ACME Solar Holdings IPO booked 39% on high retail demand, check day 1 subscription status and other key details

ACME Solar Holdings Limited IPO was booked 39% driven by retail investors on the first day of subscription on Wednesday, November 6. The mainboard issue received bids for over 2.27 crore shares against 5.82 crore shares on offer, as per the NSE data.

Retail individual investors applied for over 1.25 crore shares of ACME Solar Holdings compared to 1.05 crore shares reserved for the category. The retail portion of the IPO was booked 1.19 times.

The mainboard issue was subscribed over 4% in the Non-Institutional Investors’ (NIIs) category. The NIIs applied for over 51.05 lakh shares against 1.57 crore shares set aside for them. The Qualified Institutional Buyers (QIBs) placed bids for 48.45 lakh shares against 3.15 crore shares set aside for the category. The QIBs booked their quota 15%.

Employees of the company booked their quota 60% as they applied for 2.43 lakh shares compared to the 4,03,225 shares reserved for them.

Investors interested in the ACME Solar Holdings IPO can submit bids till the last day of the subscription, November 8.

ACME Solar Holdings IPO offer size and other key details

ACME Solar Holdings Limited aims to raise ₹2,900 crore via its initial public offer. The book-building issue comprises a fresh issuance of 8.29 crore shares, amounting to ₹2,395 crore, and an offer-for-sale (OFS) portion of 1.75 crore shares, aggregating to ₹505 crore. The IPO price band has been fixed at ₹275 to ₹289 per share.

Retail investors can apply for a minimum single lot size of 51 shares, aggregating to an investment of ₹14,739. On the other hand, the minimum application size for small NIIs is 14 lots, or 714 shares, which amounts to an investment of ₹2,06,346. The big NIIs can apply for the issue by placing bids for 68 lots, or 3,468 shares, amounting to an investment of ₹10,02,252.

ACME Solar Holdings IPO allotment status and listing date

ACME Solar Holdings IPO allotment status is expected to be finalised on Monday, November 11. After the basis of allotment is finalised, refunds will be initiated for unsuccessful bidders on Tuesday, November 12. The allottees will also receive shares of the company in their Demat accounts on the same day.

Shares of the company will be listed on the NSE and BSE. The IPO listing date has been tentatively fixed as November 13.

ACME Solar Holdings IPO registrar and promoters

Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers of the IPO, while Kfin Technologies Limited is the registrar for the issue.

The promoters for the IPO include Mamta Upadhyay, Manoj Kumar Upadhyay, ACME Cleantech Solutions Private Limited, MKU Holdings Private Limited, and Upadhyay Family Trust. The promoters held a 100% stake in the company ahead of the public issue.

ACME Solar Holdings key financials

In the June quarter of FY25, the company's revenue stood at ₹340.01 crore. It reported a net profit of ₹1.39 crore during the quarter under review. Its net worth stood at ₹1,942.12 crore at the end of the June quarter.

In FY24, its revenue increased by over 7% to ₹1,466.27 crore compared to ₹1,361.37 crore in FY23. The company’s net profit for the fiscal ended March 31, 2024, stood at ₹697.78 crore compared to a net loss of ₹3.17 crore in the preceding fiscal.

The company’s net worth increased more than 36% to ₹2,590.87 crore from ₹1,900.56 crore in the previous fiscal.

ACME Solar Holdings IPO objective

The company plans to use the money raised via the public issue for repayment of outstanding borrowings availed by its subsidiaries. A portion of the funds will also be used for general corporate purposes.

About ACME Solar Holdings Limited

ACME Solar Holdings Limited, incorporated in June 2015, is engaged in the production of electricity from renewable energy sources. It specialises in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects.