AceVector Ltd. IPO

AceVector

• AceVector is coming out with a 100% book building; initial public offering (IPO) of 13,72,29,166 shares of face value Rs 1 each in a price band Rs 30-32 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 30 times of its face value on the lower side and 32 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services, CLSA India and Systematix Corporate Services.
• Compliance officer for the issue is Prabhas Singh. 

Profile of the company

AceVector, directly and indirectly through its Subsidiaries, operates an asset-light digital commerce ecosystem consisting of data, technology and AI-driven businesses - value e-commerce marketplace, e-commerce enablement software as a service (SaaS) and consumer brands. The company’s ecosystem includes (i) Snapdeal, a value focused lifestyle e-commerce marketplace platform with a wide selection of affordable, merchandise across lifestyle categories with an emphasis on quality; (ii) Uniware, Convertway and Shipway under the Unicommerce brand, operated by its subsidiary Unicommerce eSolutions Limited, a comprehensive suite of e-commerce enablement SaaS products, which enables end-to-end management of e-commerce operations; and (iii) Stellaro Brands business, an omnichannel value focused consumer brands retailing business, operated by its Subsidiary, Stellaro Brands Private Limited. Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments catering to multiple stakeholders vertically viz., through both online and offline modes and horizontally viz., consumers, sellers, brands and logistics providers.

The company supports each of its businesses with tailored strategies for their organic and inorganic growth. The company’s businesses are further strengthened by operational synergies across technology infrastructure, supply chain capabilities, data insights and shared services, resulting in increased operational leverage. Its shared services infrastructure includes critical functions such as legal, finance, technology, corporate communications, public policy, human resources, and facilities, ensuring consistent governance and operational efficiency. It has built long-term defensibility through proprietary technologies across its businesses with deep domain expertise, bringing experienced management teams and scalable, modular infrastructure and processes.

Through its platforms, the company actively supports the micro, small and medium enterprises ecosystem in India, which is an integral part of the country's commerce and manufacturing landscape. The company’s sellers on the Snapdeal marketplace are largely small and medium enterprises, providing locally manufactured products tailored to the needs of value-conscious consumers. Similarly, Unicommerce’s client base also comprises small and medium enterprises, including emerging D2C brands and regional manufacturers, who relies on its automation to scale their business operations efficiently. Stellaro Brands sources its products exclusively from such local enterprises. Across its platforms, it promotes inclusive growth by supporting local manufacturing, entrepreneurship, and women-led businesses from across the country.

Proceed is being used for: 

• Funding a portion of the marketing and business promotion expense of the Marketplace business of the company
• Funding the technology infrastructure costs of the Marketplace business of the company
• Funding inorganic growth through acquisitions and general corporate purposes

Industry overview

The Indian retail market is valued at $1,120.4 billion in FY25 and is projected to grow at a CAGR of 10.4% between FY25 and FY30, reaching $1,837.7 billion by FY30. This growth is driven by strong macroeconomic and demographic drivers such as rise in gross national income, increasing from Rs 171.3 trillion in FY24 to Rs 182.0 trillion in FY25. Other contributing factors include growing expenditure by the millennial population, rapid digital adoption, and expansion of retail formats in Tier 2 and 3 cities. The retail sector has maintained a strong presence in India’s GDP, ranging between approximately 26-29% during FY20-25. It stayed steady at approximately 28% in the past few years and reached approximately 29% by FY25, reflecting strong consumer demand and the sector’s resilience.

India’s retail market is broadly split into three channels: organised brick-and-mortar, unorganised retail, and ecommerce. Unorganised retail, comprising local kirana stores, mom-and-pop stores, and independent retailers, still dominates, contributing 78.8% in FY25, but it is expected to decline to 69.8% by FY30. This decline is primarily driven by increasing consumer preference for modern retail formats, better pricing, and assortment in organised retail. Organised brick-and-mortar retail, including supermarkets and branded retail chains, is projected to grow from 12.6% in FY25 to 17.4% in FY30. E-commerce, a rapidly emerging channel driven by hyper-local fulfilment and digital adoption, is expected to rise from 8.6% in FY25 to 12.8% in FY30.

The Indian retail market continues to witness a shift towards discretionary categories, driven by rising income levels, urbanisation, and increasing consumer aspirations. As income levels grow, consumers are allocating a larger share of their budgets towards non-essential categories to enhance comfort and lifestyle. This has led to a gradual shift from essential food & grocery spending (which is expected to decline from 64.3% in FY25 to 63.8% in FY30) towards categories such as fashion (apparel and footwear) and home and general merchandise (furniture and furnishing). This trend is more pronounced in urban markets with higher income levels and greater retail penetration. Urban centres are witnessing faster growth in non-food categories, while rural regions are evolving in a similar direction, albeit at a slower pace. Overall, the share of fashion is projected to grow at a CAGR of 10.8% over the period FY25-30, reflecting faster movement towards lifestyle-driven consumption. 

Pros and strengths 

Diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support: The company has five proprietary platforms across three businesses at different stages of maturity in the e-commerce industry and is thereby well poised to benefit from the large and fast-growing Indian e-commerce market. Its synergistic platforms form a unique flywheel that spans transactions, infrastructure, and owned brands. With a presence across the entire digital commerce stack, it is enabling shoppers to access affordable products, small and medium enterprise seller to grow and brands to scale, while operating asset-light, integration-ready businesses that are focused on sustainable growth. The scale of its platforms, the breadth of its relationships with other stakeholders and its expandable infrastructure across its businesses enables it to scale rapidly. The company’s synergistic ecosystem is a core strength that allows it to scale businesses across both B2C and B2B business opportunities. It brings together three independent yet strategically aligned businesses with diversified revenue streams, each operating with a distinct market focus and execution strategy, while benefitting from shared capabilities, infrastructure, and central strategic support.

Leading value-focused e-commerce marketplace purpose built for value shoppers: Snapdeal is among the top two pure-play value marketplace platforms in India in terms of revenue for Financial Year 2026, Financial Year 2025 and Financial Year 2024 which stood at Rs 2,936.75 million, Rs 2,498.67 million and Rs 2,528.87 million, respectively focuses on lifestyle across various categories including fashion, home and general merchandise, beauty and personal care and others. Snapdeal’s pricing is one of the most competitive across online shopping destinations in India as of July 6, 2026. Snapdeal served customers nation-wide across 18,972 pin codes for the Financial Year 2026, primarily targeting middle-income, value-conscious customers who are typically located in Tier 2+ and smaller cities of India which form the majority of the untapped value e-commerce customers., Snapdeal is also among the top nine shopping apps in India by app downloads on the Google Play Store as of June 30, 2026. Additionally, Snapdeal had 376.25 million installations on Google Play Store as of March 31, 2026 with an average app rating of 4.4 (out of 5) on the Google Play Store for which it has received 2.56 million reviews by users as of August 24, 2026.

Robust unit economics with operating leverage in effect, ensuring improved profitability: Snapdeal’s operational model, being a true marketplace model, is designed for cost efficiency and scale. It operates an asset light with no inventory supply chain that provides it a high degree of control for performance and costs, delivering healthy unit are executed by a network of 3PLs, who together have a pan-India coverage, ensuring national reach and deep access to Tier 2+ geographies where its core value-conscious customer base resides. It has a ‘Smart’ courier allocation engine that selects the most optimal 3PL partner for each shipment based on a trade-off between cost, delivery speed, and past performance of each 3PL at the pin code level. This tech-led selection is backed by a large dataset of historical shipment tracking as it collects and process over a monthly average of 63.82 million data points as of March 31, 2026. This enables it to optimise both cost and customer experience.

Proprietary technology stack powering discovery-led, personalised shopping experience: Over the years, the company has invested in enhancing the Snapdeal platform and ensuring that Snapdeal’s platform user interface is optimised for mobile devices, with 99.72% of its delivered units for the Financial Year 2026, purchased through its mobile application or the mobile version of its website. The share of delivered units bought via its mobile application was 89.83%, 77.84%, and 66.12% during the Financial Year 2026, Financial Year 2025 and Financial Year 2024, respectively, with the majority of the remaining orders placed on its mobile site. The company’s data analytics capabilities powered by scalable data engineering allows it to consume a large number of data points across consumer interactions, product attributes, consumer demographics, marketing campaigns, inventory and pricing.

Risks and concerns

Dependence on Snapdeal marketplace revenue: A significant portion of the company’s revenue from operations is generated through Snapdeal, the company’s marketplace business. The company’s revenue from operations - marketplace contributed to Rs 2,936.75 million, Rs 2,498.67 million and Rs 2,528.87 million in Financial Years 2026, 2025 and 2024, respectively, which amounted 57.54%, 63.25% and 66.59%, respectively, of its revenue from operations. The company’s efforts to acquire new users, clients and customers of its business and retain them may not be successful or may be more costly than it expects, which could prevent it from maintaining or increasing its revenue.

Intense competition in the E-Commerce market: The company’s market is highly competitive and characterised by rapid changes in technology and consumer sentiment. Competition in its industry has intensified, and it expects this trend to continue as the list of its competitors grows. This competition, among other things, affects its ability to attract new users and engage its existing users. The internet and mobile networks provide new, rapidly evolving and competitive channels for the sale of all types of goods and services. Buyers who purchase goods and services through it have other alternatives, and sellers have other channels to reach users. It expects competition to continue to intensify. The company’s failure to compete effectively could have a negative impact on the success of its business and/or impact its margins.

Reliance on 3PL providers for product delivery: The company relies exclusively on third-party logistics service providers (3PLs) to deliver products to its buyers. The company’s logistics services are provided through a 3PL-led model, where it allocates a 3PL to the entirety of each delivery. It does not control the operations, facilities, vehicles or personnel of 3PLs. While it has not experienced an interruptions, delays or outages in the last three Financial Years, it may experience interruptions, delays, and outages in service and availability due to a variety of factors, including infrastructure changes, human or software errors, website hosting disruptions, and capacity constraints. Any disruption of or interference with their services could adversely affect its business, financial condition, cash flows and results of operations.

Past losses and uncertainty regarding future profitability: The company has incurred restated loss of Rs 455.06 million, Rs 1,263.06 million and Rs 512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively. If the company is unable to generate adequate revenue growth and manage its expenses and cash flows as it grows, it may continue to incur losses in the future.

Outlook

AceVector operates an asset-light digital commerce ecosystem through its subsidiaries, spanning data, technology, and AI-driven businesses. Its operations include a value-focused e-commerce marketplace, e-commerce enablement SaaS platforms, and consumer brand businesses. It has diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support. It has robust unit economics with operating leverage in effect, ensuring improved profitability. On the concern side, the company operates in a highly competitive industry and its failure to compete effectively could have a negative impact on the success of its business and/or impact its margins. Moreover, the company’s technology infrastructure and the technology infrastructure of its third-party providers (including cloud infrastructure service providers) are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, users, third-party providers, its reputation and adversely affect its financial condition, results of operations and cash flows.

The issue has been offering 13,72,29,166 shares in a price band of Rs 30-32 per equity share. The aggregate size of the offer is around Rs 411.69 crore to Rs 439.13 crore based on lower and upper price band respectively. Minimum application is to be made for 468 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 29.20%, to Rs 5,103.81 million for the Financial Year 2026 from Rs 3,950.19 million for the Financial Year 2025. Moreover, the company has reported a loss of Rs 455.06 million in Financial Year 2026 as compared to a loss of Rs 1,263.06 million for the Financial Year 2025.

Meanwhile, the company has deepened Snapdeal’s presence in value lifestyle e-commerce through enhancements in customer experience and brand awareness. The company intends to further expand its network of largely small and medium enterprise sellers who understand the taste and preferences of value shoppers, keeping an emphasis on quality. This strategic collaboration will enable it to continuously diversify its product assortment. Further, the company continue to strategically support Unicommerce’s growth initiatives by providing guidance on key organic and inorganic market expansion strategies, leveraging the collective network for a stronger go-to-market strategy execution and facilitating access to critical vendor and third-party logistics relationships, especially benefiting the Shipway platform. Unicommerce also benefits from its centralised shared services infrastructure, M&A evaluation capability for new opportunities and robust governance oversight.

SJP Ultrasonics 

• SJP Ultrasonics is coming out with an initial public offering (IPO) of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.70 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Khandwala Securities.
• Compliance Officer for the issue is Jamshed Kokab Khan.

Profile of the company

SJP Ultrasonics is an end-to-end plastic joining and automation solution providers, offering specialised solutions mainly in the Automotive industry and industries related to Medical, Electrical, Electronics, Textile, FMCG, Toys, Gift & Stationery, Food & Packaging, Defence & Educational Institutes. Its expertise lies in technical innovation by manufacturing machinery, tools and automated processes for its customers, offering targeted solutions in various industries. Owing to its customised offerings, the company has curated the following major revenue streams and business segments: i) Plastic joining solutions, ii) Industrial automation and iii) Laser technology solutions.

Over the years, it has designed a distinctive integrated procurement system, by developing association with international manufacturers engaged in manufacturing of ultrasonic plastic welding equipment. Through its association with renowned manufacturers, it has the capabilities of coordinating and procuring Ultrasonic welding machines & Vibration welding machines for its customers within the timeline prescribed. Its long-standing association with international manufacturers helps it in unlocking key competencies to deliver the project from conceptualization to completion, increases cashflow within the company and gives it control over the quality of the equipment that it manufactures and supplies to its customers. It has over the years employed and groomed design and engineering team to design tools and machinery and conduct a detailed feasibility study of the capex plan of its customers. Its design team has the ability of creating an adaptable design of the desired machinery that encompasses future production planning, while meeting the implementation and qualification requirement of its customers. Its designs also assist its customers in ensuring compliance with the requirements of the leading and renowned end users and achieve efficient and less rejection in their manufacturing operations.

Since incorporation, it has been the company’s vision and focus to manufacture and supply superior quality products to its customers, which has enabled it to expand its business operations. It ensures quality checks through in-process inspections carried out by line operators and supervisors, monitoring critical parameters, identification of deviations and timely corrections. To ensure quality management of equipment and materials procured, the purchase department conducts assessment of vendors at regular intervals and inspections of equipment and materials on receipt from such vendors. The sale of its products and services is majorly made to manufacturers engaged in various industries, which makes its model business to business (B2B) in nature. Owing to the diverse application of its products and services, it has a track record of serving various industries, such as automotive, medical, electrical, electronics, gift and stationery, textile, food cutting, agriculture, defence, educational institution, furniture, among others. Its diverse customer base and product portfolio enables it to cater to multiple industries on a pan-India basis. 

Proceed is being used for:

• Funding capital expenditure towards the purchase of machineries 
• Funding working capital requirements of the company
• General corporate purpose

Industry Overview

India’s industrial automation solutions industry is expected to witness robust growth beyond FY 2026, driven by broader adoption across diverse sectors and increasing digital maturity among mid-sized enterprises. While core industries like automotive, electronics, and pharmaceuticals have already established automation as a strategic pillar, emerging sectors such as FMCG, textiles, food processing, and intralogistics are now accelerating adoption to enhance productivity and maintain competitiveness. The next phase of growth will be marked by demand for scalable and cost-effective automation platforms tailored for Indian manufacturing conditions, especially among MSMEs. India’s industrial automation solutions industry is projected to grow from $19.40 billion in FY 2026 to $29.43 billion by FY 2029, registering a strong CAGR of 14.9%. This robust growth reflects the accelerating adoption of automation technologies across manufacturing and infrastructure sectors, driven by digital transformation, rising demand for productivity, and increasing integration of smart systems. 

A key driver of this growth is the shift toward intelligent, decentralized systems that integrate AI, IoT, edge computing, and advanced analytics for real-time decision-making and predictive maintenance. As the country deepens its focus on electronics and semiconductor manufacturing, the need for high-precision automation tools like collaborative robots, vision systems, and motion controls - will intensify. Additionally, increased emphasis on sustainability and energy efficiency is pushing industries to invest in smart automation for monitoring resource consumption and reducing carbon footprints. Altogether, the market is expected to grow not only in size but also in sophistication, positioning India as a future-ready, automation-driven manufacturing hub. 

Meanwhile, Plastic Welding, also known as plastic joining, is a process of permanently bonding two thermoplastic parts by applying vibrations, heat, pressure or combination of any of them to their contact surfaces until they soften and fuse. Once the material cools and fuses, it forms a solid joint capable of withstanding physical stress, environmental exposure, and internal pressure, making it a reliable method for various engineering applications. The principle behind plastic welding relies on raising the temperature of the polymer just enough to enable the molecular chains from both parts to interlock without degrading the material’s integrity. A range of welding methods is available based on part geometry, material type, and production scale. Commonly adopted techniques include ultrasonic welding, laser welding, vibration welding, infrared welding, hot plate welding, and spin welding each tailored to different performance needs. For instance, laser and infrared welding allow for non-contact and precise joins, while vibration and hot plate welding are used for larger surface areas or thick-walled components.

Pros and strengths

Long standing relations with raw material and equipment suppliers: It has developed and maintained cordial relationships with raw material and equipment suppliers over the years. These long-standing associations have resulted in consistent supply and access to quality inputs. Its long-term associations reduce supply chain disruptions and ensure uninterrupted availability of raw materials and equipment, which is critical for smooth operations and meeting customer commitments. Its suppliers understand its business and quality standards, which ensures compliance with its specifications and performance benchmarks. Its established supplier network supports it in scaling up efficiently by ensuring the timely availability of increased quantities of materials resources. These longstanding relationships are built on mutual trust, sustained business volume, and consistent performance, and they play a critical role in enabling it to maintain operational efficiency, ensure product quality, and respond swiftly to market demand.

Provides a diverse range of specialised plastic products across varied industry segments: Its capacity to continuously diversify and develop its products, effectively supported by its strategically located manufacturing unit and branch offices, enables it to launch and market new products aligned to evolving consumer preferences. Its products broadly include plastics welding machines & tools, Industrial automation machines and laser technology machines, which cater to a diverse range of industries.

Quality standard certifications & quality tests: It has obtained ISO 9001: 2015 certification for manufacture and supply of plastic welding machines. Its products undergo stringent quality tests to meet industry standards before they are delivered to its clients. It undertakes various tests on the raw materials, semi-finished products and finished products. Additionally, it also undertakes trial runs on the equipment procured or manufactured by it in its manufacturing unit. These tests ensure that its products meet the industry standards required by its clients for safety, durability and environment. Wherever required by its clients, it also obtains third party testing on the products or obtains industry standard tests certificates from its suppliers for the raw materials used by it for specific products.

Risks and concerns

Revenue reliance on plastic joining solutions and industrial automation segments: It generates a significant portion of its revenue from providing solutions under two business segments viz., Plastic Joining Solutions and Industrial Automation which have contributed Rs 1,235.53 lakh aggregating to 46.52% and Rs 1,340.52 lakh aggregating to 50.48%, respectively, of its revenue for financial year ended March 31, 2026. Any decline in the revenue generated from these two segments on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of revenue generated from providing Plastic Joining Solutions and Industrial Automation in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for these solutions may adversely impact its business prospects and financial performance.

High revenue concentration among limited number of customers: A significant portion of its revenue is generated from its limited number of large customers. Its significant portion of revenue comes from top ten customers which contributed 55.28%, 54.46%, and 42.57% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. If it is unable to maintain its relationship with such customers or if there is a reduction in their demand for its services/ products, its business, results of operations and financial condition will be materially and adversely affected. Further, these large customers exercise substantial negotiating leverage with it, which could adversely impact its results of operations. 

Exposure to raw material costs and procurement risks: Cost of Materials consumed and purchases in stock in trade aggregated to 50.19%, 38.34% and 48.48% of revenue from operations for Financial Year ended March 31, 2024, March 31, 2025 and March 31, 2026 respectively. It is vulnerable to the risk of rising and fluctuating prices of raw materials which are determined by demand and supply conditions in the global and Indian markets. Any unexpected price fluctuations after placement of orders, shortage, delay in delivery, quality defects, or any factors beyond its control may result in an interruption in the supply of such materials and adversely affect its business, financial performance and cash flows. 

Outlook

SJP Ultrasonics is engaged in manufacturing of ultrasonic plastic welding equipment. It provides comprehensive start to finish solution like design, selection of appropriate plastic raw material, manufacturing of suitable welding technology machine & tools, installation, testing, commissioning, management and operational support for a wide range of customers primarily in the automotive industry and secondary in Medical, FMCG, White Goods, Textile, Electrical and Electronics, Toys and Stationery, Gift and Packaging, Food, EMS and Agriculture industry. On the concern side, it generates its considerable portion revenue from the state of Maharashtra. For the financial year ended March 31, 2024, March 31, 2025, and March 31, 2026 it derived considerable portion of its revenue from the state of Maharashtra i.e. 31.60%, 53.90% and 44.05% of total revenue from operations, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share to mobilize Rs 23.45 crore. On performance front, its revenue from operations increased by 26.12% to Rs 2,655.77 lakh for FY 2026 from Rs 2,105.73 lakh for FY 2025. Profit after tax has increased by 25.65% from Rs 417.25 lakh for FY 2025 to Rs 524.26 lakh for FY 2026.

Meanwhile, it intends to enhance its in-house manufacturing capabilities and increasing production efficiency by purchasing Milling Machines, CNC Lathe Machine, Compressor, CNC Bandsaw Machine, Overhead Crane, 6 Axis Robot, Co2 Laser Cutting Unit, Computers, NX Softwares, Solid Works Software, Diesel Generator, CMM Machine, Vibration Welders, Laser Plastic Welder to improve production throughout, enhanced product quality and increased operational capacity. Going forward, its strategy for expanding its customer base in the Industry Automation and Plastic Joining Solutions focuses on leveraging its marketing expertise, industry relationships and comprehensive understanding of the industry in which it operates. Its marketing efforts are driven by the consistent efforts of its Promoters and marketing team who oversee the marketing and sales of its products and possess a deep understanding of its customers’ requirements and the customization they need.

Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, Thyrocare Technologies has informed that it enclosed copy of the Postal Ballot Notice published in Newspapers i.e. in ‘Business Standard’ (English) and ‘Navshakti’ (Marathi), intimating completion of sending of Postal Ballot Notices, E-voting period, etc. The above information shall also be available on the website of the Company at https://investor.thyrocare.com/.

The above information is a part of company’s filings submitted to BSE.