ACME Solar Holdings IPO subscribed 29% so far

6 Nov 2024 , 02:40 PM

Subscriptions for Acme Solar Holdings’ initial public offering (IPO) are now available. Investors will have until November 8 to place bids on the issue.

The IPO would consist of an offer for sale (OFS) by the selling shareholders for Rs 505 crore and new equity shares at Rs 2,395 crore, for a total IPO value of Rs 2,900 crore.

As of 2:37 pm, Retail investors led the charge subscribing to 96% of their allotted portion. The NII portion was subscribed 11% and the QIB portion was subscribed 15%. The Employee reserved portion was subscribed 49% taking the overall subscription rate to 29%.

Investors can bid for 51 shares in a single lot and then in multiples of that price, which is set at Rs 275-289 per share.

The business plans to use the issue’s net proceeds to finance other general business needs as well as the repayment or early repayment of some outstanding debts. The promoter selling shareholder will get the revenues from the OFS component.

Acme Solar Holdings’ financial growth has been excellent. The company reported operating revenue of Rs 470.84 crore for the fiscal year that ended on March 31, 2024, up from Rs 468.59 crore for FY23. In FY23, the net loss was Rs 30.5 crore, while the profit after tax was Rs 419.56 crore.

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