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ACME Solar Holdings Ltd

Infrastructure Developers & Operators

Offer Period :

6th to 8th Nov 2024

ACME Solar Holdings Ltd IPO Details

IPO Date 6th to 8th Nov 2024 Minimum Investment ₹14739 / 1 Lots
Listing Date 2024-11-13 Maximum Investment ₹191607 / 13 Lots
Face Value ₹2 per share Total Issue Size ₹2900 Crores
Price ₹289 to ₹289 per share Fresh Issue ₹2395 Crores
Lot Size 1 Lots (51 Shares) Offer For Sale ₹ 505
Listing At BSE, NSE Retail Discount ₹ 0
Employee Discount ₹0 per share    
IPO Date 6th to 8th Nov 2024
Listing Date 2024-11-13
Face Value ₹2 per share
Price ₹289 to ₹289 per share
Lot Size 1 Lots (51 Shares)
Listing At BSE, NSE
Employee Discount ₹0 per share
Minimum Investment ₹14739 / 1 Lots
Maximum Investment ₹191607 / 13 Lots
Total Issue Size ₹2900 Crores
Fresh Issue ₹2395 Crores
Offer For Sale
Retail Discount ₹ 0

About ACME Solar Holdings Ltd
 

Incorporated in June 2015, Acme Solar Holdings Limited is one of India's leading renewable energy producers, primarily specializing in wind and solar power. The company undertakes the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects. Through its in-house engineering, procurement, and construction (EPC) division and a dedicated operations and maintenance (O&M) team. The company's revenue model is built on supplying electricity to a wide range of customers, including plants supported by state and central government agencies. As of March, 3Acme delivers sustainable energy solutions across India t1, 2024, Acme’s operational project capacity reached 1,320 MW (1,802 MWp) in solar power projects, while its contracted capacity spans 1,650 MW, incorporating both solar and wind projects. Moreover, Acme is actively developing 2,380 MW in awarded projects, covering solar, hybrid, and FDRE power segments. This substantial project pipeline reflects Acme’s position as the largest renewable energy company in India, supported by strong growth in the independent power producer (IPP) sector. The company’s end-to-end value chain integrates project development, EPC, and O&M, offering a diversified portfolio and stable cash flows from long-term contracts with government bodies. Acme’s operational efficiency is further enhanced through optimized design and engineering, backed by experienced promoters and a skilled management team. The company’s 214 permanent employees across various departments emphasize its commitment to sustainable growth and operational excellence.

Timeline

Important dates for allocation and IPO listing.

6th Nov

IPO Starts

8th Nov

IPO Ends

11th Nov

Allotment Date

12th Nov

Initiation of Refund

12th Nov

Credit of Shares to Demat Account

13th Nov

IPO Listing Date

Shareholder Pattern

  Pre-Issue Post-Issue
Promoter Group 100 83.41
Public Group 0 16.59

ACME Solar Holdings Ltd IPO Reservation

QIB Shares Offered 30000000(29.9%)
NII (HNI) Shares Offered 15000000(14.95%)
Retail Shares Offered 10000000(9.97%)
Anchor Investor Shares Offered 45000000(44.84%)
Total Shares Offered 100346024
Total Shares With Anchor Investor 100346024

IPO Lot Size

ApplicationLotsSharesAmount
Retail (Min)---
Retail (Max)---
S-HNI (Min)---
S-HNI (Max)---

ACME Solar Holdings Ltd IPO Registrar

KFin Techologies Ltd
Phone Number +91 40 6716 2222
Email Id einward.ris@kfintech.com
Our Website www.kfintech.com

ACME Solar Holdings Ltd IPO Lead Manager

1. Nuvama Wealth Management Ltd

2. ICICI Securities Ltd

3. JM Financial Ltd

4. Kotak Mahindra Capital Company Ltd

5. Motilal Oswal Investment Advisors Ltd

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ACME Solar Holdings Ltd IPO Subscription LIVE Status

Category No. of shares offered No. of shares bid No. of subscribed
Qualified Institutional Buyers (QIBs) 3,00,00,000 98,64,930 8.0
Non Institutional Investors (NIIs) 1,50,00,000 96,98,058 2,234.0
Non Institutional Investors (Bid amount of more than Ten Lakh Rupees) 1,00,00,000 64,35,843 4,21,496.0
Non Institutional Investors (Bid amount of more than Two Lakh and upto Ten Lakh Rupees) 50,00,000 32,62,215 4,21,496.0
Retail Individual Investors (RIIs) 1,00,00,000 2,41,39,779 1,69,833.0
Employee Reserved 3,46,021 4,57,113 0.0
Total 5,53,46,021 4,41,59,880 4,21,496.0

Strength of ACME Solar Holdings Ltd

1. Large renewable energy player well positioned to capitalize on strong industry tailwinds in its IPP business.

2. End-to-end value chain capabilities and an integrated approach to developing renewable power projects by its in-house project development, EPC and O&M teams.

3. Expansive portfolio diversified across different renewable energy technologies.

4. Long-term stable cash flows based on contracts with central and state government entities.

5. Access to diversified sources of funding.

6. Design and value engineering leading to higher efficiencies.

7. Committed Promoters and senior management team.

Risks Involved

1. The company may not be able to grow its portfolio of renewable energy power projects as the company relies on highly competitive renewable energy power project auctions. Further, its future growth is significantly dependent on successfully executing its Under Construction Awarded Projects and Under Construction Contracted Projects. In the event, the company is not successful in executing its future projects, its business and results of operations may be adversely impacted.

2. The company is dependent on its Power Purchase Agreements ("PPA") to sell power and generate its revenue from operations. Further, the terms of its PPAs may expose it to certain risks that may affect its future results of operations and cash flows.

3. Its business is dependent on the company's top 10 off-takers, which contributed 95.42%, 89.42%, 89.97%, 87.48% and 81.11% of its revenue from operations during the three months ended June 30, 2024 and June 30, 2023 and for Fiscal 2024, 2023 and 2022, respectively. The loss of any of these off-takers could have an adverse effect on its business, financial condition, results of operations and cash flows.

4. The company procured 84.48%, 77.15%, 79.37%, 69.84% and 69.95% of its total purchases during the three months ended June 30, 2024 and June 30, 2023 and in Fiscal 2024, 2023 and 2022, respectively from ACME Cleantech, its top supplier. Further, the company does not have definitive supply agreements with its vendors for the supply of components and any interruptions in supply could adversely affect its business, financial condition, results of operations and cash flows.

5. The company is dependent on its relationship with one of its Promoters, ACME Cleantech and any adverse developments in such relationship may adversely affect its business and reputation.

6. The Company, ACME Cleantech and ACME Solar Energy have received certain office orders from the Directorate of Enforcement in connection with investigations under the Foreign Exchange Management Act, 1999, as amended. MKU Holdings has also received a questionnaire from the Directorate of Enforcement and subsequently, notices from the Assistant Commissioner of Police, Economic Offences Wing, Gurugram and the Office of the Assistant Commissioner of Police, Delhi, Economic Offences Wing in connection with an ongoing investigation being undertaken under the provisions of Prevention of Money Laundering Act, 2002 against IREO group of companies.

7. While the company has extensive experience in commissioning solar power projects, the company does not have experience in commissioning wind, hybrid FDRE power projects and closed loop pump storage projects. Without prior experience in commissioning such projects the company could encounter delays, and unexpected costs, undermining project viability and profitability.

8. Restrictions on renewable energy equipment imports may increase its costs of procurement of such equipment.

9. The company Joint Statutory Auditors have included certain emphasis of matters in their examination report on the Restated Consolidated Financial Information. There can be no assurance that any similar emphasis of matters will not form part of its financial statements for the future fiscal periods, which could subject it to additional liabilities due to which its reputation and financial condition may be adversely affected.

10. The company incurred loss for the year of Rs.31.74 million in Fiscal 2023. Its cannot assure you that going forward the company will continue to generate profits which may impact its business and results of operations.

Why should you invest in

-

Financials

Particulars For the financial year ending (in ₹ million)
  2024 2023 2022
Total Assets 13394.13 12186.95 10886.72
Total Liabilities 13394.13 12186.95 10886.72
Total Expenses 1305.49 1416.21 1789.86
Total Revenue 
1466.27 1361.37 1892.29
Profit After Tax 698.23 -3.14 62.03
EBITDA 1985.3 1278.5 1644.71
Adjusted EBITDA 0 0 0

ACME Solar Holdings Ltd IPO Listing Details

Listing Date BSE Script Code NSE Symbol ISIN Final Issue Price
2024-11-13 544283 ACMESOLAR
INE622W01025
₹289 per share

Listing Day Trading Information

Price Details BSE NSE
Final Issue Price ₹289 ₹289
Open ₹259 ₹251
Low ₹248.8 ₹248.5
High ₹279 ₹276.1
Low ₹248.8 ₹248.5

Industry Outlook of ACME Solar Holdings Limited IPO

Strong Market Growth:The renewable energy sector in India has been experiencing robust growth, driven by government initiatives and global commitments to reduce carbon emissions. ACME Solar, being a major player in the industry, is well-positioned to benefit from these trends.

Government Support:The Indian government’s focus on increasing solar energy capacity through various policies, including the National Solar Mission, provides a favorable environment for companies like ACME Solar to expand their operations.

Technological Advancements:Advances in solar PV technology, such as increased efficiency and reduced costs, are expected to enhance the profitability of solar projects. ACME Solar's commitment to integrating these technologies positions it as a leader in the sector.

FAQ

1.Why is the ACME Solar Holdings Limited IPO going public?

The IPO aims to raise capital to fund ACME Solar’s expansion plans, reduce debt, and further strengthen its position in the renewable energy sector. By going public, the company also seeks to increase its market visibility and access a broader base of investors.

 

2.How many shares are being offered in the ACME Solar Holdings Limited IPO?

The exact number of shares offered in the IPO will be determined closer to the launch date. However, the company plans to issue a significant portion of equity shares to raise the required capital while maintaining a balanced shareholding pattern.

 

3.What are the financial highlights of ACME Solar Holdings Limited IPO?

ACME Solar Holdings Limited has demonstrated steady financial growth with strong revenue streams from its long-term Power Purchase Agreements (PPAs). The company has maintained healthy profit margins, which are expected to continue as it expands its project portfolio.

 

4.What are the main risks associated with investing in the ACME Solar Holdings Limited IPO?

Key risks include the company’s dependence on government policies, the execution of under-construction projects, and potential fluctuations in solar power tariffs. Investors should also consider the regulatory risks associated with the renewable energy sector in India.

 

What does ACME Solar Holdings Limited do?

ACME Solar Holdings Limited is primarily engaged in developing, building, owning, operating, and maintaining solar power projects across India. The company sells electricity generated from its solar projects to government entities under long-term PPAs, ensuring stable cash flows.

Frequently Asked Questions

What is ACME Solar Holdings Ltd IPO?

Answer Field

ACME Solar Holdings Ltd IPO is a Mainboard IPO of 10,03,46,024 equity shares of a face value of ₹2 aggregating up to ₹2900 Crores. The issue is priced at ₹289 to ₹289 per share. The minimum order quantity is 51 Shares. The IPO opens on November 06, 2024, and closes on November 08, 2024. KFin Techologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.

When ACME Solar Holdings Ltd IPO will open?

Answer Field

The ACME Solar Holdings Ltd IPO opens on November 06, 2024 and closes on November 08, 2024.

What is the lot size of ACME Solar Holdings Ltd?

Answer Field

ACME Solar Holdings Ltd lot size is 51 shares, and the minimum amount required is ₹14,739.

How to apply for ACME Solar Holdings Ltd IPO?

Answer Field

You can apply in ACME Solar Holdings Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:

• Login to Bajaj Broking account App/Website & click on IPO

• Enter the number of lots and price at which you wish to apply.

• 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.

• Approve the mandate request on your UPI and funds will be blocked.

When is ACME Solar Holdings Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for ACME Solar Holdings Ltd IPO will be done on November 11, 2024, and the allotted shares will be credited to your demat account by November 12, 2024.

When is ACME Solar Holdings Ltd IPO listing date?

Answer Field

The ACME Solar Holdings Ltd listing date is November 13, 2024.

Who is the registrar of ACME Solar Holdings Ltd IPO?

Answer Field

The registrar of ACME Solar Holdings Ltd IPO is KFin Techologies Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

Nuvama Wealth Management Ltd,ICICI Securities Ltd,JM Financial Ltd,Kotak Mahindra Capital Company Ltd,Motilal Oswal Investment Advisors Ltd will be the book-running lead manager of this IPO.

What is the fresh issue of ACME Solar Holdings Ltd IPO?

Answer Field

The fresh issue size is ₹2395 Crores equity shares.

What minimum lot size can retail subscribers subscribe to ACME Solar Holdings Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 51 shares and ₹14,739 amount.

How can I approve the UPI mandate request for ACME Solar Holdings Ltd IPO?

Answer Field

To apply for ACME Solar Holdings Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of ACME Solar Holdings Ltd?

Answer Field

The price of each ACME Solar Holdings Ltd share will be ranging in between ₹289 to ₹289 per share.

What is the cut-off time for the UPI mandate for ACME Solar Holdings Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, November 08, 2024.

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