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Tuesday, July 23, 2024

ACME Solar Holdings submits documents for ₹3,000-crore IPO offering

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In Short:

ACME Solar Holdings has filed documents to raise ₹3,000 crore through an IPO. The company generates revenue by selling electricity to various entities. The IPO will consist of fresh shares and an offer for sale by ACME Cleantech Solutions. They plan to use the proceeds to pay off debts and for general purposes. The company has a significant capacity in solar and wind energy projects.


ACME Solar Holdings Plans IPO to Raise ₹3,000 Crore

Exciting news alert! ACME Solar Holdings has taken a bold step by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise a whopping ₹3,000 crore through an initial public offering (IPO).

About ACME Solar Holdings

ACME Solar Holdings is a renewable energy independent power producer (IPP) based in Gurugram. They are known for developing, building, owning, operating, and maintaining utility-scale renewable energy projects. Their hardworking team handles everything from engineering and construction to operation and maintenance.

The Proposed IPO Details

The IPO plan includes a mix of fresh issue of shares totaling up to ₹2,000 crore and an offer for sale (OFS) of up to ₹1,000 crore by ACME Cleantech Solutions, a promoter company of ACME Solar Holdings. There’s even a special reservation for eligible employees, with a discount for those participating in the employee reservation portion.

Key Points to Note:
  • Net Proceeds: The funds raised will go towards repayment of certain outstanding borrowings and general corporate purposes.
  • Book-Running Lead Managers: Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, and Motilal Oswal Investment Advisors are the key players.
  • Operational Capacity: ACME Solar already boasts an impressive operational project capacity of 1,320 MW of solar power projects, with more in the pipeline.

Exciting Future Plans

Looking ahead, ACME Solar Holdings has their eyes set on expanding their renewable energy portfolio even further. With under construction projects in the pipeline, they are gearing up for a bright future in the clean energy sector.

Stay tuned for more updates as ACME Solar Holdings paves the way for a greener and sustainable future!

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