ACME Solar IPO fully subscribed on Day 3

8 Nov 2024 , 02:46 PM

According to exchange data, on November 8, the third day of bidding, 1.87 times the number of the shares in ACME Solar Holdings’ initial public offering (IPO) were subscribed for, with 10.91 crore shares being bid for out of the 5.8 crore shares available.

Demand was driven by retail individual investors (RIIs), who subscribed for more than twice the amount set out for them. Qualified Institutional Buyers (QIBs) saw their quota subscribed 2.12 times, while Non-Institutional Investors (NIIs) purchased 79% of the shares available to them. The employee section received 1.38 subscriptions.

Anchor investors were drawn to ACME Solar, which raised Rs 1,300.5 crore on November 5 through a pre-IPO placement. With a tentative listing on the BSE and NSE on November 13 and allocation results anticipated by November 11, the IPO is scheduled to close on November 8.

The IPO includes a book-built issue for Rs 2,900 crore, which combines an offer to sell 1.75 crore shares for Rs 505 crore with a new issue of 8.29 crore shares worth Rs 2,395 crore. A minimum lot size of 51 shares is required, and the price range is set between Rs 275 and Rs 289 per share. The minimum investment required to join for retail investors is Rs 14,739, whereas non-institutional investors have greater minimum lot sizes, ranging from 14 to 68 lots, depending on the

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