ACME Solar Holdings is set to debut its Initial Public Offering (IPO) on November 6, 2024, aiming to raise ₹2,900 crore in a major move for India's renewable energy sector.
ACME Solar Holdings close to launch IPO
The IPO will include both a fresh issuance of equity shares and an offer-for-sale component, marking a pivotal step as ACME joins a wave of high-profile IPOs entering the Indian market.
The IPO consists of 8.29 crore new shares worth ₹2,395 crore and an offer-for-sale of 1.75 crore shares totaling ₹505 crore. With a price band set between ₹275 and ₹289 per share, retail investors can participate with a minimum application of 51 shares, which equates to an investment of approximately ₹14,739. The subscription period will close on November 8, with share allotments expected on November 11. Trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is slated to begin on November 13.
Company's background
Founded in 2015, ACME Solar Holdings has rapidly grown into one of India’s largest independent power producers in renewable energy. The company has been instrumental in advancing India’s clean energy targets, with an extensive portfolio of solar projects nationwide.
Financially, ACME Solar has demonstrated impressive growth, reporting a profit of ₹697.8 crore for FY24—a sharp turnaround from a ₹3.17 crore loss in FY23. Revenue for FY24 increased by 1.9% to ₹1,319.3 crore, up from ₹1,295 crore in the previous fiscal year, reflecting the company’s improved operational performance.
This IPO positions ACME Solar to capitalize on India’s growing commitment to renewable energy, with funds from the fresh issue expected to fuel further expansion.
