ACME Solar has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at Rs 30 billion, with each share priced at Rs 2.
The planned IPO includes a fresh issue of shares worth up to Rs 20 billion and an offer for sale totaling up to Rs 10 billion. The company might also consider a pre-IPO placement of up to Rs 4 billion, which would decrease the size of the fresh issue. ACME Solar intends to allocate Rs 15 billion from the net proceeds to repay or prepay certain outstanding borrowings of its subsidiaries, with the remaining funds designated for general corporate purposes.
