ACME Solar Holdings Launches Blockbuster IPO: A Pivotal Move in Renewable Energy

Renewable energy firm ACME Solar Holdings Ltd has set a price band of Rs 275-289 per share for a Rs 2,900 crore IPO. The IPO comprises a fresh issue worth Rs 2,395 crore and an offer for sale of Rs 505 crore. Proceeds will largely aid debt payment and corporate needs.

On Monday, ACME Solar Holdings Ltd, a notable name in renewable energy, announced a price band of Rs 275 to Rs 289 per share for its upcoming initial public offering (IPO) valued at Rs 2,900 crore.

The IPO is set to open on November 6 and close on November 8, with special provisions for anchor investors to place bids on November 5. This move by the Gurugram-based company is a blend of a fresh share issue of Rs 2,395 crore and an offer for sale by ACME Cleantech Solutions worth Rs 505 crore.

The firm aims to utilize the fresh share issuance proceeds largely to service debt, amounting to Rs 1,795 crore, and for general corporate purposes. ACME Solar has significantly grown from just solar projects to a comprehensive renewable energy firm in India, showcasing a robust operational portfolio across several states. Financially, it has seen a turnaround, posting profits in FY24 following losses in FY23.

(With inputs from agencies.)