AceVector, Silver Consumer Electricals, Steel Infra Solutions get Sebi nod to float IPOs

New Delhi, Nov 17 (PTI) Three firms -- AceVector, parent company of e-commerce marketplace Snapdeal, Silver Consumer Electricals and Steel Infra Solutions Company -- have secured Sebi's approval to launch initial public offerings (IPOs), an update with the markets regulator showed on Monday.

AceVector confidentially filed its draft IPO papers with Sebi in July, while the other two companies approached the regulator with their preliminary documents in August. The three firms obtained the regulator's observations during November 11-12, the update showed.

In regulatory terms, Sebi's observations are equivalent to clearance for launching a public issue.

The approval comes at a time when the Indian market is experiencing a boom in primary market activity. In 2025, a total of 92 companies have already tapped the mainboard market through maiden public offerings, and several issues are lined up for this month.

AceVector, which is founded by Kunal Bahl and Rohit Bansal, opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

Apart from Snapdeal, the Gurugram-based AceVector also operates software-as-a-service (SaaS) platform Unicommerce, and consumer brand building firm Stellar Brands.

Of these, Unicommerce became a publicly listed company in 2024. The company's IPO received an overwhelming response to its IPO, with the issue being oversubscribed 168.32 times.

Silver Consumer Electricals is aiming to raise Rs 1,400 crore through its maiden public offering. This comprises a fresh issue of shares worth Rs 1,000 crore and an Offer for Sale (OFS) valued at Rs 400 crore, according to the Draft Red Herring Prospectus (DRHP).

Of the fresh issuance amount, the company will use Rs 865 crore to repay or prepay its borrowings and Rs 35 crore to clear the borrowings of its subsidiary, BAPL, and the rest for general corporate purposes.

The Rajkot-headquartered Silver Consumer Electricals is a large-scale manufacturer of electrical consumer durables, including pumps and motors, solar pumps and controllers, fans, lighting, other consumer electrical products and agricultural equipment.

Steel Infra Solutions Company's proposed IPO is a combination of fresh issue of equity shares worth Rs 96 crore and an offer-for-sale of 1.42 crore equity shares, as per the draft papers.

Proceeds from the fresh issue will be used for expansion of manufacturing facilities located in Vadodara, Hyderabad and Bhilai, working capital requirements of the company, and for general corporate purposes. PTI SP MR