ACME Solar Holdings IPO
IPO Listing Details
- Listing Date
13 Nov 2024
- Listing Price
₹259.00
- Listing Change
-10.38%
- Last Traded Price
₹268.00
IPO Details
- Open Date
06 Nov 2024
- Close Date
08 Nov 2024
- IPO
Price Range
₹ 275 to ₹ 289
- IPO
Size
₹ 3000 Cr
- Listing Exchange
BSE, NSE
- Listing Date
13 Nov 2024
IPO Timeline
ACME Solar Holdings IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 6-Nov-24 | 0.16 | 0.34 | 1.28 | 0.42 |
| 7-Nov-24 | 0.33 | 0.59 | 2.16 | 0.74 |
| 8-Nov-24 | 3.72 | 1.02 | 3.25 | 2.89 |
Last Updated: 08 November 2024 6:45 PM by 5Paisa
ACME Solar Holdings IPO is set to open on 06 November 2024 and will close on 08 November 2024. ACME Solar Holdings is a leading renewable energy producer in India, specialising in power generation from wind and solar energy.
The IPO is a combination of a fresh issue of 8.29 Cr shares aggregating to ₹2,395 Cr and an offer for sale of 1.75 Cr shares aggregating to ₹505 Cr. The price range is set between ₹275 to ₹289 per share and the lot size is shares.
The allotment is scheduled to be finalised on 11 November 2024. It will go public on BSE, NSE, with a tentative listing date of 13 November 2024.
Nuvama Wealth Management Ltd, ICICI Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Company Ltd and Motilal Oswal Investment Advisors Ltd are the book running lead managers while Kfin Technologies Ltd is the registrar.
ACME Solar IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹2,900 Cr |
| Offer For Sale | ₹2,395 Cr |
| Fresh Issue | ₹505 Cr |
ACME Solar IPO Lot Size
| 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 IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB | 3.72 | 3,00,00,000 | 11,15,56,023 | 3,223.969 |
| NII (HNI) | 1.02 | 1,50,00,000 | 1,52,68,686 | 441.265 |
| Retail | 3.25 | 1,00,00,000 | 3,25,48,455 | 940.650 |
| Employees | 1.85 | 3,46,021 | 6,40,254 | 18.503 |
| Total** | 2.89 | 5,53,46,021 | 16,00,13,418 | 4,624.388 |
Note:
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
ACME Solar IPO Anchor Allocation
| Anchor Bid Date | 5 November, 2024 |
| Shares Offered | 45,000,000 |
| Anchor portion Size (In ₹ Cr.) | 1,300.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | 11 December, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | 9 February, 2025 |
1. Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by Subsidiaries.
2. General corporate purposes.
Incorporated in June 2015, ACME Solar Holdings Limited is a leading renewable energy producer in India, specialising in power generation from wind and solar energy. The company is one of the largest players in the renewable energy sector in India, committed to producing clean, sustainable power.
ACME Solar develops, builds, owns, operates, and maintains large-scale renewable energy projects across the country. This is achieved through its in-house engineering, procurement, and construction (EPC) division, along with a dedicated operation and maintenance (O&M) team, ensuring efficiency and reliability in its projects. The company’s revenue is derived from selling electricity to a range of off-takers, including entities backed by both central and state governments, ensuring long-term stability.
As of March 31, 2024, ACME Solar’s operational project capacity in solar power stood at 1,320 MW (1,802 MWp). The company also has an under-construction contracted capacity of 1,650 MW, consisting of 1,500 MW (2,192 MWp) in solar projects and 150 MW in wind power projects. In addition, its awarded project pipeline under construction includes 2,380 MW, which comprises 300 MW in solar, 830 MW in hybrid, and 1,250 MW in FDRE power projects, demonstrating the company’s expanding footprint in the renewable energy sector.
ACME Solar’s competitive strengths lie in its position as one of the largest independent power producers (IPPs) in renewable energy in India. The company’s integrated approach to project development leverages its in-house EPC and O&M teams, enabling it to cover the entire value chain in renewable project execution. Its portfolio is diverse, spanning various renewable technologies, and is backed by long-term, stable cash flows from contracts with government-backed entities. The company benefits from diversified funding sources, advanced design capabilities, and value engineering, which lead to higher operational efficiencies. ACME Solar is also supported by a seasoned team of promoters and senior management with extensive experience in the renewable energy industry.
As of March 31, 2024, ACME Solar employed 214 permanent staff across various departments, all contributing to the company’s mission of advancing renewable energy in India.
Peers
Adani Green Energy Ltd
ReNew Energy Global PLC
| Particulars (in Rs. Crores) | FY24 | FY23 | FY22 |
|---|---|---|---|
| Revenue | 1,466.27 | 1,361.37 | 1,562.73 |
| EBITDA | 1,089.20 | 1,172.59 | 1,240.32 |
| PAT | 698.23 | -3.17 | 62.01 |
| Particulars (in Rs. Crores) | FY24 | FY23 | FY22 |
|---|---|---|---|
| Total Assets | 13,394.13 | 12,186.95 | 10,887.62 |
| Share Capital | 104.44 | 104.44 | 104.44 |
| Total Borrowings | 372.36 | 574.36 | 162.74 |
| Particulars (in Rs. Crores) | FY24 | FY23 | FY22 |
|---|---|---|---|
| Net Cash Generated From / (used in) operating activities | 1,428.80 | 1,263.48 | 954.96 |
| Net Cash Generated From / (used in) investing activities | -1,724.67 | -1,409.92 | -374.06 |
| Net Cash Generated From / (used in) financing activities | 214.83 | 215.43 | -555.81 |
| Net Increase (Decrease) In Cash And Cash Equivalents | 308.86 | 547.45 | 478.46 |
Strengths
1. Largest renewable energy producer in India, with strong growth in its independent power producer (IPP) business, enhancing market presence.
2. End-to-end project development with in-house EPC and O&M teams, ensuring efficient project execution and streamlined operations.
3. Diverse portfolio across solar, wind, and hybrid technologies, positioning the company as a leader in renewable energy innovation.
4. Long-term revenue stability from contracts with central and state government entities, providing reliable cash flow for sustainable growth.
5. Access to varied funding sources supports project scalability and reduces dependency on a single financial stream.
6. Focus on design and value engineering results in high-efficiency power generation and optimised project costs.
Risks
1. Heavy reliance on government-backed contracts may pose a revenue risk if policies or financial commitments change unexpectedly.
2. Project delays or cost overruns in under-construction projects could impact profitability and strain cash flows in the short term.
3. High capital requirements for renewable projects may lead to increased debt, impacting financial stability if revenue growth lags.
4. Regulatory risks due to evolving renewable energy policies could affect project approvals and operational compliance.
5. Market volatility in renewable energy technology prices may lead to increased costs, impacting overall project financials.
6. Dependence on favourable weather conditions for energy production makes power output vulnerable to seasonal or climate changes.
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FAQs
ACME Solar Holdings IPO opens from 06 November to 08 November 2024.
The size of ACME Solar Holdings IPO is ₹2,900 Cr.
The price of ACME Solar Holdings IPO is fixed at ₹275 to ₹289 per share.
To apply for ACME Solar Holdings IPO, follow the steps given below:
● Login to your 5paisa account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the ACME Solar Holdings IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of ACME Solar Holdings IPO is 51 shares and the investment required is ₹14,025.
The share allotment date of ACME Solar Holdings IPO is 11 November 2024
The ACME Solar Holdings IPO will be listed on 13 November 2024.
Nuvama Wealth Management Ltd, ICICI Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Company Ltd and Motilal Oswal Investment Advisors Ltd are the book running lead managers for ACME Solar Holdings IPO.
ACME Solar Holdings plans to utilise the raised capital from the IPO for:
1. Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by Subsidiaries.
2. General corporate purposes.
Contact Information
ACME Solar Holdings
ACME Solar Holdings Limited
Plot No. 152
Sector 44
Gurugram - 122002
Phone: +91 1247117000
Email: cs.acme@acme.in
Website: https://www.acmesolar.in/
ACME Solar Holdings IPO Register
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: acmesolar.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
ACME Solar Holdings IPO Lead Manager
Nuvama Wealth Management Limited
ICICI Securities Limited
JM Financial Limited
Kotak Mahindra Capital Company Limited
Motilal Oswal Investment Advisors Limited