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ACME Solar Holdings IPO is a book-built issue of Rs 2,900.00 crores. The issue is a combination of a fresh issue of 8.29 crore shares aggregating to Rs 2,395.00 crores and an offer for sale of 1.75 crore shares aggregating to Rs 505.00 crores.
The IPO opens for subscription on November 6, 2024, and closes on November 8, 2024. The IPO price band is set at ₹275 to ₹289 per share and the minimum lot size for an application is 51 Shares.
Company Summary
Incorporated In June 2015, Acme ACME Solar Holdings Limited is an Indian electricity producer from renewable energy sources. The company is one of the largest producers of electricity from wind and solar energy in India.
The company specializes in the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects. The company achieves this through its in-house engineering, procurement, and construction (EPC) division and operations and maintenance (O&M) team. The company’s revenue is generated by selling electricity to various customers, including plants supported by the central and state governments.
As of March 31, 2024, the company had a total operational project capacity of 1,320 MW (1,802 MWp) in solar power projects. In addition, it had a contracted project capacity of 1,650 MW, comprising 1,500 MW (2,192 MWp) of solar power projects and 150 MW of wind power projects. In addition, the awarded project capacity under construction amounted to 2,380 MW, consisting of 300 MW of solar power projects, 830 MW of hybrid power projects, and 1,250 MW of FDRE power projects.
As of March 31, 2024, the company had 214 permanent employees in various departments.
Company Strengths
- Largest renewable energy company with strong industry growth in the IPP business.
- End-to-end value chain and integrated approach to renewable energy project development through in-house project development, EPC, and O&M teams.
- An expansive portfolio diversified across different renewable energy technologies.
- Long-term stable cash flows based on contracts with central and state government agencies.
- Access to diversified funding sources.
- Design and value engineering leading to greater efficiency.
- Experienced promoters and management team.
Company Financials
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 13,985.14 | 13,394.13 | 12,186.95 | 10,887.62 |
| Revenue | 340.01 | 1,466.27 | 1,361.37 | 1,562.73 |
| Profit After Tax | 1.39 | 697.78 | -3.17 | 62.01 |
| Net Worth | 1,942.12 | 2,590.87 | 1,900.56 | 1,908.76 |
| Reserves and Surplus | 1,837.68 | 1,836.43 | 1,146.12 | 1,154.32 |
| Total Borrowing | 9,319.91 | 8,217.59 | 8,657.35 | 7,563.60 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds towards funding the following objects
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Subsidiaries.
- General corporate purposes.
Promoters of the company
Mamta Upadhyay, Manoj Kumar Upadhyay, ACME Cleantech, MKU Holdings Private Limited, and Upadhyay Family Trust are the Promoters of our Company. one of the Promoters, ACME Cleantech holds 522,207,910 Equity Shares, which constitutes 100.00% of the issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | November 6, 2024 to November 8, 2024 |
| Listing Date | Wednesday, November 13, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹275 to ₹289 per share |
| Lot Size | 51 Shares |
| Total Issue Size | 100,346,022 shares (aggregating up to ₹2,900.00 Cr) |
| Fresh Issue | 82,871,973 shares (aggregating up to ₹2,395.00 Cr) |
| Offer for Sale | 17,474,049 shares of ₹2 (aggregating up to ₹505.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 51 | ₹14,739 |
| Retail (Max) | 13 | 663 | ₹191,607 |
| S-HNI (Min) | 14 | 714 | ₹206,346 |
| S-HNI (Max) | 67 | 3,417 | ₹987,513 |
| B-HNI (Min) | 68 | 3,468 | ₹1,002,252 |
Allotment Schedule
| Basis of Allotment | Monday, November 11, 2024 |
| Initiation of Refunds | Tuesday, November 12, 2024 |
| The credit of Shares to Demat | Tuesday, November 12, 2024 |
| Listing Date | Wednesday, November 13, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 8, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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