ACME Solar Holdings IPO Subscription Details on Day 3

8 Nov 2024 , 12:53 PM

ACME Solar Holdings’ IPO, which began on November 6 and closes today on November 8. The IPO Witness an overall subscription of 1.01 times as of 12:49 p.m. The retail segment was oversubscribed at 0.97 times, while the Non-Institutional Buyers (NIB) and Qualified Institutional Buyers (QIB) segments received 0.38 and 1.34 times subscriptions, respectively.

The IPO’s price range is set at ₹275 to ₹289 per equity share, with a face value of ₹2 per share.

This ₹2,900 crore IPO comprises a fresh issue of 8.29 crore shares, raising ₹2,395 crore, and an Offer for Sale (OFS) of 1.75 crore shares, raising ₹505 crore. Nuvama Wealth, ICICI Securities, JM Financial, Kotak Mahindra, and Motilal Oswal are the lead managers for this IPO, while Kfin Technologies is the registrar.

The share allotment for ACME Solar’s IPO is expected on November 11, 2024, with listing on NSE and BSE likely on November 13, 2024. Proceeds will support repayment or prepayment of subsidiary borrowings and general corporate purposes.

ACME Solar is a prominent renewable energy player in India, with a portfolio spanning solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. As of June 30, 2024, it ranks among the top 10 independent power producers in India by operational capacity.

The company has expanded from solar-only projects to a full renewable energy spectrum, with in-house engineering, procurement, and construction (EPC) and operations and maintenance (O&M) capabilities.

Its operational capacity includes 1,340 MW of solar power, with ongoing construction of 3,250 MW projects, including 1,500 MW of solar, 150 MW of wind, 1,030 MW of hybrid, and 570 MW of FDRE projects.