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 price band is ₹30 to ₹32 per share.

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 11 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. Regulatory proceedings or actions against the company or its directors
4. Old receivables
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.
• The price band of ₹30 to ₹32 is 0.83 to 0.89 times the last issue price (₹36, 25 May 2026).

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; regulatory proceedings or actions against the company or its directors) and 3 concern the financial statements. These could not be scored automatically and need reading: payments to insiders are high relative to profit; group companies with no revenue; large share of the issue is an offer for sale. These wait for the price and the final share count: issue price is a large multiple of promoters' cost. The pages to read are 37, 288, 300–302 and 329.