India, Dec. 6 -- Snapdeal parent AceVector Group has filed its updated draft red herring prospectus (UDHRP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

As per the UDRHP, the company's public issue will comprise a fresh issue of equity shares worth up to INR 300 Cr and an offer for sale (OFS) component of up to 6.39 Cr shares.

Investor and promoter Starfish I Pte. Ltd. plans to offload 4.2 Cr shares, while institutional backer Nexus Venture Partners will sell a combined of 1.3 Cr shares via its three funds. Other investors like Rupen Investment and Industries Pvt. Ltd. and Centaurus Trading and Investments will also participate in the OFS.

AceVector plans to utilise INR 125 Cr from the I...