Snapdeal's parent AceVector files confidential draft IPO papers with Sebi
, parent company of
e-commerce marketplace
Snapdeal, has confidentially filed draft papers with markets regulator
Sebi
to raise funds through an initial public offering (IPO).
In a public announcement on Saturday, AceVector stated that it has submitted "the 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".
Apart from Snapdeal, the Gurugram-based AceVector also operates software-as-a-service (SaaS) platform
Unicommerce
, and consumer brand building firm Stellar Brands.
Of these, Unicommerce became a publicly listed company in 2024. The company's IPO had received an overwhelming response, with the issue having been oversubscribed 168.32 times.
AceVector, which is founded by
Kunal Bahl
and
Rohit Bansal
, opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
In recent months, several companies, including INOX Clean Energy, logistics service provider Shadowfax Technologies, stock broking firm Groww, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, chose confidential filings.
In 2024, food delivery giant
Swiggy
and retail chain
Vishal Mega Mart
floated their IPOs following similar filings.
Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments. Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
a minute ago
- The Hindu
SEBI allows Jane Street to trade days after it transfers ₹4,843.6 crore to escrow account
The Securities and Exchange Board of India (SEBI) has allowed U.S.-based investment firm Jane Street to trade in the securities market after it complied with the regulator's interim order and transferred ₹4,843 crore to the escrow account, according to a statement. 'In terms of para 62.11 of interim order in the matter of index manipulation by Jane Street group dated July 3, 2025 [interim order], upon compliance with the directions in clause 62.1 (creation of escrow account with a lien marked in favour of SEBI, for an amount of ₹4,843,57,70,168/ the directions stipulated in clauses 62.2, 62.3, 62.4, 62.5, 62.7, 62.8 and 62.10 of the interim order shall cease to apply,' SEBI said in its statement. Jane Street was banned from dealing in the securities market and debits in bank accounts frozen in addition to being ordered to transfer the penalty into an escrow account, after the capital markets regulator found it guilty of manipulating the stock and derivative markets. It had been pumping up Bank Nifty in the cash market while simultaneously building put option positions which was about seven times the size of the cash market position. The put options were later dumped on the second part of the day, pulling the index down, resulting in profit. In the interim order, SEBI clarified that investigation would be under way.
Time of India
a minute ago
- Time of India
British Royal Navy's Fighter Jet Set to Fly Back After Being Grounded in India for 37 Days
A British Royal Navy F-35B Lightning II fighter jet that made an emergency landing at an Indian international airport on June 14 is now ready to return to the UK. Parked at the Air India hangar for over a month due to a technical snag, the $110 million stealth aircraft has undergone full repairs by British aviation engineers. The advanced 5th-generation jet, one of the UK's most powerful and technologically advanced, racked up significant parking and maintenance charges at the Indian airport. Watch this video to know what went wrong, how it was fixed, and why the world's most sophisticated fighter was grounded for nearly a month.#f35b #royalnavy #britishfighterjet #stealthjet #indiauk #emergencylanding #fighterjet #militaryaviation #aviationnews #jetgrounded #f35india #ukdefense #airindia #indianairport #globaldefense #toi #toibharat #bharat #trending #breakingnews #indianews
Mint
a minute ago
- Mint
Titan Company buys majority stake in Dubai's jewellery chain Damas for $283 mn
New Delhi: Watch and jewellery retailer Titan Company Ltd, through its wholly owned subsidiary Titan Holdings International, on Monday announced the acquisition of a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million or 1.04 billion dirham. Titan, via its fully owned arm, has entered an agreement to acquire a 67% stake in Damas's current holding company for its jewellery business in Gulf Cooperation Council (GCC) countries from publicly listed Mannai Corp, headquartered in Qatar, according to a regulatory filing by Titan. The purpose of the acquisition is to acquire the entire jewellery business, including the brand Damas, held by Mannai in the GCC countries. As of 31 March, Tanishq operates 13 stores in GCC countries and two Mia by Tanishq outlets. This move aims to expand Titan's footprint in the Middle East, joining a league of other homegrown gold and diamond retailers with a presence in the Gulf. Damas Jewellery, founded in 1907, has a network of 146 stores across the six GCC countries—the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas houses a curated portfolio of in-house collections alongside high-end international jewellery labels. Damas reported a consolidated turnover of $394.47 million in FY24, according to regulatory filings made by Titan Co. Typically, Indian jewellery brands have expanded in these markets, drawn by demand from the Indian diaspora that continue to value jewellery purchases. Titan will, however, use the acquisition to focus on other nationalities and ethnicities. Titan Holdings will hold 67% of the equity share capital and voting rights in Damas and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions. The current Graff Monobrand franchise business of Damas will be discontinued before completion of the transaction, per a filing with the exchanges. Titan Co. already operates its Tanishq jewellery brand in the Miidle East, with stores in Dubai and Abu Dhabi. Last fiscal, both Tanishq and Zoya expanded their global presence, opening stores in North America and GCC region primarily catering to the Indian diaspora. Its diamond brand Caratlane also opened its first international store in New Jersey, USA in FY25. 'After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities,' C.K. Venkataraman, managing director of Titan, said. "The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain," he added. Analysts said the move could potentially offer the company a playbook to expand in international markets beyond its own brands. The deal makes a lot of 'sense' said Harminder Sahni, managing director, and partner at Wazir Advisors. This could work as a model where they build more assets in the jewellery business overseas, he said. 'The Tata Group has the bandwidth and integration capabilities for such a move. The move is also interesting because it stresses on expanding beyond the existing and core consumer base of the Indian diaspora,' he added. The Tata Group already operates a consumer goods business via Tata Consumer Products in overseas markets. The GCC region is exhibiting robust economic growth creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs, the company said in its statement announcing the acquisition. To be sure, jewellers from south India have a well-established presence in the Middle East, with brands like Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers having a significant presence in these markets. Mannai Corporation has business interests in the business-to-business segment based on trade and IT services. Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region, said, Alekh Grewal, group chief executive officer, Mannai Corporation. 'Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the group debt,' he said. Titan Company sells jewellery (Tanishq), watches, eyecare products, fragrances, accessories and Indian dress wear (Taneira) and women bags (IRTH). In FY25, the company's jewellery sales surpassed ₹ 50,000 crore for the first time, reflecting a 20% jump in yearly revenues. It reported ₹ 60,456 crore in revenue from operations (consolidated) for the full year, up 18% y-o-y. Titan operated 3,312 stores as of 31 March 2025.
