ACME Solar Holdings Raised ₹1300 Crore from Anchor book

6 Nov 2024 , 10:06 AM

ACME Solar Holdings, a leading renewable energy producer, raised ₹1,300.5 crore from anchor investors on November 5, ahead of its IPO launch. The company’s ₹2,900-crore IPO will be open to investors from November 6 to November 8, with shares priced between ₹275 and ₹289.

The IPO includes a fresh issue of ₹2,395 crore and an offer-for-sale of ₹505 crore by ACME Cleantech Solutions.

ACME Solar allocated 4.5 crore shares to anchor investors at ₹289 each, according to its exchange filing.

Prominent investors in the anchor book include Abu Dhabi Investment Authority, Goldman Sachs, Morgan Stanley, Nomura, Societe Generale, and Citigroup. Domestic investors like Nippon Life India, HDFC Mutual Fund, ICICI Prudential MF, SBI Life Insurance, and Kotak Mahindra Life also participated. Notably, 1.5 crore shares were allotted to 8 domestic mutual funds across 17 schemes.

Founded in 2015 and based in Gurugram, ACME Solar ranks among India’s top 10 renewable energy companies. It currently operates 1,340 MW of renewable capacity and is working on additional projects totaling 4,980 MW.

Funds from the IPO will go towards reducing debt, with ₹1,795 crore earmarked for subsidiary debt repayment and the rest for general corporate needs.

The shares will be listed on the NSE and BSE on November 13.

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal are the lead managers for the IPO.