Four law firms — Cyril Amarchand Mangaldas, TT&A, JSA Advocates & Solicitors, and Sidley Austin — have acted as AceVector IPO legal advisors on one of India’s most closely watched digital commerce listings of 2026. AceVector Limited launched an initial public offering of equity shares amounting to ₹420 crore, comprising a fresh issue aggregating to ₹287 crore and an offer for sale aggregating to ₹133 crore by certain existing shareholders of the Company. AceVector’s shares made their debut on the stock exchanges on 5 October 2026, listing at a discount of over 11% to the IPO issue price, with the stock opening at ₹28.30 and ₹28.32 on the BSE and NSE, respectively.
Introduction
AceVector Limited’s IPO comprised a fresh issue aggregating to ₹287 crore and an offer for sale of ₹133 crore by certain existing shareholders. The IPO was priced at ₹30–₹32 per share, with a lot size of 468 shares and a minimum investment of ₹14,976. The IPO opened for public subscription on 25 September 2026 and closed on 29 September 2026, with AceVector scheduled to debut on the stock exchanges on 5 October 2026.
AceVector, directly and indirectly through its subsidiaries, operates an asset-light digital commerce ecosystem consisting of data, technology and AI-driven businesses, a value e-commerce marketplace, e-commerce enablement software as a service (SaaS) and consumer brands — with its ecosystem including Snapdeal, Uniware, and Stellaro Brands. Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments, catering to consumers, sellers, brands and logistics providers through both online and offline modes.
Deal Value
The AceVector IPO is a book-built issue valued at ₹420 crore, comprising a fresh issue of 8.97 crore shares worth ₹287 crore and an offer for sale of 4.16 crore shares amounting to ₹133 crore. SoftBank-backed Starfish I Pte. Ltd. received ₹88.3 crore through the share sale component of the offering. The shares were proposed for listing on both BSE and NSE at an issue price of ₹32 at the upper end of the price band.
Legal Teams Involved
Cyril Amarchand Mangaldas — Counsel to AceVector Limited and Promoter Selling Shareholder
Cyril Amarchand Mangaldas advised AceVector as issuer on this IPO. The firm also advised Promoter Selling Shareholder Starfish I Pte. Ltd., a SoftBank entity. The transaction team advising the Company was:
- Gokul Rajan — Partner, Regional Co-Head – Capital Markets – North
- Aashima Johur — Partner
- Amitpal Singh — Partner
- Aditya Singh — Senior Associate
- Anjini Ganguly — Associate
- Mahima Aggarwal — Associate
- Soumya Mohanty — Associate
The team advising the Promoter Selling Shareholder was:
- Abhiroop Lahiri — Partner
- Abishek Sankar — Senior Associate
- Nikshetaa Jain — Associate
The team advising on employment aspects was:
- Bharath Reddy — Partner
- Dipti Khatri — Principal Associate
- Abhishek Gabriel — Senior Associate Designate
- Aarav Prasad — Associate
TT&A — Counsel to Nexus Selling Shareholders
TT&A advised Nexus India Direct Investments II, Nexus Opportunity Fund Ltd, and Nexus Ventures III, Ltd., the selling shareholders, on this IPO. The transaction team consisted of:
- Abhinav Kumar — Partner
- Shubham Sancheti — Managing Associate
- Indira Satish — Senior Associate
- Daniyal Khan — Associate
JSA Advocates & Solicitors — Counsel to Book Running Lead Managers
JSA Advocates & Solicitors advised the book running lead managers — IIFL Capital Services Limited, CLSA India Private Limited and Systematix Corporate Services Limited — on this IPO. The transaction was led by:
- Madhurima Mukherjee Saha — Partner
- Sagar Batra — Partner
- Bhavini Mohan — Senior Associate
- Nidhi Prakriti — Associate
- Shivani Agrawal — Associate
- Badal Singh — Associate
Sidley Austin — International Legal Counsel to BRLMs
Sidley Austin served as the international legal counsel for the book running lead managers. Further details of the Sidley Austin team were not disclosed.
Significance and Impact
The AceVector IPO is significant as the public listing of a parent company that has already overseen the successful IPO of its subsidiary Unicommerce eSolutions Limited. AceVector operates an asset-light digital commerce ecosystem consisting of data, technology and AI-driven businesses, a value e-commerce marketplace, e-commerce enablement SaaS, and consumer brands. The transaction is also notable for the breadth of its legal advisory structure, with four firms simultaneously advising across issuer-side, promoter-side, selling shareholder, and BRLM mandates.
Co-founders Kunal Bahl and Rohit Bansal did not sell shares in the offering and together hold a 33.99% stake in AceVector, both individually and through their jointly owned entity, B2 Professional Services LLP. AceVector’s reported net loss narrowed by nearly 64% to ₹45.5 crore in FY26 from ₹126.3 crore in FY25, while operating revenue rose 29.2% to ₹510.3 crore.
The involvement of Sidley Austin as international counsel to the BRLMs further underscores the cross-border investor interest in the offering, consistent with the firm’s prior role on the Unicommerce IPO from the same corporate ecosystem.
The AceVector ₹420 crore IPO marks a landmark transaction for India’s digital commerce sector, bringing together four law firms across distinct mandates in a complex multi-party capital markets structure. Cyril Amarchand Mangaldas anchored the issuer and promoter-side advisory, while TT&A represented the Nexus selling shareholders, JSA Advocates & Solicitors acted for the BRLMs on the domestic side, and Sidley Austin covered international legal aspects. For more law firm deal activity, explore the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
