ACME Solar Holdings' ₹2,900 crore IPO subscribed 70% on Day 2, retail portion booked 2 times

ACME Solar Holdings Ltd, a renewable energy company, received a subscription of 70% on Thursday, the second day of bidding, for its initial public offering (IPO).

The initial share sale, which will conclude on November 8, has secured bids for 4.05 crore shares against 5.82 crore shares on offer, as per cumulative data on the NSE website.

The ₹2,900 crore IPO, with a price range of ₹275 to ₹289 per share, is a combination of a fresh issuance of shares valued at ₹2,395 crore as well as an offer-for-sale (OFS) worth ₹505 crore.

ACME Solar Holdings seeks to utilise the net fresh issue proceeds to repay debt and general corporate purposes.

ACME Solar Holdings IPO: Lot size

Interested investors can bid for at least one lot size or 51 shares worth ₹14,025 and in multiples after that.

ACME Solar Holdings IPO: Allotment and listing date

• Bidding dates: November 6 to November 8
• Finalisation of allotment status: November 11
• Refund: November 11
• Demat transfer: November 12
• Listing: November 13

ACME Solar Holdings IPO: About the company

As of June 30, 2024, ACME Solar Holdings Lid is among the largest independent renewable energy power producers in India. Its portfolio includes wind, solar, hybrid, and firm and dispatchable renewable energy (FDRE) projects.

The company develops, builds, operates, and maintains renewable energy projects using its internal engineering, procurement, and construction (EPC) wing and operation and maintenance team. It earns revenue by selling power to various off-takers.

Kotak Mahindra Capital Company, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors and Nuvama Wealth Management are the book-running lead managers, while KFin Technologies is the issue's registrar.