ACME Solar Holdings operates within the renewable energy sector, specializing in solar power projects. They describe the company as a “substantial renewable energy power producer” and a “key player in India’s renewable energy movement.”
More specifically, ACME Solar Holdings engages in a wide range of activities related to solar power, including:
- Project Development: This involves identifying potential sites for solar power plants, securing necessary permits and approvals, and designing the overall project.
- Financing: Securing the necessary funds to develop and construct solar power projects. This could involve equity investments, debt financing, or a combination of both.
- Construction: Overseeing the physical construction of solar power plants, including installing solar panels, inverters, and other necessary equipment.
- Operation: Managing and maintaining solar power plants once they are operational, ensuring efficient energy generation and distribution.
ACME Solar Holdings has a proven track record in the Indian renewable energy market, having successfully commissioned 3,668 MWp (megawatts peak) of solar power across 12 states in India. This suggests a significant operational scale and experience in executing large-scale solar projects.
The sources also provide insights into the company’s financial performance, indicating substantial growth in both revenue and profit in recent years. This positive financial trend, coupled with its extensive experience in the renewable energy sector, positions ACME Solar Holdings as a significant player in India’s transition towards sustainable energy sources.
IPO Details
| IPO Open Date | November 6, 2024 |
| IPO Close Date | November 8, 2024 |
| Allotment Date | November 11, 2024 |
| Listing Date | November 13, 2024 |
| IPO Type | Book Built Issue |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹275 to ₹289 Per Sharere |
| Issue Size | Approx ₹2,900 Crores |
| Fresh Issue | Approx ₹2,395 Crores |
| Offer for Sale | Approx ₹505 Crores |
| Minimum Application Amount | ₹14,739 |
| Minimum Shares per Lot | 51 Nos |
| Retail Quota | 10% |
| QIB Quota | 75% |
| HNI Quota | 15% |
| Listing Exchange | BSE & NSE |
| Registrar | Kfin Technologies Limited |
| Lead Managers | Nuvama, ICICI Sec., JM Fin., Kotak Mahindra, |
| Motilal Oswal |
ACME Solar Holdings Financial Performance
(Amount in crores)
| Period Ended | Revenue (₹ in Crores) | Expense (₹ in Crores) | Profit After Tax (₹ in Crores) | Total Assets (₹ in Crores) |
|---|---|---|---|---|
| 2022 | ₹ 1,488 | ₹ 247 | ₹ 62 | ₹10,797 |
| 2023 | ₹ 1,295 | ₹ 122 | ₹ -3 | ₹12,027 |
| 2024 | ₹ 1,319 | ₹ 230 | ₹ 698 | ₹13,201 |
Objective of IPO
The upcoming ACME Solar Holdings IPO aims primarily to raise capital, targeting ₹2,900 crores, with ₹2,395 crores as a fresh issue. This funding will support debt repayment, general corporate purposes, and potentially expansion, R&D, and working capital needs.
Additional objectives include listing benefits such as enhanced visibility, credibility, easier access to future capital, and liquidity for existing shareholders through a ₹505-crore Offer for Sale. The IPO also supports strategic positioning in India’s renewable energy sector, solidifying ACME’s market presence and appeal for talent and partnerships.
ACME’s strong financial performance—notably, revenue growth and a significant profit turnaround from a loss in 2023 to ₹689.26 crores in 2024—appears to underpin its decision to go public, aiming to capitalize on its momentum in the renewable energy market.
