The initial public offering of ACME Solar Holdings Ltd. has been subscribed 0.39 times, or 39% on its first day of bidding on Wednesday. The grey market premium of ACME Solar Holdings was Rs 10 as on Nov. 6, implying a 3.46% gain over the IPO price, according to Chittorgarh's unit InvestorGain.
The company plans to sell shares worth Rs 2,900 crore through a combination of fresh issue and offer for sale.
The IPO comprises of a fresh issue of 8.28 crore equity shares worth up to Rs 2,395 crore. The company also has an offer for sale of 1.74 crore equity shares worth up to Rs 505 crore, with promoter ACME Cleantech Solutions Pvt. as the sole seller.
The price band, fixed between Rs 275 and Rs 289 per share, pegs the company's market capitalisation at Rs 17,487 crore at the upper price range.
Issue Details
Issue opens: Nov. 6.
Issue closes: Nov. 8.
Total offer size: Rs 2,900 crore.
Fresh issue size: Rs 2,395 crore.
Offer for sale size: Rs 505 crore.
Face value: Rs 2 apiece.
Fixed price band: Rs 275–289 per share.
Minimum lot size: 51 shares.
Listing: NSE, BSE.
Business
ACME Solar Holdings Ltd., incorporated in June 2015, specialises in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects. The company is one of the largest producers of electricity from wind and solar energy in India.
The company had a total operational project capacity of 1,320 megawatt in solar power projects, as of fiscal 2024. In addition, it has a contracted project capacity of 1,650 megawatt, which includes 1,500 megawatt of solar power projects and 150 megawatt of wind power projects.
Additionally, the company's awarded project capacity under construction totals 2,380 megawatt as of fiscal 2024. This includes 300 megawatt of solar power projects, 830 megawatt of hybrid power projects and 1,250 megawatt of Firm and Dispatchable Renewable Energy, or FDRE power projects.
Use Of Proceeds
The company plans to utilise the net IPO proceeds towards funding the following objects:
Rs 1,795 crore for repayment or prepayment of certain outstanding borrowings availed by subsidiaries.
Rest for general corporate purposes.
ACME Solar IPO Subscription Status: Day 1
The IPO was subscribed 0.39 times, or 39%, as of 05:00 p.m. on Wednesday.
Qualified institutional buyers: 0.15 times, or 15%.
Non-institutional investors: 0.32 times, or 32%.
Retail investors: 1.19 times.
Portion reserved for employees: 0.60 times or 60%.
ACME Solar IPO GMP Today
The grey market premium of ACME Solar Holdings was Rs 10 on Nov. 6, implying a 3.46% gain over the IPO price, according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 299 per share.
GMP is not an official price quote for the stock and is based on speculation.
Watch The IPO Adda Here
Disclaimer: GMP is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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