Acevector Limited

Red Herring Prospectus dated September 21, 2026

Summary

Acevector Limited is proposing to raise ₹287.00 crore through a fresh issue of shares, alongside an offer for sale of 4,15,62,500 shares by existing shareholders. The document does not yet state the price.

About 46% of the fresh issue proceeds go to funding a portion of the marketing and business promotion expense of the Marketplace business of the company, and about 17% to funding the technology infrastructure costs of the Marketplace business of the company. The amount for funding inorganic growth through acquisitions and general corporate purposes is not yet stated.

The review found 6 points to read closely and 12 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Finance and compliance heads are new or have turned over
3. Past regulatory actions against the company or its directors
4. Qualified or adverse audit opinion
5. Operating losses and operating cash outflow
6. Net worth rests on intangibles

How the capital was built

• The last priced issue of shares was on 25 May 2026: 36,11,110 shares to non-promoter investors at ₹36 each (2 allottees, none stated as linked to the promoters), 0.8% of the pre-issue capital, about 86% below the price of the previous issue about 4 years earlier; it came 4 months before this prospectus.
• From the first priced issue (12 Sept 2007, ₹0.062 in today's shares) to the last, the price per share rose 576 times over 19 years.

Conclusion

Of the 6 points to read closely, 3 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; finance and compliance heads are new or have turned over; past regulatory actions against the company or its directors) and 3 concern the financial statements. These could not be scored automatically and need reading: tax demands; payments to insiders are high relative to profit; promoters have limited experience in this business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 33, 37, 288, 300 and 302.