ACME Solar Holdings files DRHP with Sebi for ₹3,000 crore IPO; details here

ACME Solar Holdings files DRHP with Sebi for ₹3,000 crore IPO

Gurugram-based ACME Solar Holdings said on Wednesday that it has filed draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise ₹ 3,000 crore through an initial public offering (IPO). The IPO, with a face value of ₹ 2 per equity share, comprises a fresh issue of shares up to ₹ 2,000 crore and an offer for sale (OFS) of up to ₹ 1,000 crore by ACME Cleantech Solutions Private Limited. The offer also includes a reservation for subscription by eligible employees, with a discount offered to those bidding in the employee reservation portion. The company, in consultation with the book-running lead manager, may consider an issue of specified securities up to ₹ 400 crore as a "pre-IPO placement." If such a placement is completed, the fresh issue size will be reduced accordingly. The offer is being made through the book-building process, with allocation as follows: at least 75% of the net offer available for qualified institutional buyers on a proportionate basis, up to 15% for non-institutional investors, and up to 10% for retail individual investors. The company intends to utilize the net proceeds from the fresh issuance, amounting to ₹ 1,500 crore, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the subsidiaries, as well as for general corporate purposes. ACME Solar Holdings Limited is one of India's largest renewable energy independent power producers (IPPs) and ranks among the top 10 renewable energy players in the country in terms of operational capacity as of March 31, 2024, according to a CRISIL Report. Over the years, ACME Solar has diversified and expanded its portfolio from solar power projects to becoming an integrated renewable energy company in India. Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, with KFin Technologies Limited serving as the issue registrar.