SoftBank exits AceVector IPO at listing price, early investors sell at a loss

SoftBank has sold its entire stake in AceVector, the holding company behind Snapdeal, at ₹32 per share in the company’s ₹420 crore initial public offering. Other selling shareholders, including some early investors, reportedly booked losses on their original investments, according to Inc42.

The outcome reflects how public-market sentiment has shifted since Snapdeal’s peak. AceVector’s anchor round, which raised ₹189 crore at the same ₹32 price just weeks ago, attracted domestic mutual funds and insurers, but the retail portion of the IPO only subscribed 1.15 times after a slow start. That muted demand suggests investors are now valuing ecommerce businesses more cautiously—especially when the growth story is no longer expanding at the same pace.

The strategy has kept revenue steady, but growth has decelerated. The IPO prospectus indicates Snapdeal’s gross merchandise value grew at a slower rate in FY26 compared to the previous year. For a company that raised significant funding at its peak, that stagnation appears to have weighed on investor appetite.

SoftBank’s exit at the listing price contrasts with the experience of some other shareholders. Early investors reportedly sold at prices below their original entry points. The fund’s return over the holding period was modest, while others saw steeper declines.

The contrast with Anthropic’s recent IPO filing is notable. While Anthropic’s revenue grew rapidly, AceVector’s growth has plateaued. Both companies are going public at a time when investors are prioritizing sustainable economics over rapid expansion. AceVector’s modest IPO subscription suggests that even ecommerce businesses with improving profitability may face skepticism if growth has stalled.

The bigger question is what this means for upcoming Indian ecommerce IPOs. Navi, which reported widening losses in FY26, is still planning its public debut, while Accelevation eyes a high valuation in the US. AceVector’s listing may not set a definitive precedent, but it does signal a shift: public markets are no longer rewarding growth at any cost. For startups that raised capital at elevated valuations in recent years, that adjustment is still unfolding.

Sources: inc42.com