Acme Solar Holdings, a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects, has fixed the price band for its maiden initial public offer (IPO) at INR 275 to INR 289 per equity share of the face value of INR 2.
The company’s IPO will open for subscription on Wednesday, Nov. 6, 2024 and close on Friday, Nov. 8, 2024. Investors can bid for a minimum of 51 equity shares and in multiples of 51 thereafter.
The IPO is a mix of fresh issue of up to INR 2,395 crore and an offer of sale up to INR 505 crore by Acme Solar’s promoter company Acme Cleantech Solutions.
Acme Solar Holdings intends to utilize the proceeds from the fresh issuance to the extent of INR 1,795 crore for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by its subsidiaries, and general corporate purposes.
Acme Solar Holdings was established in 2015 to consolidate the Acme Group’s renewable energy business and to capitalize on the opportunities in the Indian renewable energy industry. The Company is among the top 10 renewable energy players in India in terms of operational capacity as of June 30, 2024. It has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy company in India.
The company develops, builds, owns, operates and maintain utility scale renewable energy projects (through its in-house engineering, procurement and construction (EPC) division and operation and maintenance (O&M) team, and generates revenue through the sale of electricity to various off-takers including central and state government-backed entities.
Acme Solar has an aggregate operational project capacity of 1,340 MW (1,826 MWp) solar power projects, under-construction contracted project capacity of 3,250 MW (including 1,500 MW solar, 150 MW wind, 1,030 MW hybrid and 570 MW FDRE), and under construction awarded project capacity of 1,730 MW (comprising 600 MW solar, 450 MW hybrid, and 680 MW of FDRE power projects), as of the date of filing its Red Herring Prospectus.
Acme Solar’s consolidated revenue from operations for the fiscal year 2024 was INR 1,319.25 crore compared to INR 1,294.90 crore in the previous year. The company reported a turnaround with a profit of INR 697.78 crore in FY24 against a loss in FY23.
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