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ACME Solar Holdings IPO
ACME Solar Holdings Ltd
₹14,025 /51 sharesMinimum Investment
ACME Solar Holdings IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹289.00 | ₹251.00 | -₹38.00 (13.15%) |
ACME Solar Holdings IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 6 Nov ‘24 - 8 Nov ‘24 | ₹14,025 | 51 | ₹275 - ₹289 |
| Issue Size | IPO Doc |
|---|---|
| 2900.00Cr | RHP PDF |
Subscription rate
As of 08 Nov'24, 04:00 PM
| Qualified Institutional Buyers | 3.35x |
| Non-Institutional Investor | 0.89x |
| Retail Individual Investor | 2.90x |
| Employees | 1.48x |
| Total | 2.59x |
About ACME Solar Holdings
Founded in
2015
Managing director
Mr. Manoj Kumar Upadhyay
Parent organisation
ACME Solar Holdings Ltd
Strengths & Financials of ACME Solar Holdings
Strengths
Risks
ACME Solar Holdings has an aggregate operational project capacity of 1,320 MW (1,802 MWp) in solar power projects.
The company also oversees projects under construction with a contracted capacity totalling 2,220 MW, which includes 1,500 MW (2,192 MWp) in solar, 150 MW in wind, and 570 MW in FDRE power projects. Additionally, ACME has an awarded project capacity under construction that adds up to 1,810 MW, consisting of 300 MW in solar, 830 MW in hybrid, and 680 MW in FDRE power projects.
The company claims to have an integrated in-house business platform that oversees the execution and operation of projects from the bidding phase through to commercial operations, including ongoing maintenance.
Before initiating any project, ACME Solar Holding claims to evaluate substations with available capacity and performs comprehensive assessments of solar irradiation, wind speed, and land availability. In FY24, the company secured 2,400 MW of connectivity and an additional 400 MW in April 2024, through arrangements with government and state entities.
ACME's project portfolio is diverse, covering various renewable energy technologies and spanning 10 Indian states, including Rajasthan, Gujarat, Punjab, Madhya Pradesh, Uttar Pradesh, Bihar, Chhattisgarh, Andhra Pradesh, Odisha, and Telangana.
The company claims to have a dedicated technology team that assesses new technologies and employs various software tools for in-house engineering from the bid stage to project execution. These tools help optimise design capacity and exploit FDRE project opportunities, using technology systems like breakdown voltage kits, I-V curve tracers, cable fault locators, thermal imagers, electroluminescence testing, and oil filtration machines. The company also utilises a central monitoring system, remote SCADA, and preventive maintenance portals for performance tracking.
ACME Solar Holdings’ business is completely dependent on the successful execution of its awarded and contracted projects under construction. Any failure in the execution of these projects can adversely affect its business operations and finances.
Over the past three years, ACME Cleantech has been the company's largest supplier of components, primarily providing solar PV modules. Hence, the company is heavily reliant on its relationship with ACME Cleantech. Any negative developments in this partnership can have a detrimental impact on the company's business and operations.
The company's revenue generation is majorly dependent on Power Purchase Agreements (PPAs). These agreements require ACME to provide and maintain a performance bank guarantee from the PPA signing date until a specified date. Any delays in project commissioning may lead to the liquidation of these guarantees, and if fully liquidated, the offtaker may terminate the non-commissioned capacity. Additionally, the terms of the PPAs present certain risks that can impact business operations and cash flows.
ACME's business significantly depends on its top 10 offtakers. These top 10 entities contributed Rs 1,186.87 crore (89.97%), Rs 1132.75 crore (89.15%) and Rs 1,206.85 crore (87.77%) to the revenue from operations in FY24, FY23, and FY22, respectively. The loss of any of these offtakers or a failure to retain them can be detrimental to the company’s operations and finances.
A majority of ACME's operational projects are in Andhra Pradesh, Rajasthan, and Telangana. These three states contributed Rs 834.06 crore (63.22%), Rs 708.70 crore (55.77%) and Rs 826.39 crore (60.10%) to the revenue from operations in FY24, FY23, and FY22, respectively. Any adverse developments in the business environment of these states could adversely impact the company’s operations and its revenue generation capabilities.
As of May 31, 2024, ACME Solar Holdings had total consolidated borrowings of Rs 10,314.02 crore. Any inability to service or repay these loans can be detrimental to the company’s financial performance.
The company recorded a loss of Rs 3.17 crore in FY23.
The company, its subsidiaries, and promoters are involved in some legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
ACME Solar Holdings Financials
*All values are in Rs. Cr
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Application Details of ACME Solar Holdings IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹275 - 289 | ₹2 Lakh |
| Employee | ₹248 - 262 | ₹2 Lakh |
| High Networth Individual | ₹275 - 289 | ₹2 - 5 Lakh |
For ACME Solar Holdings IPO, eligible investors can apply as Regular & Employee.