ACME Solar Holdings Limited Files DRHP for Rs 3,000 crore IPO

Q1 Results: Waaree Renewable Reports 85% Rise In Revenues On YoY

 Gurugram-based Acme Solar Holdings Limited, with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects, has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI) to raise Rs 3,000 crore through an Initial Public Offering (IPO).

The IPO, with a face value of Rs 2 per equity share, is a mix of fresh issue of shares up to Rs 2,000 crore and an offer for sale (OFS) of up to Rs 1,000 crore by ACME Cleantech Solutions Private Limited. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.

The company, in consultation with the book-running lead manager, may consider an issue of specified securities up to Rs 400 crore as a “pre-IPO placement”. If such placement is completed, the fresh issue size will be reduced.

The offer is being made through the book-building process, wherein not less than 75% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the net offer shall be available for allocation to non-institutional investors, and not more than 10% of the net offer shall be available for allocation to retail individual investors.

The company intend to utilize the Net Proceeds from the fresh issuance to the extent of Rs. 1,500 crores towards repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Subsidiaries and for general corporate purposes.

ACME Solar Holdings Limited is one of India’s largest renewable energy independent power producers (IPPs) and ranks among the top 10 renewable energy players in the country in terms of operational capacity as of March 31, 2024, according to a CRISIL Report. Over the years, ACME Solar has diversified and expanded its portfolio from solar power projects to becoming an integrated renewable energy company in India.

The company develops, builds, owns, operates, and maintains utility-scale renewable energy projects through its in-house engineering, procurement, and construction (EPC) division, as well as its operation and maintenance (O&M) team. ACME Solar generates revenue by selling electricity to various off-takers, including central and state government-backed entities.

As of March 31, 2024, 18 out of our 28 Operational Projects are located in the states of Andhra Pradesh Rajasthan, and Telangana representing 85.07% of its total Operational and under construction Projects capacity of 2.3 GW .