ACME Solar Holdings, one of India’s top renewable energy companies, raised Rs 1,301 crore from anchor investors on November 5, just ahead of its highly anticipated Rs 2,900-crore IPO. The public offering, set to open on November 6 and close on November 8, has a price band of Rs 275-289 per share.
The IPO consists of a fresh issue worth Rs 2,395 crore and an offer-for-sale of Rs 505 crore by the promoter, ACME Cleantech Solutions. ACME Solar has allocated 4.5 crore equity shares to anchor investors at Rs 289 per share. This list includes reputed institutional investors such as Abu Dhabi Investment Authority, Goldman Sachs, Morgan Stanley, and Prudential Hong Kong, alongside major Indian funds like Nippon Life India, HDFC Mutual Fund, and ICICI Prudential MF.
ACME Solar is headquartered in Gurugram and was founded in 2015. It now stands among the top 10 renewable energy companies in India by operational capacity. It has an aggregate operational capacity of 1,340 MW with under-construction projects totaling nearly 5,000 MW. The proceeds from the IPO would go to a large extent toward the repayment of debt by its subsidiaries, while the balance amount would be utilized to meet corporate expenses.
According to grey market reports, the IPO shares of ACME Solar are trading at a 5-7% premium over the upper price band, indicating sufficient investor interest. ACME shares are likely to be listed on November 13.
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Source: Moneycontrol
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