Acme Solar Holdings Limited Filed DRHP With SEBI

Renewable energy company Acme Solar Holdings Limited has submitted the draft red herring prospectus (DRHP) to the market regulator SEBI to float an initial public offering (IPO) worth ₹3,000 crore. Acme Solar’s IPO comprises a fresh issue and an offer for sale. The company seeks to raise ₹2,000 crore from the fresh issue portion and ₹1,000 crore from the offer-for-sale. ACME Cleantech Solutions Private Limited will act as selling shareholders for the Acme Solar IPO.

Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Limited have been appointed as book runner lead managers. KFin Technologies Limited has been appointed as registrar to the issue.

Purpose of Acme Solar IPO

Fresh Issue

The company will use the fresh issue portion for the following

• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by its Subsidiaries and
• General corporate purposes.

Offer-for Sale

The proceeds of the Offer for Sale will be received by the Promoter Selling Shareholder, ACME Cleantech Solutions Private Limited. The company will not receive any proceeds from the Offer for Sale.

About ACME Solar Holdings Limited

Incorporated in 2003, ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects. It is one of the largest renewable energy-independent power producers (IPP) in India and among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024.

As of March 31, 2024, the company had an aggregate Operational Project capacity of 1,320 MW (1,802 MWp) solar power projects, an Under-Construction Contracted Project capacity of 1,650 MW, including 1,500 MW (2,192 MWp) solar power projects and 150 MW wind power projects; and an Under-Construction Awarded Project capacity of 2,380 MW, comprising 300 MW of solar power projects, 830 MW hybrid power projects, and 1,250 MW of FDRE power projects.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.