ACME Solar Holdings Ltd IPO
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ACME Solar Holdings Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 1,003.46 L | ₹ 174.74 L | ₹ 100 L | ₹ 5,222.08 L | BSE | ₹ 2900 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 06 Nov, 24 | 08 Nov, 24 | 51 | ₹ 14,025 | Book Building | 13 Nov, 24 |
ACME Solar Holdings Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Engineering - Turnkey Services |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 1.49x | 75000000 | 111556023 |
| NII | 1.02x | 15000000 | 15268737 |
| Retail | 3.26x | 10000000 | 32550444 |
| Employee | 1.85x | 346021 | 640254 |
| Total | 1.59x | 100346021 | 160015458 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
ACME Solar Holdings Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 1,319.25 | 1,294.90 | 1,487.90 |
| EBITDA | 518.17 | -48.50 | 145.36 |
| PAT | 419.56 | -30.25 | 145.41 |
| Total Assets | 1,810.22 | 1,002.01 | 1,803.54 |
| Share Capital | 104.44 | 104.44 | 104.44 |
| Total Borrowings | 1,587.95 | 727.07 | 1,480.18 |
| Operating Activities (Net Cash) | 419.56 | -30.25 | 145.41 |
| Investing Activities (Net Cash) | 4,264.60 | 4,162.29 | 2,810.43 |
| Financing Activities (Net Cash) | 1,587.95 | 727.07 | 1,480.18 |
| Net Cashflow | 265.49 | 304.26 | 331.84 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About ACME Solar Holdings Ltd
ACME Solar Holdings Limited was originally incorporated as ACME Solar Holdings Private Limited at Haryana, India, as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated June 3, 2015, issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Upon the conversion of the Company into a public limited company, pursuant to a board resolution dated May 1, 2017 and a shareholders' resolution dated May 2, 2017, the name of the Company was changed to ACME Solar Holdings Limited, and a fresh certificate of incorporation dated May 12, 2017 was issued by the RoC. Pursuant to a board resolution dated January 21, 2020 and a shareholders' resolution dated January 24, 2020, the Company was converted into a private limited company and consequently, the name of the Company was changed to ACME Solar Holdings Private Limited, and a fresh certificate of incorporated dated July 1, 2020, was issued by the Registrar of Companies, New Delhi. Subsequently, pursuant to a board resolution dated May 27, 2024, and a shareholders' resolution dated June 7, 2024, the Company was converted into a public limited company and consequently, the name of the Company was changed to ACME Solar Holdings Limited and a fresh certificate of incorporation dated June 22, 2024 was issued by the Registrar of Companies, Delhi and Haryana at New Delhi.
Renewable sources are a clean source of energy, preventing the release of pollutants into the air. While there are multiple renewable sources that can be utilised, solar, wind, small hydro, biomass, and bagasse remain key sources. Renewable energy installations have increased to approximately 200 GW as of August 2024. As of March-2024, installed grid connected renewable energy generation capacity (including large hydro) in India constituted approximately 44% of the total installed generation base in India.
ACME Solar Holdings Limited is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects. The Company develops, builds, owns, operates and maintains utility scale renewable energy projects (through its in-house engineering, procurement and construction (EPC) division and operation and maintenance team), and generate revenue through the sale of electricity to various off-takers including central and state government-backed entities. As of the date of this Red Herring Prospectus, it has an aggregate operational capacity of 1,340 MW (1,826 MWp); under construction contracted capacity of 3,250 MW and under construction awarded capacity of 1,730 MW.
Peer Comparison:
- Adani Green Energy Ltd
ACME Solar Holdings Ltd IPO Key Points
Strengths
- Large renewable energy player well positioned to capitalize on strong industry tailwinds in its IPP business.
- End-to-end value chain capabilities and an integrated approach to developing renewable power projects by its in-house project development, EPC and O&M teams.
- Expansive portfolio diversified across different renewable energy technologies.
- Long-term stable cash flows based on contracts with central and state government entities.
- Access to diversified sources of funding.
Risk
- The company may not be able to grow its portfolio of renewable energy power projects as the company relies on highly competitive renewable energy power project auctions. Further, its future growth is significantly dependent on successfully executing its Under Construction Awarded Projects and Under Construction Contracted Projects. In the event, the company is not successful in executing its future projects, its business and results of operations may be adversely impacted.
- The company is dependent on its Power Purchase Agreements (PPA) to sell power and generate its revenue from operations. Further, the terms of its PPAs may expose it to certain risks that may affect its future results of operations and cash flows.
- Its business is dependent on the company's top 10 off-takers, which contributed 95.42%, 89.42%, 89.97%, 87.48% and 81.11% of its revenue from operations during the three months ended June 30, 2024 and June 30, 2023 and for Fiscal 2024, 2023 and 2022, respectively. The loss of any of these off-takers could have an adverse effect on its business, financial condition, results of operations and cash flows.
Strategy
- Expand and diversify its portfolio to continue to maintain its leadership position.
- Continue to invest in and improve its integrated business model.
- Focus on technology upgrades to improve efficiency and longevity of its projects.
- Continue to diversify its funding sources, optimise its cost of capital and identify partners/investors for future growth.
- Large renewable energy player well positioned to capitalize on strong industry tailwinds in its IPP business.
- End-to-end value chain capabilities and an integrated approach to developing renewable power projects by its in-house project development, EPC and O&M teams.
- Expansive portfolio diversified across different renewable energy technologies.
- Long-term stable cash flows based on contracts with central and state government entities.
- Access to diversified sources of funding.
How To Apply for ACME Solar Holdings Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.