Nov 6, 2024
By: Sourabh Jain
Credit: Acme Solar
Gurugram-based ACME Solar’s initial public offering (IPO) is now open and will close on Friday, November 8.
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ACME Solar has fixed a price band of ₹275 to ₹289 per share for its public issue.
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ACME Solar is a Gurugram-based renewable energy company that produces electricity from wind and solar energy.
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ACME Solar is looking to raise ₹2,900 crore from the current IPO. This includes a fresh issue of ₹2,395 crore and an offer for sale (OFS) component of ₹505 crore.
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Investors can bid for a minimum of 51 shares and in multiples of 51 shares thereafter.
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ACME Solar currently has an operational project capacity of 1,320 MW in solar projects. The company has a contracted project capacity of 1,650 MW, which includes 1,500 MW of solar power projects and 150 MW of wind power projects.
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The company’s income was ₹1,466.27 crore in FY24, up from ₹1,361.37 crore in FY23. The company reported a profit of ₹697.78 crore in FY24, up from ₹3.17 crore loss reported in FY23.
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The company is engaged in a highly competitive industry and depends on power purchase agreements with other companies.
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ACME Solar is currently commanding a grey market premium (GMP) of ₹10 per share.
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The funds raised will be used for repayment of borrowings and for general corporate purposes.
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