ACME Solar Holdings IPO, one of the upcoming IPOs in India, opened for subscription on November 6, 2024, and will close on November 8, 2024.
The share allotment of the IPO is expected to be finalised on Monday, November 11, 2024. The tentative listing on the BSE and NSE is scheduled for Wednesday, November 13, 2024.
This book-built issue is valued at ₹2,900 crore, comprising a fresh issue of 8.29 crore shares, raising ₹2,395 crore, and an offer for sale of 1.75 crore shares, amounting to ₹505 crore.
The IPO price band is set between ₹275 and ₹289 per share. The minimum application lot size of 51 shares, requiring a minimum investment of ₹14,739 for retail investors.
As of 9:54 AM on November 6, 2024, ACME Solar Holdings IPO GMP stands at ₹10.
The company intends to use the net proceeds towards the investment in their subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by their subsidiaries and for general corporate purposes.
On Day 1, November 6, 2024, as of 11:11 AM, ACME Solar Holdings IPO subscribed 0.10 times. The retail category was subscribed 0.49x, QIB was subscribed 0.00x, and the NII category was 0.04x.
Ahead of its IPO, ACME Solar Holdings Ltd raised ₹1,300.5 crore from anchor investors on Tuesday. The company allotted 4.5 crore shares at ₹289 per share to 58 anchor investors. The Abu Dhabi Investment Authority Monsoon received the largest allocation, securing a 6.15% stake. Mirae Asset Midcap Fund Mirae AMF, SBI Life Insurance Co., and ICICI Prudential Life Insurance Co. followed with the second-highest allocation of 5.37%, while Nippon Life India Trustee Ltd. – A/C Nippon India Small Cap Fund acquired a 2.38% stake in the company.
Eight domestic mutual funds participated through 17 schemes, collectively securing 33.34% of the anchor portion. Notable fund houses in this category included Nippon Life India Trustee, HDFC Trustee Company, ICICI Prudential Innovation Fund, and Tata Mutual Fund, as noted in the renewable energy company’s exchange filing.
Kotak Mahindra Capital Co, ICICI Securities Ltd, Nuvama Wealth Management Ltd, Motilal Oswal Investment Advisors and JM Financial Ltd are the book-running lead managers to the issue. KFin Technologies Ltd is the registrar of the offer.
ACME Solar Holdings Ltd is amongst the largest renewable energy independent power producers (IPP) in India. The company’s portfolio contains solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. It is ranked among India’s top 10 renewable energy companies by operational capacity (as of June 30, 2024). ACME Solar develops, constructs, owns, operates, and maintains large-scale renewable projects. The company generates its revenue through electricity sales to a range of off-takers, including central and state-backed entities. The company also manages engineering, procurement, and construction (EPC) and operation and maintenance (O&M) functions through its in-house teams.
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.
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