ACME Solar IPO price band set at Rs 275-289 per share
POWER & RENEWABLE ENERGY

ACME Solar IPO price band set at Rs 275-289 per share

ACME Solar, a key player in renewable energy, will open its initial public offering (IPO) on Wednesday with a price band set between Rs 275 and Rs 289 per equity share, each valued at Rs 2. The IPO will close on Friday, November 8, 2024. Investors can place bids starting at 51 shares, with increments in multiples of 51 shares.

The offering includes a fresh issue worth up to Rs 23.95 billion and an offer for sale of up to Rs 5.05 billion by ACME Cleantech Solutions. Proceeds from the fresh issue will allocate Rs 17.95 billion to subsidiaries for repayment or partial prepayment of outstanding debts and for general corporate needs.

Founded in 2015, ACME Solar consolidates the ACME Group’s renewable energy ventures, developing, constructing, and managing large-scale renewable projects. The company earns revenue by selling electricity to government-backed entities at both state and central levels.

As of June 30, 2024, ACME operates 28 projects, with 85.07% of its capacity concentrated in Andhra Pradesh, Rajasthan, and Telangana. The company posted a consolidated revenue of Rs 13.19 billion in FY24, marking a turnaround to a profit of Rs 6.97 billion, compared to a loss in FY23. For Q1 FY24, revenue was Rs 3.09 billion with a profit of Rs 13.9 million.

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors are serving as the lead managers, with KFin Technologies as the registrar for the IPO. (ET)

ACME Solar, a key player in renewable energy, will open its initial public offering (IPO) on Wednesday with a price band set between Rs 275 and Rs 289 per equity share, each valued at Rs 2. The IPO will close on Friday, November 8, 2024. Investors can place bids starting at 51 shares, with increments in multiples of 51 shares. The offering includes a fresh issue worth up to Rs 23.95 billion and an offer for sale of up to Rs 5.05 billion by ACME Cleantech Solutions. Proceeds from the fresh issue will allocate Rs 17.95 billion to subsidiaries for repayment or partial prepayment of outstanding debts and for general corporate needs. Founded in 2015, ACME Solar consolidates the ACME Group’s renewable energy ventures, developing, constructing, and managing large-scale renewable projects. The company earns revenue by selling electricity to government-backed entities at both state and central levels. As of June 30, 2024, ACME operates 28 projects, with 85.07% of its capacity concentrated in Andhra Pradesh, Rajasthan, and Telangana. The company posted a consolidated revenue of Rs 13.19 billion in FY24, marking a turnaround to a profit of Rs 6.97 billion, compared to a loss in FY23. For Q1 FY24, revenue was Rs 3.09 billion with a profit of Rs 13.9 million. Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors are serving as the lead managers, with KFin Technologies as the registrar for the IPO. (ET)

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?