ACME Solar Holdings Stumbles on Market Debut with 13% Listing Discount
ACME Solar Holdings Ltd, a renewable energy firm, saw its shares debut at a discount of over 13% on the stock market. The initial public offering, priced between Rs 275 to Rs 289, was oversubscribed 2.75 times. Proceeds aim to reduce debt and support corporate purposes.
- Country:
- India
On Wednesday, shares of renewable energy firm ACME Solar Holdings Ltd entered the market at a disappointing discount of 13% from its issue price of Rs 289.
Upon debuting, ACME's stock fell to Rs 259 on the BSE, reflecting a decline of 10.38%, before further slumping to Rs 255. The NSE reported a starting price of Rs 251, marking a 13.14% drop.
The firm, valued at Rs 16,358.55 crore, attracted an IPO subscription of 2.75 times. Intended for debt payment and corporate objectives, the Rs 2,900-crore IPO encompasses new shares worth Rs 2,395 crore alongside a Rs 505 crore offer-for-sale by ACME Cleantech.
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