AceVector Bulk Deal: ICICI Securities Arm Sells 0.6% Stake In Snapdeal Parent For ₹8.6 Crore
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Snapdeal parent AceVector has seen a fresh bulk transaction within two weeks of its stock market debut. The deal comes as the newly listed stock trades below its ₹32 IPO price after a volatile start on the exchanges.
Newly listed AceVector, the parent company of e-commerce marketplace Snapdeal, saw a fresh bulk deal on Wednesday, October 14, with ICICI Securities Primary Dealership selling a 0.6% stake in the company, according to exchange bulk-deal data.
ICICI Securities Primary Dealership sold 32,91,982 AceVector shares at an average price of ₹26.27 apiece, valuing the transaction at about ₹8.6 crore.
The deal comes less than two weeks after the snapdeal parent made its stock market debut on October 5. The Snapdeal parent listed at ₹28.32 on the NSE against its IPO price of ₹32, a discount of 11.5%. The stock subsequently recovered to ₹33.27 on October 8 before giving up those gains.
AceVector shares closed at ₹26.18 on Wednesday, down 5.28% for the session. At that level, the stock is about 18% below its IPO price and more than 21% below the post-listing high touched on October 8.
AceVector Bulk Deal
The October 14 transaction comes during AceVector's first few trading sessions as a listed company. ICICI Securities Primary Dealership is a wholly owned subsidiary of ICICI Securities and operates as a primary dealer in government securities and other debt-market instruments.
AceVector IPO And Listing
AceVector entered the stock market earlier this month after its ₹420 crore IPO. The issue was priced in a band of ₹30-32 per share and comprised a fresh issue as well as an offer for sale by existing shareholders.
The IPO was subscribed nearly five times before the company's shares debuted on the BSE and NSE on October 5. AceVector operates a portfolio of digital businesses led by e-commerce marketplace Snapdeal.
The stock has had a volatile start since listing, first debuting below its issue price, then recovering above ₹32 and subsequently falling back below the IPO price.
AceVector shares will trade again on October 15 following the latest bulk transaction. Any material movement after the market opens can be updated on this page with the latest share price and trading activity.
Also Read - SEBI Proposes SME IPO Rules To Cut Minimum Application To ₹1 Lakh And Allow Single-Share Trading
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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