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ACME Solar Holdings Ltd., a prominent player in the renewable energy sector, witnessed a promising start to its initial public offering (IPO) on November 6, 2024. The IPO received a 39% subscription on its first day, with retail investors demonstrating a significant level of interest in the company's growth prospects. This positive response indicates strong investor confidence in the company's future and the potential of the renewable energy market.
The IPO, which is set to conclude on November 8, 2024, saw bids for 2,27,05,659 shares against the 5,82,03,223 shares offered. Retail individual investors (RIIs) contributed significantly to the subscription, attracting 1.19 times the allotted shares. Non-institutional investors subscribed 32%, while qualified institutional buyers (QIBs) participated with a 15% subscription.
Prior to the IPO, ACME Solar Holdings Ltd. secured Rs 1,300 crore from anchor investors, further bolstering its financial standing. The IPO, valued at Rs 2,900 crore, includes a fresh issue of shares worth Rs 2,395 crore and an Offer-for-Sale (OFS) of shares valued at Rs 505 crore by ACME Cleantech Solutions. The proceeds from the fresh issuance will be utilized primarily for debt repayment (Rs 1,795 crore) and general corporate purposes.
ACME Solar Holdings has established itself as a leading player in the renewable energy landscape, transitioning from a solar power company to an integrated renewable energy provider. The company boasts a comprehensive portfolio of projects, encompassing development, construction, ownership, operation, and maintenance of utility-scale renewable energy initiatives. Its in-house engineering, procurement, and construction (EPC) division, along with its operation and maintenance (O&M) team, are instrumental in the successful execution of these projects.
ACME Solar's revenue generation is derived from the sale of electricity to diverse off-takers, including central and state government entities. The company's commitment to sustainability and its proven track record in the renewable energy sector have earned it recognition and trust among stakeholders. With the successful launch of its IPO, ACME Solar Holdings is poised to further expand its operations and contribute significantly to the growth of the renewable energy industry.