ACME Solar has launched their initial public offering (IPO) in the market today (November 6, 2024) worth Rs 30 billion. Their price band is Rs 275 to Rs 289 per equity share and each share has a face value Rs 2 each. The IPO is open till Friday, November 8, 2024. The minimum bid allowed is of 51 Equity Shares and in multiples of 51 equity shares after that. The IPO is a combination of fresh issue of Rs 23.95 billion and an offer of sale of Rs 5.05 billion by ACME Cleantech Solutions. The funds from the fresh issuance, an estimated Rs 17.95 billion will be utilised for investment in subsidiaries for repayment and prepayment, in full or in part, of outstanding borrowings and loans, and general corporate purposes.
The bookrunning lead managers are Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors. The registrar of the issue is KFin Technologies.
In October 2024, ACME Solar Holdings entered into a power purchase agreement with the Solar Energy Corporation of India (SECI) for the supply of 150 MW hybrid solar power. In October 2024, ACME Solar Holdings was selected as a winner in Solar Energy Corporation of India’s (SECI) auction to develop 600 MW interstate transmission system (ISTS)- connected wind-solar hybrid power projects (Tranche IX). ACME was awarded 300 MW at a tariff of Rs 3.25 per kWh.
