ACME Solar files DRHP for a 3,000 Crores IPO. It will have both equity shares and offers for sale. Gurugram-based company excels in providing services related to solar power. According to the company’s website, ACME Solar is among India’s top 10 renewable companies. Thus, it has a lot of potential for growth as the solar industry needs to grow. The company can also have a pre-IPO placement. Let us have a detailed look at ACME Solar’s IPO.
ACME Solar Files IPO Worth Rs. 3,000 Crores
ACME Solar files DRHP papers for an IPO worth Rs. 3,000 Crores. The company is filing the IPO with both OFS (offer for sale) and fresh equity shares. ACME Solar will issue fresh shares worth Rs. 2,000 crores and Offer for Sale worth Rs. 1,000 Crores. The company provides the shares at a face value of Rs. 2 per equity share. It will include almost 75% of the shares for the qualified institutional buyers, 15% for the non-institutional investors, and 10% for the retail. Apart from that, some eligible employees can take special advantage with some discount from the employee reservation.
ACME Solar Holdings, the company will utilise Rs. 1,500 crores to repay the loans. The company can conduct a pre-IPO placement by issuing specified securities up to Rs. 400 crores. The company files DRHP paper to utilise the money in different segments. ACME Solar will utilise most of the income to repay the loans. ACME Solar grew up in Gurugram. However, it has most of its business from Andhra Pradesh, Rajasthan, and Telangan.
Regarding the company’s finances, ACME made a consolidated revenue from operations of Rs. 1,319.25 Crores. While, in the previous year, the company made Rs. 1,294.90 Crores in revenue from operations. ACME Solar has a good background and revenue. The company is among the top 10 renewable companies. Solar demand is rising with the rise in sustainable development. Let us have a look at the book-running managers. Following is the list of ACME Holdings book-running lead managers:
- Nuvama Wealth Management Limited
- ICICI Securities Limited
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
- Motilal Oswal Investment Advisors Limited
The registrar of the deal is KFin Technologies Limited. If the company gets SEBI approval, ACME Solar can expect its IPO by September 2024 or after that. ACME Solar IPO is much awaited. You can explore other stocks in the solar segment until the IPO releases. Adani Green Energy and Tata Power Renewable are currently performing well.