ACME Solar Holdings IPO subscribed 70%

The initial public offer (IPO) of ACME Solar Holdings received 4,05,69,939 bids for shares as against 5,82,03,223 shares on offer, according to stock exchange data at 17:00 IST on Thursday (7 November 2024). The issue was subscribed 0.70 times.

The issue opened for bidding on 6 November 2024 and it will close on 8 November 2024. The price band of the IPO was fixed between Rs 275 to 289 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The public issue comprises both offers for sales and a fresh issue. The OFS comprises sales of equity shares with a value aggregating Rs 505 crore by ACME Cleantech Solutions, the promoter company. The fresh issue comprises an issue of shares aggregating upto Rs 2395 crore.

Of the net proceeds from fresh issue, Rs 1795 crore for investment in subsidiaries for repayment/prepayment of a portion/full of certain outstanding borrowings availed by its subsidiaries and the balance is for general corporate expenses.

As on August 31, 2024, the company had outstanding borrowings (fund based) of Rs 9891.693 crore on a consolidated basis.

Ahead of the IPO, ACME Solar Holdings on Tuesday, 5 November 2024, raised Rs 1,300.5 crore from anchor investors. The board allotted 4.5 crore shares at Rs 289 each to 58 anchor investors.

ACME Solar Holdings (ACML) is a renewable power generation company in India with a portfolio of solar, wind, hybrid and FDRE (firm and dispatchable renewable energy) projects.

As end of Oct 29, 2024, it have an aggregate operational solar power capacity of 1,340 MW (1,826 MWp); under construction contracted (Project for which PPA signed but not yet achieved its commercial operation date) capacity of 3,250 MW [comprising 1500 MW of Solar, 150 MW wind, 1030 MW of hybrid, 570 MW of FDRE].

The firm reported a consolidated net profit of Rs 1.39 crore and sales of Rs 309.64 crore for the three months ended on 30 June 2024.