Acetech E-Commerce
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 09 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹112 | ₹0 |
| 08 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹112 | ₹0 |
| 07 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹112 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 27 Feb 2026 – 04 Mar 2026
- Listing date
- 09 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹112 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹48.95 Cr
- Market cap at offer price
- ₹184 Cr
- Promoter holding
- 87.81% → 64.37% pre-issue → post-issue
- ISIN
- INE1J6M01010
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 1234/C/1 to 1234/C/6 Gala, Bldg B-5 Prithvi complex, Anjur, Thane, Bhiwandi, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,19,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹112
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,34,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,68,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,40,800 |
| B-HNI (min) | 8 | 9,600 | ₹10,75,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹112 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.73 | 7.00 |
| P/E (×) | 19.55 | 16.00 |
| Price to book (×) | 7.90 | — |
| Market cap | — | ₹184 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 73.75%
- ROCE
- 71.12%
- Debt / equity
- 0.04
- PAT margin
- 9.79%
- EBITDA margin
- 13.29%
- NAV per share
- ₹14.17
- Price to book
- 7.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Acetech E-Commerce
Acetech E-Commerce Limited is an Indian e-commerce company incorporated in February 2024 following conversion from Acetech Ventures LLP (originally incorporated in December 2014). The Company operates by identifying and rapidly commercializing trending products across multiple channels including third-party aggregator platforms (Naaptol, Shop101), direct-to-consumer channels, and B2B customers. The Company sources products domestically and internationally (including from China via local vendors), maintains three leased warehouses in Bhiwandi, Bangalore, and Delhi, and employs a hybrid fulfillment model combining self-warehousing with third-party dropshipping. Revenue is generated through sales to B2B customers, D2C customers, and platform-based sales, with a business model focused on rapid inventory turnover and trending product identification.
Company Analysis
from RHPAcetech E-Commerce Limited is an e-commerce company engaged in purchasing, selling, distributing, and trading products through online portals, websites, and aggregator platforms across India and abroad.
Acetech E-Commerce Limited is an Indian e-commerce company incorporated in February 2024 following conversion from Acetech Ventures LLP (originally incorporated in December 2014). The Company operates by identifying and rapidly commercializing trending products across multiple channels including third-party aggregator platforms (Naaptol, Shop101), direct-to-consumer channels, and B2B customers. The Company sources products domestically and internationally (including from China via local vendors), maintains three leased warehouses in Bhiwandi, Bangalore, and Delhi, and employs a hybrid fulfillment model combining self-warehousing with third-party dropshipping. Revenue is generated through sales to B2B customers, D2C customers, and platform-based sales, with a business model focused on rapid inventory turnover and trending product identification.
Objects of the Issue
- Marketing and Advertisement ₹600.00 lakhs p.33
- Working Capital Requirements ₹2,000.00 lakhs p.33
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.33
- For unidentified inorganic acquisitions of business or incorporation of new entity p.57
- Marketing and Advertisement Expenditure ₹600.00 Lakhs total (₹170.00 lakhs by FY 2025-26, ₹430.00 lakhs by FY 2026-27) p.105
- Working Capital Requirements ₹2,000.00 Lakhs total (₹700.00 lakhs by FY 2025-26, ₹1,300.00 lakhs by FY 2026-27) p.107
- Funding inorganic growth through unidentified acquisitions and general corporate purposes [●] Lakhs (not to exceed 35% of Gross Proceeds; general corporate purpose not to exceed 15% of Gross Proceeds or ₹10 crores, whichever is lesser) p.109
Issue Structure
- Total Issue
- Up to 43,70,400 Equity Shares (subject to finalization of Basis of Allotment)
- Fresh Issue
- Up to 43,70,400 Equity Shares of face value of ₹10.00 each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- ₹106.00 (Floor Price) to ₹112.00 (Cap Price)
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
The Company earns revenue through purchasing trending products and reselling them across multiple channels: third-party e-commerce aggregator platforms (approximately 30-37% of revenue historically), B2B customers with extended credit terms, and direct-to-consumer sales. The business model emphasizes rapid identification of consumer trends and swift commercialization to capture early momentum at premium margins before product obsolescence.
Business Segments
SWOT Analysis
- • Multi-channel distribution model providing operational flexibility and market reach(p.155)
- • Strong profitability metrics with PAT margin expanding to 14.19% in H1 FY26(p.143)
- • High return on equity of 32.88% in H1 FY26 demonstrating capital efficiency(p.143)
- • Proven track record of successful acquisitions with accretive returns(p.110)
- • Structured product research and identification process to minimize risk and maximize profitability(p.145)
- • Strategic geographic diversification with presence across multiple Indian states and international markets(p.110)
- • Flexible, scalable business model for trending products(p.158)
- • Brand development and marketing capabilities(p.158)
- • Nearly a decade of operating history and expertise(p.158)
- • Margin potential from early-lifecycle products(p.158)
- • E-commerce business model with diversified product sourcing and distribution capabilities(p.238)
- • Strong revenue growth and expanding geographic presence(p.249)
- • Improved profitability and operational efficiency(p.252)
- • Strong and growing customer base with improved customer engagement(p.250)
- • Healthy balance sheet with low financial leverage(p.256)
- • Strong liquidity position with high current ratio(p.256)
- • Dependence on imported products from China(p.43)
- • Reliance on leased warehousing facilities with no ownership(p.44)
- • Sustained negative operating cash flows(p.44)
- • High customer concentration risk(p.46)
- • High employee attrition in warehousing operations(p.49)
- • Statutory compliance discrepancies and potential regulatory penalties(p.47)
- • Unresolved litigation with incomplete case details(p.45)
- • High working capital requirements for inventory management(p.50)
- • Statutory dues payment delays affecting compliance(p.55)
- • Significant outstanding litigation against the company(p.54)
- • Dependence on third-party payment gateway providers(p.52)
- • Lack of business interruption insurance(p.52)
- • KMP lack experience with listed company compliance(p.66)
- • Recent KMP appointments with limited tenure(p.66)
- • Absence of material agreements with B2B clients(p.59)
- • High trade receivables indicating working capital intensity(p.61)
- • Trademark application not yet registered(p.60)
- • Heavy dependence on top customers with top 2 customers accounting for 68.49% of revenue in H1 FY26(p.157)
- • Volatile customer base with significant change in top customer composition across periods(p.157)
- • Low average revenue per customer/platform at ₹7.75 lakhs in H1 FY26(p.144)
- • Limited employee base of only 59 employees as of September 2025(p.144)
- • High concentration of procurement in Maharashtra (39.12%) and Delhi (50.65%) creating supply chain vulnerability(p.153)
- • Extreme supplier concentration risk(p.158)
- • Elevated employee attrition rates(p.160)
- • Small workforce concentrated in operational roles(p.160)
- • Limited digital capabilities with only two-person team(p.159)
- • High dependence on external suppliers for all raw materials(p.257)
- • Significant reliance on few key customers and e-commerce platforms(p.238)
- • Material contingent liabilities related to tax demands(p.237)
- • Outstanding criminal litigation regarding weights and measures compliance(p.262)
- • Significant increase in trade receivables indicating potential credit risk(p.254)
- • Substantial pending GST demands across multiple financial years(p.266)
- • Multiple pending income tax demands and proceedings against the company(p.265)
- • Warrant/Summons criminal case filed by State of Uttar Pradesh for Standards of Weights and Measures Act violations(p.263)
- • Outstanding dues to creditors, including micro and small enterprises(p.267)
- • Negative free cash flow to equity in the most recent financial year(p.277)
- • Negative operating cash flow in recent years(p.277)
- • E-commerce market expansion and digital adoption in India(p.33)
- • Use of IPO proceeds for marketing and expansion(p.33)
- • Growth through multiple sales channels and platforms(p.33)
- • E-commerce market expansion in India(p.84)
- • Expansion into high-growth D2C segment projected to grow at 40% CAGR reaching US$60 billion by 2027(p.133)
- • Significant growth opportunity in tier 2-4 cities with over 60% of e-commerce demand expected by 2026(p.135)
- • Trend-first fashion commerce expected to grow 4X to reach US$8-10 billion by 2028(p.140)
- • Quick commerce segment opportunity with 150% surge growth and shift from discounts to smarter logistics(p.135)
- • Government initiatives and favorable FDI policy supporting e-commerce growth with 100% FDI permitted in B2B e-commerce marketplace model(p.134)
- • Strong digital infrastructure expansion with increased smartphone access driving e-commerce participation(p.141)
- • Strategic utilization of IPO proceeds for marketing expansion to achieve customer acquisition scale(p.105)
- • Expand brand visibility through digital marketing(p.159)
- • Deepen penetration in Tier II, III cities and rural markets(p.159)
- • Pursue selective inorganic growth(p.159)
- • Leverage working capital management for scaling(p.159)
- • Expansion into international markets and cross-border e-commerce(p.238)
- • Growth through addition of new customers and platforms(p.250)
- • Deepening market penetration in key states and regions(p.250)
- • Enhanced e-commerce capabilities and platform diversification(p.238)
- • Improved margin potential through operational efficiency and cost optimization(p.252)
- • Supply chain disruptions from China due to geopolitical factors(p.43)
- • Trending product model with short lifecycles and unpredictable demand(p.45)
- • Dependence on aggregator platform algorithms and policies(p.48)
- • Competition from larger e-commerce players and market saturation(p.31)
- • Limited long-term supplier agreements and vendor concentration(p.46)
- • Currency and forex exposure in international operations(p.51)
- • GST compliance risks from LLP to Company conversion(p.50)
- • Rising customer acquisition costs in digital marketing(p.53)
- • Algorithm changes reducing marketing effectiveness(p.53)
- • Evolving data protection regulations(p.52)
- • Regulatory compliance risk in multiple product categories(p.53)
- • Risk of counterfeiting and unauthorized sellers(p.53)
- • Intense e-commerce competition with low barriers(p.54)
- • Dependence on third-party transportation providers(p.58)
- • Lack of long-term customer contracts(p.58)
- • Consumer Protection (E-Commerce) Rules compliance exposure(p.59)
- • Risk of trend saturation and customer fatigue(p.66)
- • Intense competitive landscape with established horizontal marketplaces and quick commerce operators dominating market share(p.140)
- • Significant customer acquisition costs and promotional expenditure required in highly competitive e-commerce segment(p.139)
- • Product life cycle risk with typically short product cycles in trending goods category(p.142)
- • Global trade policy uncertainty and tariff escalation risks affecting cross-border e-commerce operations(p.126)
- • Dependence on third-party logistics and aggregator platforms creating operational and margin risks(p.157)
- • Regulatory uncertainty and compliance costs in evolving e-commerce regulatory landscape(p.138)
- • Macroeconomic headwinds with global growth moderating and trade policy uncertainties impacting consumer demand(p.127)
- • Dynamic e-commerce competition and market saturation(p.159)
- • Regulatory complexity across multiple jurisdictions(p.164)
- • Supply chain volatility and disruptions(p.159)
- • High attrition in operational workforce sector(p.160)
- • Risk of price volatility from external suppliers and commodity market fluctuations(p.257)
- • Intense competition from domestic and international e-commerce players(p.257)
- • Regulatory and compliance risks related to weights and measures standards(p.262)
- • Risk of unavailability of raw materials in desired quantities and qualities(p.257)
- • Seasonality and weather-related impacts on construction and related industries(p.257)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Sweta Bippinkumar Saraogi | Promoter | 87.21% | — |
| Ms. Madhavi Govindprasad Sharma | Promoter | 0.10% | — |
| Mr. Bippinkumar Vijay Saraogi | Promoter | 0% | — |
| Ms. Sweta Bippinkumar Saraogi | Promoter/Whole-Time Director | 87.21% | — |
| Ms. Madhavi Govindprasad Sharma | Promoter/Director | 0.10% | — |
| Mr. Bippinkumar Vijay Saraogi | Promoter/Managing Director | 0% | — |
| Not specified in document part 3 | Promoter | — | — |
| Ms. Sweta Bippinkumar Saraogi | Promoter | 87.21% | — |
| Mr. Bippinkumar Vijay Saraogi | Promoter | — | — |
| Mrs. Madhavi Govindprasad Sharma | Promoter | 0.10% | — |
| Sweta Bippinkumar Saraogi | Promoter | 87.21% | — |
| Madhavi Govindprasad Sharma | Promoter | 0.10% | — |
| Bippinkumar Vijay Saraogi | Promoter | 0.00% | — |
| Bippinkumar Vijay Saraogi | Promoter | — | — |
| Sweta Saraogi | Promoter | — | — |
| Madhavi Govind Prasad | Promoter/Director | — | — |
| Basanti Negi | Promoter/Director | — | — |
| Manish Rawal | Promoter/Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.