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AceVector closes ~18.5% below ₹32 on debut; Vishal Nirmiti 1.71×, Nityas 2.25× as IPO books close

Snapdeal parent AceVector closes at about ₹26.08 on NSE (−18.5% vs ₹32 issue) on debut in indicative public market data. NSE bid data updated 7:00 p.m. IST: Vishal Nirmiti 1.71× (band ₹208–220), Nityas Gems 2.25× (₹70–75). Dudani Retail: single print ₹25 on BSE SME vs ₹29 issue.

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Close-day update (Mon 5 Oct 2026, ~9:00 p.m. IST): Two mainboard books closed at 5:00 p.m. and both finished fully subscribed on the latest NSE bid-detail table (updated 7:00 p.m. IST). Snapdeal parent AceVector closed its first session well below its issue price (list-day story).

IPO books — NSE bid details, updated 05-Oct-2026 19:00 IST:

Vishal NirmitiNityas Gems and Jewellery
Price band (NSE issue list)₹208–220₹70–75
Shares on offer in the book84,71,1531,44,56,000
Shares bid for1,44,46,8043,25,84,000
Overall1.71×2.25×
QIB1.27×1.06×
NII (all)1.81×2.05×
— above ₹10 lakh1.71×1.56×
— ₹2–10 lakh2.00×3.02×
Retail1.67×4.04×
Employees—2.82×

AceVector debut tape (indicative public market-data feed, not exchange-certified):

  • First prints in the ₹28.30–28.32 area on both exchanges — about 11.5% below the ₹32 issue price
  • NSE: close ₹26.08 (−18.5% vs issue); day range ₹23.37–28.75; about 11.43 crore shares traded
  • BSE: close ₹26.10 (−18.4% vs issue); day range ₹23.40–28.68; about 56.86 lakh shares traded
  • The stock did not trade at or above ₹32 at any point today in the data reviewed

Dudani Retail (BSE SME, issue ₹29): a single print at ₹25.00 at 9:41 a.m. IST on 3,44,000 shares (−13.8%), with open/high/low/close all at ₹25.00 in the indicative day session — sparse day-one tape.

What comes next (RHP timetables, both issuers): basis of allotment on or about Tue 6 Oct, refunds and demat credit on or about Wed 7 Oct, trading on or about Thu 8 Oct on BSE and NSE. The RBI rate decision also lands on Wed 7 Oct (MPC preview).

Takeaway: Both closing books finished above 1× across the main categories, with Nityas retail the standout at 4.04×. AceVector’s first close is a reminder that a fully subscribed book does not set the listing price. No GMP, no listing-price forecast. Not investment advice.

Analysis

Why lead with the close, not the listing

The morning story covered AceVector’s listing mechanics — scrip code, group, issue price. By evening the questions are settled on two fronts: how Snapdeal’s parent priced after a full session, and whether the two books that closed at 5 p.m. actually filled. Exchange bid data answers the second; the day-one tape answers the first.

Reading the two books

  • Vishal Nirmiti has an unusual reservation split — roughly 1% QIB, 29% NII, 70% retail per its RHP — so the QIB line covers only 84,710 shares. Its final 1.27× QIB reading is thin in absolute size; the book is really a retail-and-HNI test, and both those categories finished above 1.6×.
  • At the ₹220 cap, the offer works out to about ₹178 crore: the ₹145 crore fresh issue plus 15,00,000 OFS shares from Vaman Prestressing (15 lakh × ₹220 = ₹33 crore).
  • Nityas Gems is a fresh-issue-only book of 1,44,56,000 shares — about ₹108.4 crore gross at the ₹75 cap. Retail led at 4.04×; QIB cleared full subscription at 1.06× after sitting short of 1× through mid-afternoon.
  • Final-hour bidding moved both books — Vishal from 1.45× at 2:18 p.m. to 1.71×, Nityas from 1.72× to 2.25×.

Reading AceVector’s first day

  • The ₹32 issue price came out of a book that was 3.30× overall (before rejections), with retail at 4.75× and QIB ex-anchor at 3.41×, per the company’s Basis of Allotment advertisement. That demand did not carry into the secondary market today.
  • At ₹26.08, AceVector’s 54,41,86,770 listed shares carry an implied value of about ₹1,419 crore, against roughly ₹1,741 crore at the issue price — a paper gap of about ₹322 crore on day one.
  • Volume on NSE (about 11.43 crore shares) is high relative to the 13.13 crore shares offered in the IPO, a sign of very active first-day trading.
  • One trading day is not a verdict on the business. Snapdeal, Unicommerce and Stellaro Brands will be judged on the quarterly results AceVector now has to report as a listed company.

What is still thin

  • Minimum bid lot for both closing issues — not shown in the exchange bid table reviewed, and both RHPs print it as [●]
  • AceVector’s official pre-open discovered price — the ₹28.30–28.32 first prints above are from indicative market data, not an exchange release
  • Dudani Retail — only one trade appears in the indicative session, so its day-one price sits on a single print at ₹25.00

What to watch

  1. Basis of allotment on or about 6 Oct — registrars: MUFG Intime (Vishal Nirmiti), Bigshare Services (Nityas Gems)
  2. Refunds and demat credit on or about 7 Oct, trading on or about 8 Oct
  3. AceVector’s second-session tape after the ₹23.37 day-one low
  4. RBI MPC decision Wed 7 Oct, a day before both new listings are due

Sources

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