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Mumbai, October 04th, 2024: ACME Solar Holdings Limited, a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects, has fixed the price band of ₹275/- to ₹289/- per Equity Share of face value ₹2/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, November
06, 2024, for subscription and
close on Friday, November 08,
2024. Investors can bid for
a minimum of 51 Equity Shares and in multiples of 51
Equity Shares thereafter.
The IPO is a mix of fresh issue of up to Rs 2,395
crore and an offer of sale up to Rs 505 crore by ACME Cleantech Solutions
Private Limited.
The
proceeds from its fresh issuance will be utilized to the extent of Rs 1,795
crore for investment in its subsidiaries for repayment/prepayment, in full or
in part, of certain outstanding borrowings availed by its subsidiaries; and
general corporate purposes.
ACME
Solar Holdings Ltd was established in 2015 to consolidate the ACME Group’s
renewable energy business and to capitalize on the opportunities in the Indian
renewable energy industry. The Company is one of the largest renewable energy
independent power producers (“IPP”) in India and among the top 10 renewable
energy players in India in terms of operational capacity as of June 30, 2024.
It has diversified and expanded its portfolio from solar power projects to
become an integrated renewable energy company in India.
It
develops, builds, owns, operates and maintain utility scale renewable energy
projects (through its in-house engineering, procurement and construction
(“EPC”) division and operation and maintenance (“O&M”) team, and generate
revenue through the sale of electricity to various off-takers including central
and state government-backed entities.
It
has an integrated in-house business platform to execute and operate the
projects across their life cycles from bid submission until it achieves
commercial operations as well as their operations and maintenance.
As
of June 30, 2024, 18 out of its 28 Operational Projects are located in the
states of Andhra Pradesh, Rajasthan, and Telangana representing 85.07% of its
total Operational Projects capacity.
It has an aggregate Operational Project capacity of 1,340
MW (1,826 MWp) solar power projects; Under Construction Contracted Project
capacity of 3,250 MW including solar power projects of 1,500 MW (2,192 MWp),
wind power projects of 150 MW, hybrid projects of 1,030 MW and FDRE projects of
570 MW; and Under Construction Awarded Project capacity of 1,730 MW comprising
600 MW (870 MWp) of solar power projects, 450 MW hybrid power projects and 680
MW of FDRE power projects, as of the date of this
Red Herring Prospectus.
Acme
Solar’s restated consolidated revenue from operations for the fiscal year 2024
was Rs 1,319.25 crore from Rs 1,294.90 crore in the previous year. The Company
had turnaround from being loss making in FY23 to a profit of Rs 697.78 crore in
FY24.
For
the three months ended 30 June 2024, revenue from operations stood at Rs 309.64
crore and profit after tax stood at Rs 1.39 crore.
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.
Notes for
Reference:
Issue Size of the IPO based on the
upper and lower end of the price band
|
|
Fresh |
OFS
|
Total |
|
Lower
Band (@Rs 275) |
Rs
2,395 crore |
Rs
505 crore |
Rs 2,900 crore |
|
Upper
Band (@Rs 289) |
Rs
2,395 crore |
Rs
505 crore |
Rs 2,900 crore |
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