ACME Solar Holdings Limited’s initial public offering (IPO), through a book-building process, offers a fresh issue and an offer-for-sale (OFS) component, opened for subscription on Wednesday, November 6. The public offer was subscribed 39 per cent on the first day as investors bid for 2.27 crore shares, compared to 5.82 crore shares available.
Amongst the three segments, retail investors subscribed to the IPO the most, 1.19 times their allotted portion on the first day. The non-institutional investors (NIIs) followed the retail investor’s lead by subscribing 32 per cent of their available share. The Qualified Institutional Buyers (QIBs) subscribed 15 per cent on Day 1, according to the Bombay Stock Exchange (BSE) IPO data.
The ACME Solar Holdings IPO opened for public subscription on Wednesday, November 6, and will close on Friday, November 8. The company raised ₹1,300.50 crore from its anchor investors on Tuesday, November 5. ACME Solar set its IPO price band at the range of ₹275 and ₹289 per share, with a lot size of 51 shares per lot.
ACME Solar Holdings IPO GMP today
As of November 6, ACME Solar Holdings IPO’s grey market premium (GMP) is at ₹5. Grey market premium (GMP) is the investor’s willingness to pay more on top of the issue price.
The renewable energy firm’s price band is at the upper level of ₹289, and the public issue is expected to be listed at ₹294 per share, according to Investorgain.com. The public issue is expected to list at a 1.73 per cent premium.
ACME Solar Holdings IPO Details
ACME Solar has reserved not less than 75 per cent of shares for qualified institutional buyers (QIB) in the public issue, not more than 15 per cent for non-institutional Institutional Investors (NII), and not more than 10 per cent for retail investors.
The renewable energy company is involved in the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects through its internal engineering, procurement, and construction (EPC) division and its operation and maintenance (O&M) team.
The company generates revenues by providing electricity to various buyers, including entities backed by central and state governments. As of June 2024, 18 of its 28 active projects are in Andhra Pradesh, Rajasthan, and Telangana, accounting for 85 per cent of its total operational capacity.
