ACME Solar Holdings IPO: Retail Portion Booked 2.63 times.
ACME Solar Holdings’ initial public offer (IPO) was fully subscribed on the final day with the issue being subscribed 2.65 times. The company’s ₹2,900 crore IPO opened for subscription on November 6, 2024, and will close today. The company’s public issue garnered strong interest from the retail and institutional investor segments.
ACME Solar Holdings’ book-built issue is a combination of an offer-for-sale and an issue of fresh equity shares. The company intends to raise ₹2,395 crore through fresh equity shares and ₹505 crore through the offer-for-sale route.
Shares of ACME Solar Holdings will be finalised on November 11, 2024, and shares of the company are expected to make their stock market debut on November 13, 2024.
ACME Solar Holdings IPO: Day 3 Subscription Details
ACME Solar Holdings’ IPO was off to a strong start on the first day with the subscription rate for the issue coming in at 39%. The momentum carried on to the second day with the issue being booked 70% on the second day.
As of 3:30 p.m. on November 8, 2024, the company’s issue was subscribed 2.65 times. The company received bids for 15.44 crore shares against an offer of 5.82 crore shares.
The portion set aside for qualified institutional buyers (QIBs) garnered significant interest as the portion was subscribed 3.45 times. The company had set aside 3.15 crore shares for the QIB segment and received bids for 10.86 crore shares. A majority of the bids were made by foreign institutional investors (FIIs) at 7.08 crore shares.
For the non-institutional investors (NII) segment, the company set aside 1.57 crore shares and received bids for 1.42 crore shares, or 0.91 times.
The retail investor segment saw considerably high demand with the portion being subscribed 2.94 times. The company had allocated 1.5 crore shares to the segment and received bids for 3.08 crore shares. The portion reserved for the company’s employees was booked 1.49 times with bids for 6.02 lakh shares against the 4.03 lakh shares on offer.
On November 5, 2024, ACME Solar Holdings announced that it raised ₹1,300.50 crore from its anchor investors.
ACME Solar Holdings IPO Price Band and Lot Size
The price band for the ACME Solar Holdings IPO is ₹275 to ₹289 per share. The lot size for the IPO is 51 shares. An investor will have to make a minimum investment of ₹14,739 to apply to the ACME Solar Holdings IPO. For small non-institutional investors and big non-institutional investors, the minimum lot size has been set at 14 lots and 68 lots, respectively.
About ACME Solar Holdings
ACME Solar Holdings is one of India’s largest electricity producers of solar and wind energy. The company’s portfolio includes several large-scale renewable energy projects. The projects are undertaken on an engineering, procurement, and construction (EPC) basis through its in-house EPC division along with its operations and maintenance (O&M) division.
The company had a total operational project capacity of 1,320 megawatts (MW) in solar power projects as of March 31, 2024. Additionally, the company had a contracted project capacity comprising 1,500 MW of solar power projects and 150 MW of wind power projects.
For the financial year ended March 31, 2024, the company’s net profit stood at ₹697.78 crore compared to a net loss of ₹3.17 crore in the previous year.