ACME Solar Holdings IPO Price: ₹275 to ₹289 per share
IPO Dates: 6 November 2024 – 8 November 2024
Company Overview
Incorporated in June 2015, ACME Solar Holdings Limited is an Indian renewable energy company specializing in producing electricity from wind and solar sources. The company stands as one of the largest independent power producers (IPPs) in India’s renewable sector, with a prominent presence in solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects.
Business Operations
ACME Solar Holdings focuses on the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects. The company operates through its in-house engineering, procurement, and construction (EPC) division and an operations and maintenance (O&M) team. Revenue is primarily generated through long-term power purchase agreements (PPAs) with central and state government-backed entities.
Project Capacity and Portfolio
As of March 31, 2024, ACME Solar Holdings had:
- 1,320 MW (1,802 MWp) in operational solar projects.
- A contracted project capacity of 1,650 MW, including 1,500 MW (2,192 MWp) in solar power and 150 MW in wind power.
Additionally, the company’s awarded project capacity under construction totalled 2,380 MW, divided as follows:
- 300 MW in solar projects,
- 830 MW in hybrid projects, and
- 1,250 MW in FDRE projects.
As of June 30, 2024, ACME had expanded its under-construction contracted capacity to 3,250 MW, comprising:
- 1,500 MW (2,192 MWp) in solar projects,
- 150 MW in wind projects,
- 1,030 MW in hybrid projects, and
- 570 MW in FDRE projects.
Additionally, awarded under-construction capacity reached 1,730 MW, broken down as:
- 600 MW (870 MWp) in solar projects,
- 450 MW in hybrid projects, and
- 680 MW in FDRE projects.
Geographical Presence
ACME Solar Holdings’ projects are spread across 10 states in India, including Rajasthan, Gujarat, Punjab, Madhya Pradesh, Uttar Pradesh, Bihar, Chhattisgarh, Andhra Pradesh, Odisha, and Telangana.
Competitive Strengths
- Leading Position in the IPP Market: ACME Solar Holdings is one of India’s largest renewable energy companies, known for its robust growth within the IPP market.
- Integrated Value Chain: With in-house capabilities for project development, EPC, and O&M, ACME manages projects across their full lifecycle, ensuring efficiency from signing PPAs to commercial operations.
- Diversified Technology Portfolio: The company’s expansive portfolio spans solar, wind, hybrid, and FDRE technologies.
- Long-Term Cash Flows: The company benefits from stable cash flows through long-term PPAs with government-backed entities, with a weighted average residual PPA term of approximately 19.94 years for operational projects.
- Diverse Funding Access: ACME has developed access to varied funding sources to support its growth.
- Innovative Design and Engineering: With advanced design and value engineering, ACME aims to increase operational efficiency.
- Experienced Leadership: The company’s leadership team has extensive expertise in renewable energy project development and management.
Track Record
Since its inception, the ACME Group has developed, executed, and commissioned over 2,719 MW (3,668 MWp) of solar projects across 12 states in India, solidifying its position as a leader in the renewable energy space.
Corporate Milestones
Initially incorporated as ACME Solar Holdings Pvt. Ltd in Haryana in 2015, the company transitioned to a public limited company in May 2024, becoming ACME Solar Holdings Ltd.
Bidding Starts In
ACME Solar Holdings IPO Specifics:
| IPO Date | November 6, 2024 to November 8, 2024 |
| Listing Date | Wednesday, November 13, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹275 to ₹289 per share |
| Lot Size | 51 Shares |
| Total Issue Size | 100,346,022 shares (aggregating up to ₹2,900.00 Cr) |
| Fresh Issue | 82,871,973 shares (aggregating up to ₹2,395.00 Cr) |
| Offer For Sale | 17,474,049 shares (aggregating up to ₹505.00 Cr) |
| Employee Discount | ₹27 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 522,207,910 |
| Share holding post issue | 605,079,883 |
ACME Solar Holdings IPO Timetable (Important Dates)
| IPO Open Date | Wednesday, November 6, 2024 |
| IPO Close Date | Friday, November 8, 2024 |
| Basis of Allotment | Monday, November 11, 2024 |
| Initiation of Refunds | Tuesday, November 12, 2024 |
| Credit of Shares to Demat | Tuesday, November 12, 2024 |
| Listing Date | Wednesday, November 13, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 8, 2024 |
ACME Solar Holdings IPO Lot Size
Bidders have the opportunity to bid for a minimum of 51 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 51 | ₹14,739 |
| Retail (Max) | 13 | 663 | ₹1,91,607 |
| S-HNI (Min) | 14 | 714 | ₹2,06,346 |
| S-HNI (Max) | 67 | 3,417 | ₹9,87,513 |
| B-HNI (Min) | 68 | 3,468 | ₹10,02,252 |
ACME Solar Holdings IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
ACME Solar Holdings Limited IPO Financial Information
ACME Solar Holdings Limited experienced a 7.71% growth in revenue and a remarkable 22084.28% surge in profit after tax (PAT) from the financial year ending on March 31, 2023, to March 31, 2024.
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 30 June 2024 |
|---|---|---|---|---|
| Assets | 10887.62 | 12186.95 | 13394.13 | 13985.14 |
| Revenue | 1562.73 | 1361.37 | 1466.27 | 340.01 |
| Profit After Tax | 62.01 | -3.17 | 697.78 | 1.39 |
| Net Worth | 1908.76 | 1900.56 | 2590.87 | 1942.12 |
| Reserves and Surplus | 1154.32 | 1146.12 | 1836.43 | 1837.68 |
| Total Borrowing | 7563.60 | 8657.35 | 8217.59 | 9319.91 |
Key Performance Indicator – ACME Solar Holdings IPO
| KPI | Values |
|---|---|
| Market Cap | ₹ 17,486.81 Cr. |
| EPS | ₹13.36 |
| P/E (x) | 21.63 |
| ROE | 2.93 |
| Debt/Equity | 3.89 |
| RoNW | 0.07 |
| P/BV | 7.77 |
Objects of the Issue:
The organization plans to allocate the Net Proceeds for the purpose of financing the subsequent objectives (together referred to as the “Objects”):
- Repaying or prepaying, either wholly or partially, specific outstanding loans acquired by its Subsidiaries.
- Addressing general corporate needs and expenses.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
