IPO

ACME Solar Holdings Limited IPO

Mainboard

Holding Company

Listed On: Nov 13, 2024 at ₹ 251.0(NSE)

₹ 14739 /51 Shares

Check Allotment

06 Nov, 2024

Open Date

08 Nov, 2024

Close Date

11 Nov, 2024

Allotment Date

13 Nov, 2024

Listing Date
Price Summary

Last Closing

277.25 (-4.07%)

52 Week High

324.30

52 Week Low

167.75

Last Update

17-Oct-2025 3:30 PM
ACME Solar Holdings IPO Issue Details
  • Issue Price ₹275-289 per equity share
  • Face Value ₹2 Per Equity Share
  • Total Issue Size 10,03,46,022 shares(aggregating up to ₹2900 crore)
  • Fresh Share 8,28,71,973 shares(aggregating up to ₹2395 crore)
  • Offer For Sale 1,74,74,049 shares(aggregating up to ₹505 crore)
  • Listing at BSE, NSE
  • List Price 251.0(NSE)
  • Listing Date 2024-11-13
  • Lead Manager Nuvama Wealth Management Limited
    ICICI Securities Limited
    Jm Financial Limited
    Kotak Mahindra Capital Company Limited
    Motilal Oswal Investment Advisors Limited
  • Registrar Kfin Technologies Limited
Market Lot Size

Investors can bid for a minimum of 51 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)151₹14,739
Retail(max)13663₹1,91,607
ACME Solar Holdings IPO Reservation

ACME Solar Holdings IPO offers total 100,346,021 shares. Out of which 30,000,000 (29.9%) allocated to QIB, 15,000,000 (14.95%) allocated to NII,10,000,000 (9.97%) allocated to RII, 346,021 (0.34%) allocated to employees and 45,000,000 (44.84%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered45,000,000 (44.84%)
QIB Shares Offered30,000,000 (29.9%)
NII (HNI) Shares Offered15,000,000 (14.95%)
bNII < ₹10L10,000,000 (9.97%)
sNII < ₹10L5,000,000 (4.98%)
Retail Shares Offered10,000,000 (9.97%)
Employee Shares Offered346,021 (0.34%)
Total Shares Offered100,346,021 (100%)
ACME Solar Holdings IPO Documents
DRHP
RHP
ANCHOR
ACME Solar Holdings IPO Details


ACME Solar Holdings IPO is a book-built issue of ₹2900 crores, The total issue size is ₹2900 crores. The IPO of ACME Solar Holdings is priced at ₹275-289 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Nov 6, 2024 and ends on Nov 8, 2024. The allotment for ACME Solar Holdings IPO will be finalized on Nov 11, 2024. ACME Solar Holdings IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 13, 2024. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Limited is the registrar of the issue.

Retail investors can bid for a minimum of 51 shares, extendable to 14,739. The book-running lead manager for the IPO is/are Nuvama Wealth Management Limited, ICICI Securities Limited, Jm Financial Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited.

The total issue ₹2900 crore, comprising a fresh issue of 8,28,71,973 shares ₹2395 crore and having Offer for Sale (OFS) of 1,74,74,049 shares to mop up ₹505 crore.

The ACME Solar Holdings IPO sets its price band at 275-289 for each share. A single application for ACME Solar Holdings Limited IPO must contain at least 51 shares. Sentiment investors need to invest a minimum of 51 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,739

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ACME Solar Holdings IPO Subscription Analysis And Details
Retail
3.10x
QIB
3.54x
NII
0.97x
bNII
0.86x
sNII
1.18x
Total
2.75x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved30,000,00015,000,000
10,000,000    5,000,000		10,000,00055,346,021
Day 1 06-11-24 05:00 PM
0.15 x0.32
0.35 x   0.26 x		1.19 x0.39 x
Day 2 07-11-24 05:00 PM
0.31 x0.56
0.58 x   0.54 x		2.04 x0.70 x
Day 3 08-11-24 05:00 PM
3.54 x0.97
0.86 x   1.18 x		3.10 x2.75 x
Total No of Applications
6,00,124
Subscription on the basis of Applications
Retail:2.97x BHNI:0.12x SHNI:1.13x
ACME Solar Holdings Valuations
EPS Pre IPO ₹13.36/-
EPS Post IPO ₹0.09/-
P/E Pre IPO 21.63
P/E Post IPO 3147.37
ROE 2.93
Debt/Equity 3.89
RoNW 0.07
PAT Margin 0.41
Price to Book Value 7.77
ACME Solar Holdings Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets13,394.1312,186.9510,887.62
Revenue1,466.271,361.371,562.73
Profit After Tax697.78-3.1762.01
Net Worth2,590.871,900.561,908.76
Reserves & Surplus1,836.431,146.121,154.32
Total Borrowing8,217.598,657.357,563.60
About ACME Solar Holdings Company

ACME Solar Holdings Limited, incorporated in June 2015, stands among India’s premier renewable energy power producers, specializing in wind and solar energy generation. With expertise in large-scale renewable project development, ACME Solar Holdings focuses on a full-cycle approach: from engineering and procurement to construction and ongoing operations. The company’s in-house EPC (engineering, procurement, and construction) and O&M (operation and maintenance) teams ensure optimal performance and longevity of its extensive renewable portfolio.

ACME Solar Holdings generates revenue by supplying electricity to diverse clients, including entities backed by central and state governments, establishing long-term revenue stability. Thus the company has long-term earning capacity. The company portfolio includes 1,320 MW (1,802 MWp) of operational solar project capacity as of March 31, 2024. 1,650 MW of solar and wind projects are under development. Besides, its won project capacity is 2,380 MW diversified in solar, hybrid, and FDRE project types, and underlines leading positions by the adoption of the most modern renewable technologies.

ACME Solar’s strengths include its position as one of India’s largest independent renewable power producers, a diversified technology portfolio, and a robust, integrated project development strategy. Contracts with government-backed entities further strengthen ACME’s revenue base, while access to varied funding channels and superior design and engineering deliver industry-leading efficiencies. The experienced leadership team and a dedicated workforce of 214 professionals contribute to the company’s dynamic growth in India’s fast-evolving renewable energy sector.

With a steadfast commitment to sustainable energy, ACME Solar Holdings Limited continues to expand its footprint in India, driving the country’s renewable energy transformation and reinforcing its status as a powerhouse in clean energy.

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ACME Solar Holdings - Promoter(s)

Mamta Upadhyay

Manoj Kumar Upadhyay

ACME Cleantech Solutions Private Limited

MKU Holdings Private Limited

Upadhyay Family Trust

Pre Issue Share Holding : 100%

Post Issue Share Holding : 83.41%

ACME Solar Holdings IPO - Issue Objectives
1

Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Subsidiaries

2

General corporate purposes.

ACME Solar Holdings IPO - Anchor Investors

ACME Solar Holdings mobilises Rs 1,301 crore from anchor investors, Rs 2900-crore IPO .

Marquee institutional investors like Abu Dhabi Investment Authority, Goldman Sachs, Morgan Stanley, Nomura, Societe Generale, HSBC Global, BNP Paribas Funds, CLSA Global, Prudential Hong Kong, Eastspring Investments, Oaks Emerging Umbrella Funds Plc, Lion Global, Great Eastern Life, Copthall Mauritius, Susquehanna Pacific, Citigroup, and Integrated Core Strategies invested in ACME shares.

Nippon Life India, HDFC Mutual Fund, ICICI Prudential MF, Mirae Asset, Tata Mutual Fund, SBI Life Insurance, ICICI Prudential Life, Bandhan MF, Manulife, Invesco India, Baroda BNP Paribas, SBI General Insurance, Abakkus Diversified Alpha Fund, Kotak Mahindra Life, and Edelweiss Life are among the other participants in the anchor book.

ACME Solar Holdings IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
ACME Solar Holdings Limited12.5512.5549.61N/A26.93N/AConsolidated
Adani Green Energy Ltd6.216.285.86291.77.2221.27Consolidated
ReNew Energy Global PLC9.949.92332.1648.83.071.46Consolidated

Notes:

  1. Basic and Diluted EPS for peers are sourced from the audited financial statements for the relevant year.
  2. The P/E Ratio has been computed based on the closing market price of equity shares on BSE Limited on October 3, 2024, divided by the Diluted EPS.
  3. For listed peers, RoNW is computed as profit attributable to equity shareholders of the company divided by Total Equity attributable to the owners of the Company as of March 31, 2024.
  4. Net Asset Value ("NAV") per share is computed as the closing net worth divided by the equity shares outstanding as of March 31, 2024.
Strength
One of India's largest renewable energy IPPs with 1,320 MW operational capacity.
Strong project pipeline with 2,220 MW under construction contracted capacity.
Diverse portfolio across solar, wind, hybrid, and FDRE technologies.
Weakness
Concentrated revenue risk: 63.22% of revenue from Andhra Pradesh, Rajasthan, and Telangana.
Dependence on government-owned transmission grids and infrastructure.
Growth relies on winning highly competitive project bids.
Contact Details

ACME Solar Holdings

Plot No. 152, Sector 44, Gurugram - 122002

+91 1247117000

cs.acme@acme.in

https://www.acmesolar.in/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

acmesolar.ipo@kfintech.com

https://kosmic.kfintech.com/ipostatus/