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ACME Solar Proposes DRHP for ₹30 Billion IPO

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The IPO includes a combination of new and existing shares for sale, worth billions with a nominal value of ₹2 each.

Acme Solar, based in Gurugram, announced on Wednesday that it had submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company aims to raise Rs 3,000 crore via its initial public offering (IPO).

The IPO includes new shares worth Rs 2,000 crore and existing shares for sale worth Rs 1,000 crore by ACME Cleantech Solutions. Each share has a face value of Rs 2.

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The offer also sets aside shares for eligible employees to subscribe with a discount when bidding in this reserved portion.

ACME Solar develops, owns, and operates large-scale renewable energy projects using its in-house EPC and O&M teams. It generates revenue by selling electricity to government-backed entities and other customers.

As disclosed, the company may consider issuing up to Rs 400 crore in specified securities as a ‘pre-IPO placement’ in consultation with the book-running lead manager. If implemented, this placement would reduce the size of the new shares offered.

The offer will use the book-building process, with 75% of shares allocated to qualified institutional buyers, 15% to non-institutional investors, and 10% reserved for retail individual investors.

Furthermore, ACME intends to use the Rs. 1,500 crore Net Proceeds from the new shares to repay subsidiary loans and for general corporate purposes.

Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited serve as the book-running lead managers, while KFin Technologies Limited acts as the issue’s registrar.

Acme Solar’s total revenue from operations for fiscal year 2024 rose by 1.88% to Rs 1,319.25 crore from Rs 1,294.90 crore the previous year. The company shifted from a loss of Rs 698.23 crore in FY23 to a profit of Rs 698.23 crore in FY24.

As of March 31, 2024, ACME Solar had a total operational project capacity of more than 1300 MW of solar power projects.

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