ACME Solar Holdings, a Gurugram-based renewable energy firm, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 3,000 crore through an initial public offering (IPO).
The IPO, with a face value of Rs 2 per equity share, is a mix of fresh issue of shares up to Rs 2,000 crore and an offer for sale (OFS) of up to Rs 1,000 crore by ACME Cleantech Solutions.
The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
The company, in consultation with the book-running lead manager, may consider an issue of specified securities up to Rs 400 crore as a ‘pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced.
Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies is the registrar of the issue.
The company intends to utilise the net proceeds from the fresh issuance to the extent of Rs 1,500 crore towards repayment, in full or in part, of certain outstanding borrowings availed by the subsidiaries and for general corporate purposes.
ACME Solar Holdings develops, builds, owns, operates, and maintains utility-scale renewable energy projects through its in-house engineering, procurement, and construction (EPC) division, as well as its operation and maintenance team.
ACME Solar generates revenue by selling electricity to various off-takers, including central and state government-backed entities.
Acme Solar’s restated consolidated revenue from operations during the fiscal year 2024 increased 1.88 per cent to Rs 1,319.25 crore from Rs 1,294.90 crore in the previous year. The Company had turnaround from being loss making in FY23 to a profit of Rs 698.23 crore in FY24.
