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ACME Solar Holdings Ltd IPO

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.

ACME Solar Holdings Ltd IPO Details

Total Shares Offered

₹ 10,03,81,678

Offer to Public

1,74,74,048

Retail Max (Shares)

₹ 1,00,00,000

Pre Issue Promoters Holding

₹ 52,22,07,910

Exchange

BSE

Issue size

₹ 2900 Cr

IPO Open Date

Nov 6, 2024

Close Date

Nov 8, 2024

Lot Size

Min Investment

₹ 14,025

Issue Type

Book Building

Listing Date

Nov 13, 2024

ACME Solar Holdings Ltd IPO Dates

Nov 6, 2024

Opening date

Nov 8, 2024

Closing date

Nov 11, 2024

Basis of Allotment

Nov 12, 2024

Initiation of Refunds

Nov 12, 2024

Credit of Shares

Nov 13, 2024

Listing date

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	100381678	160015458

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

1.49x

1.02x

3.26x

1.85x

1.59x

75000000

15000000

10000000

346021

100381678

111556023

15268737

32550444

640254

160015458

ACME Solar Holdings Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	1,405.13	1,318.85	1,294.90
EBITDA	253.20	518.17	-48.50
PAT	188.77	419.56	-30.25
Total Assets	3,615.69	1,810.37	1,002.01
Share Capital	121.02	104.44	104.44
Total Borrowings	2,210.80	1,588.11	727.07
Operating Activities (Net Cash)	188.78	419.56	-30.25
Investing Activities (Net Cash)	4,973.10	4,264.60	4,162.29
Financing Activities (Net Cash)	2,210.80	1,588.11	727.07
Net Cashflow	1,396.03	265.49	304.26

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.

Peer Comparison:

Adani Green Energy Ltd

ACME Solar Holdings Ltd 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.

How To Apply for ACME Solar Holdings Ltd IPO Online?

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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.

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Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

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Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

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

ACME Solar Holdings Ltd's IPO offers shares for up to 2,395 It begins on Nov 6, 2024 and ends on Nov 8, 2024.

What is the price of the ACME Solar Holdings Ltd IPO?

The price of ACME Solar Holdings Ltd IPO ranges between ₹275 to ₹289 per share.

What are the open and close dates for the ACME Solar Holdings Ltd IPO?

The ACME Solar Holdings Ltd IPO opens on Nov 6, 2024 and closes on Nov 8, 2024.

When will the ACME Solar Holdings Ltd IPO be allotted?

The allotment for the ACME Solar Holdings Ltd IPO will be finalised on Nov 11, 2024. The shares will be listed on BSE and NSE on Nov 13, 2024.

What is the minimum lot size required for ACME Solar Holdings Ltd IPO?

The minimum lot size for ACME Solar Holdings Ltd IPO is 51 shares, priced between ₹275 to ₹289 per share.

What is the GMP of ACME Solar Holdings Ltd IPO?

The GMP (Grey Market Premium) of ACME Solar Holdings Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of ACME Solar Holdings Ltd IPO?

To check the allotment status of ACME Solar Holdings Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the ACME Solar Holdings Ltd IPO getting listed?

The ACME Solar Holdings Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Nov 6, 2024, and closes on Nov 8, 2024. The allotment is finalised on Nov 11, 2024.

How do you apply for the ACME Solar Holdings Ltd IPO?

To apply for the ACME Solar Holdings Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.