use fresh capital for marketplace marketing, technology, acquisitions and general corporate purposes.
What's Happening
- AceVector raised Rs 287 crore via a fresh issue while existing shareholders offered up to 4.16 crore shares in the OFS.
- According to the red herring prospectus, Starfish sale represented a 0.08X return multiple.
- Nexus funds also sold shares at return multiples ranging from 0.07X to 1.03X across vehicles.
What AceVector Reported
- AceVector is parent of Snapdeal and Unicommerce.
- The company reported a consolidated loss of Rs 60.7 crore in FY26.
- Revenue from operations rose 29.2 percent to Rs 510.4 crore in the period cited.
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