15-Year-Old Kenyan Girl With Rare Autoimmune Disease Successfully Treated With Cell-based Therapy-Maharashtra Government Inks MoU with IBM Technology for AI Centers-Governor C. P. Radhakrishnan visits Prime Minister Narendra Modi-AMRIT MAHOTSAV OF SHREE MARKET SILK MERCHANTS ASSOCIATION ENDED ON 14TH APRIL, 2025 WITH ALL ITS GRANDEUR-Agra Startup Jatbat Playmax Media Aims to Entertain and Educate with Diverse Book Selection-Indkal Technologies Cements It's Mumbai Presence through Strategic Partnership with Digi1 Electronics-Shree Market Silk Merchants Association (SMSMA) to Celebrate Completion of Amrut Mahotsav on 14th April-SUPREME COURT TAKES COGNIZANCE OF CHILD SAFETY CONCERNS IN DIGITAL SPACE-TechnoServe and The Solvent Extractors’ Association of India Sign Landmark MoU to Advance Edible Oil Fortification-'Economic Nationalism' to Strengthen Domestic Supply Chains at FICCI’s 98th Foundation Day-Piyush Goyal

ACME Solar Holdings Limited IPO Opens on 6 November 2024, Price Band Set at Rs. 275/- 289 Per Share

Posted By: Sachin Murdeshwar November 4, 2024

Mr. Manoj Upadhyay, Founder & Chairman, ACME Solar

(L-R): Ankit Verma EVP & Head Corporate Finance, ACME Solar, Manoj Upadhyay, Founder & Chairman, ACME Solar, Nikhil Dhingra, CEO, ACME Solar

 

MUMBAI, 4 NOVEMBER, 2024 (GPN): ACME Solar Holdings Limited’s initial public offering is set to open for public subscription on Wednesday, November 6, and close on Friday, November 8. The renewable energy producer set the price band for the IPO at the range of Rs. 275 to Rs. 289 per equity share with a face value of Rs. 2 per share.The lot size of the issue is 51 equity shares, and thereafter, it will be in multiples of 51 equity shares.The renewable energy company produces electricity from both solar and wind energy projects in India. ACME Solar specializes in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects. They earn from selling electricity to various customers, including plants supported by the central and state governments.

The minimum lot size for Small Non-Institutional Investors (sNII) is 14 lots or 714 shares, which amounts to an investment of Rs. 2,06,346. The lot size for Big Non-Institutional Investors (bNIIs) is 68 lots or 3,468 shares, which translates to an investment of Rs. 10,02,252.

As much as 75% of the net offer size has been set aside for the Qualified Institutional Buyers category. The company has reserved 10% of the net issue for retail individual investors and 15% for the Non-Institutional Investor (NII) category.

ACME Solar aims to raise Rs. 2,900 crore from a fresh issue of Rs. 2,395 crore and an offer-for-sale (OFS) of equity shares worth Rs. 505 crore by the company’s promoter ACME Cleantech Solutions Private Ltd.The company’s revenue has remained volatile. It reported revenue of Rs. 1,487 crore in FY22, which declined by over 12% to Rs. 1,294 crore in FY23. In FY24, revenue rebounded to Rs. 1,319 crore. Meanwhile, ACME Solar Holdings reported a net profit of Rs. 82.3 crore in FY24 compared to a loss of Rs. 3.17 crore in FY23.The company claims that it is well-positioned to capitalise on strong industry tailwinds in its Independent Power Producer (IPP) business.

The renewable energy company takes an integrated approach to developing renewable power projects through its in-house project development, Engineering Procurement Construction (EPF), and Operations and maintenance (O&M) teams.

Long-term stable cash flows based on contracts with central and state government entities with a weighted average residual period of 19 years for its operational projects as of FY24.

Access to diversified funding sources by investing equity of ~25% of the total project cost, obtaining debt financing, refinancing some of its debt, and strategically divesting some of its projects.The IPO share allotment status is scheduled to be finalised on Monday, November 11. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Tuesday, November 12, while the successful bidders will also receive shares of ACME Solar Holdings in their Demat accounts the same day.

Shares of ACME Solar Holdings will be listed on the NSE and BSE. The tentative listing date for ACME Solar Holdings shares is Wednesday, November 13.Nuvama Wealth Management Ltd, ICICI Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Company Ltd, and Motilal Oswal Investment Advisors Ltd are the book-runners for the ACME Solar Holdings IPO, with Kfin Technologies Ltd acting as the registrar for the offering.

RHP Link: https://acmesolar.in/assets/pdf/RHP/ACME-Solar-Holdings-Limited-RHP.pdf

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

Be the first to comment on "ACME Solar Holdings Limited IPO Opens on 6 November 2024, Price Band Set at Rs. 275/- 289 Per Share"

Leave a comment

Your email address will not be published.


*