India, Dec. 13 -- Snapdeal parent AceVector Group is gearing up for its public market debut, setting the stage for a partial exit by several of its long-term backers. The ecommerce group has filed its updated draft red herring prospectus (UDRHP) with SEBI, outlining a mix of fresh capital raise of up to INR 300 Cr and an offer for sale (OFS) of up to 6.39 Cr equity shares.

According to the UDRHP, the bulk of the OFS will come from the promoter entity of SoftBank (Starfish I Pte. Ltd.), which plans to offload up to 4.23 Cr shares. Nexus Venture Partners, one of the company's oldest institutional investors, will cumulatively sell about 1.3 Cr shares via its three funds - Nexus India Direct Investments II, Nexus Opportunity Fund Ltd, and Ne...