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ACME Solar Holdings IPO

  • Status: Closed
  • RHP:
  • ₹ 14,025 / 51 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    13 Nov 2024

  • Listing Price

    ₹259.00

  • Listing Change

    -10.38%

  • Last Traded Price

    ₹240.35

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

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Timeline Subscription Status Objective Financials SWOT FAQ Contacts

IPO Timeline

ACME Solar Holdings IPO Subscription Status

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
 

Profit and Loss

Balance Sheet

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.