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19 Nov 2024
ACME Solar Holdings Ltd. has submitted preliminary documents to the market regulator to raise Rs 3,000 crore via an initial public offering (IPO).
According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), the IPO will include a fresh issue of Rs 2,000 crore and an offer-for-sale of up to Rs 1,000 crore. ACME Cleantech Solutions Pvt. will be the sole promoter selling shares in the offer-for-sale component.
The company plans to allocate Rs 1,500 crore from the proceeds to repay certain outstanding borrowings of its subsidiaries. The remaining funds will be used for general corporate purposes, as outlined in the DRHP.
Nuvama Wealth Management Ltd., ICICI Securities Ltd., JM Financial Ltd., Kotak Mahindra Capital Co., and Motilal Oswal Investment Advisors Ltd. will act as the book-running lead managers for the IPO.
ACME Solar Holdings is a renewable energy firm with projects in solar, wind, hybrid, and firm and dispatchable renewable energy. As of March 31, 2024, it ranks among the top 10 renewable energy companies in India by operational capacity, according to the DRHP.
Established in 2015 to consolidate ACME Group’s renewable energy ventures, the company boasts an operational project capacity of 1,320 megawatts in solar power. Additionally, it has a construction contracted project capacity of 1,650 megawatts, including 1,500 megawatts in solar and 150 megawatts in wind power.
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