ACME Solar launches Rs 30 billion IPO

ACME Solar launched its initial public offering (IPO) today, November 6, 2024, valued at Rs 30 billion, with a price band of Rs 275 to Rs 289 per equity share. The IPO, open until Friday, November 8, 2024, requires a minimum bid of 51 shares, with additional bids in multiples of 51. 

The offering includes a fresh issue of Rs 23.95 billion and a sale offer of Rs 5.05 billion by ACME Cleantech Solutions. An estimated Rs 17.95 billion from the fresh issue will be used for investments in subsidiaries, debt repayment, and general corporate purposes. 

The IPO is managed by Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors, with KFin Technologies as the registrar.

In October 2024, ACME Solar signed a power purchase agreement with SECI for 150 MW of hybrid solar power and won a bid in SECI’s auction to develop 600 MW of ISTS-connected wind-solar hybrid projects, securing 300 MW at Rs 3.25 per kWh.