India, Nov. 17 -- Snapdeal parent AceVector Group has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).

The regulator issued its final observations during the week ended November 11. In SEBI's parlance, issuance of observations is a nod to proceed with the public issue.

Besides AceVector, SEBI also cleared IPO papers of Silver Consumers Electricals and Steel Infra Solutions Company in the week.

AceVector had filed its draft red herring prospectus (DRHP) via the confidential route in July. The Gurugram-based company runs Snapdeal as well as two other businesses - Unicommerce, a SaaS platform for ecommerce operations, and Stellar Brands, a consumer brand-building a...