ACME
Solar Holdings Limited’s Initial
Public Offering to open on Wednesday, November 06, 2024, price band set at ₹275/-
to ₹289/- per Equity Share
Mumbai,
October 04th, 2024: ACME Solar Holdings
Limited, a renewable energy company in India with a portfolio of solar,
wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects, has fixed the price band of ₹275/- to ₹289/- per Equity Share of face value ₹2/- each for its maiden initial public offer.
The Initial
Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, November 06, 2024, for subscription and close on Friday, November
08, 2024. Investors can bid for a minimum of 51
Equity Shares and in multiples of 51 Equity Shares thereafter.
The IPO is a mix of fresh issue of up to Rs 2,395 crore and an
offer of sale up to Rs 505 crore by ACME Cleantech Solutions Private Limited.
The proceeds from its
fresh issuance will be utilized to the extent of Rs 1,795 crore for investment in
its subsidiaries for repayment/prepayment, in full or in part, of certain
outstanding borrowings availed by its subsidiaries; and general corporate
purposes.
ACME Solar Holdings Ltd
was established in 2015 to consolidate the ACME Group’s renewable energy
business and to capitalize on the opportunities in the Indian renewable energy
industry. The Company is one of the largest renewable energy independent power
producers (“IPP”) in India and among the top 10 renewable energy players in
India in terms of operational capacity as of June 30, 2024. It has diversified
and expanded its portfolio from solar power projects to become an integrated
renewable energy company in India.
It develops, builds,
owns, operates and maintain utility scale renewable energy projects (through
its in-house engineering, procurement and construction (“EPC”) division and
operation and maintenance (“O&M”) team, and generate revenue through the
sale of electricity to various off-takers including central and state
government-backed entities.
It has an integrated
in-house business platform to execute and operate the projects across their
life cycles from bid submission until it achieves commercial operations as well
as their operations and maintenance.
As of June 30, 2024, 18
out of its 28 Operational Projects are located in the states of Andhra Pradesh,
Rajasthan, and Telangana representing 85.07% of its total Operational Projects
capacity.
It has an aggregate Operational Project capacity of 1,340
MW (1,826 MWp) solar power projects; Under Construction Contracted Project
capacity of 3,250 MW including solar power projects of 1,500 MW (2,192 MWp),
wind power projects of 150 MW, hybrid projects of 1,030 MW and FDRE projects of
570 MW; and Under Construction Awarded Project capacity of 1,730 MW comprising
600 MW (870 MWp) of solar power projects, 450 MW hybrid power projects and 680
MW of FDRE power projects, as of the date of this Red
Herring Prospectus.
Acme Solar’s restated
consolidated revenue from operations for the fiscal year 2024 was Rs 1,319.25
crore from Rs 1,294.90 crore in the previous year. The Company had turnaround
from being loss making in FY23 to a profit of Rs 697.78 crore in FY24.
For the three months
ended 30 June 2024, revenue from operations stood at Rs 309.64 crore and profit
after tax stood at Rs 1.39 crore.
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, and KFin Technologies Limited is
the registrar of the issue.
The offer is being made through the book-building
process, wherein not less than 75% of the net offer shall be available for
allocation on a proportionate basis to qualified institutional buyers, not more
than 15% of the net offer shall be available for allocation to
non-institutional investors, and not more than 10% of the net offer shall be
available for allocation to retail individual investors.
Notes for
Reference:
Issue Size
of the IPO based on the upper and lower end of the price band
|
Fresh
|
OFS
|
Total
|
Lower
Band (@Rs 275)
|
Rs 2,395
crore
|
Rs 505
crore
|
Rs 2,900 crore
|
Upper
Band (@Rs 289)
|
Rs 2,395
crore
|
Rs 505
crore
|
Rs 2,900 crore
|