ACME Solar Holdings Limited's Initial Public Offering (IPO) which kicked off today (November 6) on the first day of bidding saw a subscription rate of 39 per cent.
Investors placed bids for a total of 2,27,05,659 shares, while the company has offered 5,82,03,223 shares. The price band for the public issue was set between Rs 275 and Rs 289 per share.
The bidding will remain open until Friday, November 8, 2024.
Breakdown of Investor Interest
The IPO saw varied interest across different investor categories:
Retail Investors - Subscribed 1.19 times.
Non-Institutional Investors - Subscribed 0.32 times.
Qualified Institutional Buyers (QIBs) - Subscribed 0.15 times.
Employee Portion - Subscribed 0.60 times.
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Anchor Investors
Prior to the IPO’s launch, the company received a substantial sum of Rs 1,300.50 crore from anchor investors,
The foreign and domestic institutions that participated included Nippon MF, HDFC MF, ICICI Prudential MF, Abu Dhabi Investment Authority, TATA MF, HSBC Global Investment Fund, and SBI Life Insurance, among others.
Financial Highlights
With an operational portfolio of 1,340 MW and a pipeline of 6,320 MW, the company in the fiscal year 2024 reported a growth in its profit after tax (PAT) growth and an ROE of 38.83 per cent.
Key Details on the IPO
ACME Solar’s IPO is managed by an team of lead managers, including Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors. KFin Technologies Limited serves as the registrar for the issue.
