ACME Solar IPO Targets Rs 2,900 Cr, Opens For Bidding From Today

ACME Solar Holdings’ initial public offering (IPO) of Rs 2,900 crore will open for subscription on 6 November 2024 and close on 8 November 2024. This book-built issue includes a fresh issue of 8.29 crore shares, valued at Rs 2,395 crore, and an offer for sale (OFS) of 1.75 crore shares, totaling Rs 505 crore.

The IPO price band is set between Rs 275 and Rs 289 per share, with the minimum application size set at 51 shares, requiring a minimum investment of Rs 14,739 from retail investors. For high-net-worth investors, the minimum investment for sNII is Rs 206,346 (714 shares across 14 lots), while bNII investors need to invest at least Rs 1,002,252 (3,468 shares across 68 lots). Employees are allocated up to 346,021 shares at a discounted rate of Rs 27 per share.

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors are managing the IPO as lead bookrunners, with Kfin Technologies serving as the registrar. The listing on BSE and NSE is tentatively scheduled for 13 November 2024, following allotment finalisation on 11 November.

ACME Solar plans to use the proceeds to repay or prepay certain outstanding loans taken by its subsidiaries and for general corporate purposes. The issue structure includes allocations of 29.9 per cent for qualified institutional buyers (QIBs), 14.95 per cent for non-institutional investors (NII), 9.97 per cent for retail investors (RII), 0.34 per cent for employees, and 44.84 per cent for anchor investors.