ACME Solar Holdings, based in Gurugram, has submitted its draft red herring prospectus (DRHP) to SEBI on Wednesday, aiming to raise ₹3,000 crore through an initial public offering (IPO).
The IPO consists of two parts: a fresh issue of shares valued at up to ₹2,000 crore and an offer for sale (OFS) of up to ₹1,000 crore by ACME Cleantech Solutions Private Limited. Employees eligible for subscription will receive a discount in their reserved portion.
Additionally, ACME may consider a pre-IPO placement of specified securities worth up to ₹400 crore, which would reduce the size of the fresh issue accordingly.
The offering will be conducted through the book-building process, with allocation as follows: at least 75% for qualified institutional buyers, up to 15% for non-institutional investors, and up to 10% for retail individual investors.
Proceeds of ₹1,500 crore from the fresh issuance will primarily go towards repaying or prepaying outstanding borrowings of its subsidiaries and for general corporate purposes.
ACME Solar Holdings is a prominent renewable energy independent power producer (IPP) in India, ranking among the top 10 players by operational capacity as of March 31, 2024, according to CRISIL. The company has expanded its portfolio from solar projects to broader renewable energy ventures across India.
Leading the IPO process are book-running lead managers including Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors, with KFin Technologies as the issue registrar.
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