ACME Solar Holdings slides on debut

The scrip was listed at Rs 259, exhibiting a discount of 10.38% to the issue price.

So far, the stock has hit a high of 279 and a low of 255. On the BSE, over 7.51 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of ACME Solar Holdings was subscribed 2.75 times. The issue opened for bidding on 6 November 2024 and it closed on 8 November 2024. The price band of the IPO was fixed between Rs 275 to 289 per share.

The public issue comprised both offer for sale and a fresh issue. The OFS comprised sales of equity shares with a value aggregating Rs 505 crore by ACME Cleantech Solutions, the promoter company. The fresh issue comprised an issue of shares aggregating up to Rs 2,395 crore.

Of the net proceeds from fresh issue, Rs 1,795 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 31 August 2024, the company had outstanding borrowings (fund based) of Rs 9,891.693 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.