Snapdeal IPO
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Snapdeal IPO details
Schedule of Snapdeal
| Issue open date | 25 Sep 2026 |
| Issue close date | 29 Sep 2026 |
| UPI mandate deadline | 29 Sep 2026 (5 PM) |
| Allotment finalization | 30 Sep 2026 |
| Refund initiation | 01 Oct 2026 |
| Share credit | 01 Oct 2026 |
| Listing date | 05 Oct 2026 |
| Mandate end date | 14 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 29 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 28 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Snapdeal
AceVector (formerly Snapdeal Limited) runs three online businesses. Snapdeal is a budget shopping marketplace. It holds no stock of its own and earns marketing, advertising and delivery fees from sellers. Unicommerce, a listed subsidiary, sells subscription software that helps online sellers manage orders, inventory and shipping. Stellaro Brands sells its own ethnic wear brand, Rangita.
In FY2026, AceVector’s revenue was ₹510.38 Crore, with Snapdeal contributing 57.54% and Unicommerce 40.04%. That year, Snapdeal delivered 25.98 million units across 18,972 pin codes, and Unicommerce served 8,261 clients. The company’s key moat is a zero-inventory model aimed at value shoppers in smaller cities, with courier and cloud costs shared across its businesses. Listed peers named in the RHP are Nykaa, FirstCry and Meesho.
The company was founded in 2007 by Kunal Bahl and Rohit Kumar Bansal. They are its promoters along with SoftBank’s Starfish I Pte. Ltd., and together they hold 53.24% before the offer. Other pre-IPO investors include Nexus, eBay and Dunearn.
Financials of Snapdeal
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 420 |
| Fresh Issue – Proceeds go to the company | 287 |
| Offer for sale – Proceeds go to the existing investors | 133 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Marketing and business promotion expense of Marketplace | 132 (45.99%) |
| Technology infrastructure costs of Marketplace | 50 (17.42%) |
| General corporate purposes | 105 (36.59%) |
Strengths
- Segment Leadership: Per the 1Lattice report (company-commissioned), Snapdeal is a top-two value marketplace and Unicommerce is the largest e-commerce SaaS.
- Asset-Light Model: Snapdeal holds no inventory. Tech and fixed costs per delivered unit fell 65.22% to ₹28.99 between FY2024 and FY2026.
- Repeat-Driven Growth: Delivered units rose to 25.98 million in FY2026 from 14.81 million in FY2024, with 82.91% from repeat customers.
- Profitable SaaS Arm: Unicommerce revenue roughly doubled to ₹204.34 Crore in FY2026, with an Adjusted EBITDA margin of 20.20%.
- In-House Technology: In FY2026, 72.69% of Snapdeal orders came through AI recommendations, without the customer typing a search.
Risks
- Continued Losses: Net losses were ₹45.51 Crore in FY2026 and ₹126.31 Crore in FY2025. Operating cash flow was negative in FY2024–FY2026.
- Snapdeal Concentration: Snapdeal contributed 57.54% of revenue in FY2026. The company flags rising user-acquisition costs.
- Unicommerce Control Risk: AceVector owns only 26.13% of Unicommerce. If it loses board control, it can no longer consolidate Unicommerce’s results.
- Pending Litigation: Cases against the company total ₹61.11 Crore. Criminal complaints against promoters and a fraud complaint to SEBI are pending.
- Courier Dependence: All deliveries rely on third-party logistics firms, whose operations, vehicles and staff the company does not control.
Subscription Figures for AceVector (formerly Snapdeal)
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on September 25, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 399.22 | 0 | 0x |
| NII | 205.84 | 86.64 | 0.42x |
| Retail | 137.23 | 85.58 | 0.62x |
| Total | 742.29 | 172.21 | 0.23x |