ACME Solar Holdings IPO Subscription Details on Day 2

7 Nov 2024 , 03:21 PM

ACME Solar Holdings Ltd. IPO opened for subscription on 6th November 2024 and will remain open until today, 8th November 2024, offering investors the opportunity to invest in the renewable energy sector.

Prior to the IPO launch, the company raised ₹1,300.50 Crore from anchor investors on 5th November 2024, providing strong backing for the public offering. The IPO price band is set between ₹275 to ₹289 per share for this Gurugram-based renewable energy firm.

Share allocation is divided as follows: 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors, with a ₹10 Crore portion reserved for employees.

As of 3:13 PM on Day 2 of subscription (6th November), the IPO was 0.64 times subscribed by retail investors, and the employee portion was 0.92 times subscribed. NII demand was 0.43 times, while QIBs were 0.31 times subscribed.

ACME Solar specializes in developing, owning, and operating large-scale renewable energy projects, with a strong focus on EPC and O&M services. The company primarily operates in Andhra Pradesh, Rajasthan, and Telangana, with 85% of its operational capacity based in these states.

Competitors include Adani Green Energy Ltd (P/E of 291.7x) and ReNew Energy Global PLC (P/E of 48.8x). In FY24, ACME Solar reported a 1.88% revenue growth, reaching ₹1,319.25 Crore, and turned profitable with a net profit of ₹698.23 Crore, compared to a loss in FY23.