Shares of AceVector Ltd, the parent company of Snapdeal, made a weak debut on the stock exchanges on Monday, October 5, listing at a significant discount to the issue price.

On the NSE, the stock opened at Rs 28.32, down 11.5 per cent from its issue price of Rs 32.

On the BSE, AceVector shares were quoted at Rs 28.30, down 11.56 per cent, or Rs 3.70, from the issue price.

The company had fixed the IPO price at Rs 32 per share, at the upper end of its price band.

The company raised Rs 420 crore and commanded a post-issue market capitalisation of over Rs 1,500 crore.

AceVector's IPO was open for subscription from September 25 to September 29 and was subscribed 5.07 times overall.

The retail portion was subscribed 4.83 times, while the qualified institutional buyers (QIBs) category, excluding anchor investors, was subscribed 3.42 times. The non-institutional investors (NII) portion saw stronger demand, with the category subscribed 8.53 times by the final day.

The issue comprised a fresh issue of shares worth up to Rs 287 crore and an offer for sale (OFS) of Rs 133 crore. The equity shares have a face value of Rs 1 each.

Under the OFS, existing shareholders, including SoftBank subsidiary Starfish and Nexus Venture Partners, sold shares. Other selling shareholders included FIH Business Global, Kenneth Stuart Glass, Jason Ashok Kothari, Rupen Investment and Industries, Centaurus Trading and Investments and Laurent Bernard Amouyal.

Ahead of the IPO, AceVector raised Rs 189 crore from anchor investors by allotting 5.9 crore shares at Rs 32 apiece, the upper end of the price band.

Negen Undiscovered Value Fund received the largest allocation in the anchor book, with 1,24,99,812 shares worth around Rs 40 crore. Singularity Growth Opportunities Fund II was allotted 84,37,104 shares worth nearly Rs 27 crore.

Turnaround Opportunities Fund received 62.49 lakh shares worth around Rs 20 crore, while Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund and LC Pharos Multi Strategy Fund VCC were each allotted 46.87 lakh shares worth about Rs 15 crore.

Other investors in the anchor book included Helios Mid Cap Fund, Helios Small Cap Fund, Ashika Global Finance, Taurus Ethical Fund, Emerge Capital Opportunities Scheme, Saint Capital Fund, ASAS Global Fund Incorporated VCC Sub Fund and TMF Holdings.