IPO Details

Bidding Dates

06 Nov '24 - 08 Nov '24

Minimum Investment

₹14,739 / 1 Lot (51 Shares)

Price Range

₹275 - ₹289

Maximum Investment

₹1,91,607 / 13 Lot (663 Shares)

Retail Discount

To be announced

Issue Size

₹2,900.00 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Eligible Employees  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Opening Date

Nov 6, 2024

Closing Date

Nov 8, 2024

Basis of Allotment

Nov 11, 2024

Initiation of Refunds

Nov 12, 2024

Listing Date

Nov 13, 2024

About ACME Solar Holdings IPO

ACME Solar Holdings Limited is launching an IPO with a total issue size of ₹2,900 crores, structured as a book-built issue. The IPO consists of a fresh issue of 8.29 crore shares totalling ₹2,395 crores and an offer for sale of 1.75 crore shares amounting to ₹505 crores. The subscription window for ACME Solar IPO opens on November 6, 2024, and closes on November 8, 2024. Allotments are expected to be finalised on November 11, 2024, with the tentative listing date on BSE and NSE set for November 13, 2024.

The IPO price band is set between ₹275 and ₹289 per share. Retail investors can invest with a minimum lot size of 51 shares, requiring a minimum investment of ₹14,739. The minimum lot size investment for sNII is 14 lots (714 shares), totalling ₹2,06,346, while for bNII, it’s 68 lots (3,468 shares) at ₹10,02,252. Lead managers include Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal, with Kfin Technologies as the registrar.

Industry Outlook:

  1. India's renewable energy capacity, including large hydro, reached approximately 200 GW by August 2024, constituting 44% of India's total installed generation base.
  2. Solar power in India has surged, growing from 0.09 GW in March 2012 to approximately 89 GW by August 2024, driven by government incentives and policies.

ACME Solar Holdings IPO Objectives

ACME Solar Holdings Limited plans to allocate the net proceeds from the issuance to the following purposes:

  1. Investment in Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the subsidiaries; and
  2. General corporate purposes

About ACME Solar Holdings Limited

ACME Solar Holdings Limited, incorporated in June 2015, is one of India’s leading renewable energy producers specialising in wind and solar power. The company is committed to the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects, supported by its in-house engineering, procurement, and construction (EPC) and operations and maintenance (O&M) teams.

ACME Solar generates revenue by selling electricity to various clients, including state- and centrally-supported plants. As of March 31, 2024, the company’s operational capacity totalled 1,320 MW (1,802 MWp) across solar power projects, with an additional contracted capacity of 1,650 MW, which includes 1,500 MW (2,192 MWp) of solar and 150 MW of wind power projects.

Furthermore, the company has 2,380 MW of projects under construction, encompassing 300 MW in solar, 830 MW in hybrid power, and 1,250 MW in FDRE projects. ACME Solar’s team includes 214 permanent employees across various departments.

How to Check the Allotment Status of the ACME Solar Holdings IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How to apply for ACME Solar Holdings IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the ACME Solar Holdings IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of ACME Solar Holdings IPO

  • Registered office: Plot No. 152, Sector 44, Gurugram 122 002, Haryana, India
  • Phone: +91 124 7117000
  • E-mail: cs.acme@acme.in

Application Details of ACME Solar Holdings IPO

Category Price Range (₹) Maximum Application Amount (₹)
General Investors 275 - 289 2 lakh
High Net-Worth Individuals (HNIs) 275 - 289 2 - 5 lakh

For the ACME Solar Holdings IPO, eligible participants include General Investors and High net-worth individuals, with specific limits on application amounts for each category.

ACME Solar Holdings IPO Reservation

Investor Category Percentage of Shares Offered from Net Issue
Qualified Institutional Buyers (QIB) Not less than 75% of the Net Issue
Retail Investors Not less than 10% of the Net Issue
Non-Institutional Investors (NII/HNI) Not more than 15.00% of the Net Issue

This table outlines the share allocation for different investor categories in the ACME Solar Holdings IPO.

ACME Solar Holdings IPO Promoter Holding

ACME Solar Holdings Company is the promoter, with 100.00% ownership before the issue and a reduced stake after the IPO is yet to be announced.

Promoter ACME Solar Holdings Company
Pre-IPO Shareholding 100.00%
Post-IPO Shareholding To be announced

ACME Solar Holdings IPO Registrar and Lead Manager(s)

ACME Solar Holdings IPO Lead Managers:

  • Nuvama Wealth Management Limited
  • ICICI Securities Limited
  • Jm Financial Limited
  • Kotak Mahindra Capital Company Limited
  • Motilal Oswal Investment Advisors Limited

Registrar for ACME Solar Holdings IPO:

Kfin Technologies Limited

IPO Financials

Particulars As at and for the quarter ended June 30, 2024 As at and for the quarter ended June 30, 2023 As at and for the Year ended March 31, 2024 As at and for the Year ended March 31, 2023
Total Income (in ₹ million) 3,400.14 4,265.62 14,662.67 13,613.73
Installed Capacity (total MW) 1,340 1,459 1,340 1,459
Under Construction Contracted (MW) 2,220 1,900 1,650 1,800
Cash RoE (% of Equity) 2.93% 8.02% 38.83% 25.34%
Profit After Tax (PAT) (in ₹ million) 13.89 823.31 6,977.81 (31.74)
Total Borrowings (in ₹ million) 93,199.14 84,723.29 82,175.93 86,573.49
Net Worth (in ₹ million) 19,421.21 19,807.67 25,908.69 19,005.63
Return on Net Worth (%) 4.16% 0.07% 26.93% (0.17)%
DSO (days) 112 140 116 197
Earning Per Share (EPS)-in absolute ₹ 0.03 1.48 12.55 (0.06)

Know before investing

Strengths

6

  1. Extensive renewable portfolio with 3,250 MW under construction capacity.

  2. Strong in-house EPC and O&M teams for project efficiency.

  3. Proven bid success, winning 15.15% of FDRE projects.

  4. Strategic tech upgrades, including bifacial modules and robotic cleaning.

  5. Access to diverse funding sources, optimising capital structure effectively.

  6. Experienced senior management with deep renewable industry expertise.

Risks

6

  1. High competition in auctions affects project portfolio growth reliability.

  2. Delays in PPA execution impact revenue generation from projects.

  3. Reliant on top 10 off-takers for 95.42% of revenue.

  4. Over 84% of purchases are dependent on a single supplier, ACME Cleantech.

  5. Limited experience in wind and hybrid project commissioning processes.

  6. Fiscal 2023 net loss of ₹31.74 million impacts stability.

  • How to Apply in IPO
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Peer Comparison

Name of the Company Face Value (₹ Per Share) EPS (₹ per share) - Basic EPS (₹ per share) - Diluted RoNW(%)
ACME Solar Holdings Limited 2 12.55 12.55 26.93
Adani Green Energy Limited 10 6.21 6.2 7.22
ReNew Energy Global PLC 10 9.94 9.92 3.07

Acme Solar Holdings IPO FAQs

What is the ACME Solar Holdings IPO?

ACME Solar Holdings’s IPO is a book-built IPO. It will be open from November 6, 2024, to November 8, 2024.

When will ACME Solar Holdings IPO be allotted?

The Basis of Allotment will happen on Monday, November 11, 2024.

When will ACME Solar Holdings IPO open for subscription?

The IPO subscription window will open on November 6, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 51 shares.

When will ACME Solar Holdings Limited list on exchanges?

The listing date for ACME Solar Holdings is Wednesday, November 13, 2024.

What is the issue size of ACME Solar Holdings Limited IPO?

The issue size of the ACME Solar Holdings Limited IPO is up to ₹2,900 crore, including a fresh issue of up to ₹2,395 crore and an offer for sale (OFS) of up to ₹505 crore.

What are the open and close dates of the ACME Solar Holdings Limited IPO?

The open and close dates for ACME Solar Holdings Limited IPO are from November 6, 2024 to November 8, 2024.

What would be the listing gains on the ACME Solar Holdings IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

How to increase your chances of getting an ACME Solar Holdings IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for ACME Solar Holdings IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Acme Solar Holdings Limited using one PAN?

You can submit only one application using your PAN card.

How to read ACME Solar Holdings Limited's financial statements?

To read ACME Solar Holdings’ financial statements, download the IPO’s  RHP document.

What is 'pre-apply' for ACME Solar Holdings Ltd IPO?

Pre-apply allows investors to apply for the ACME Solar Holdings Ltd IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the ACME Solar Holdings Ltd IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.

When will I know if my ACME Solar Holdings Ltd IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of ACME Solar Holdings Ltd IPO?

Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the ACME Solar Holdings Ltd IPO getting listed?

ACME Solar Holdings Ltd IPO is proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).