The Rs 2,900-crore initial public offering of ACME Solar Holdings open for subscription for all investors today and will close on November 8. The IPO comes with a price band of ₹275-289 a share. The IPO is a combination of fresh issue of ₹2,395 crore, and an offer-for-sale of ₹505 crore by promoter ACME Cleantech Solutions. The minimum application lot size is 51 shares.
The public issue has reserved at least 75 per cent for QIBs, up to 15 per cent non-institutional investors and 10 per cent retail investors.
Acme Solar Holdings on Tuesday raised ₹1,300.5 crore from anchor investors as part of IPO. The company allotted 4.5 crore shares at ₹289 a share to 58 anchor investors.
Marquee institutional investors such as 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 were among the investors who participated in the anchor book. Among domestic mutual funds, 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 were also allotted shares in the anchor book.
Abu Dhabi Investment Authority Monsoon got the highest allocation of 6.15 per cent followed by. Mirae Asset Midcap Fund Mirae AMF, SBI Life Insurance Co. and ICICI Prudential Life Insurance Co. 5.37 per cent each and Nippon Life India Trustee Ltd.- A/C Nippon India Small Cap Fund got 2.38 per cent. stake in the company.
The fresh issue will be used for the investment in their subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by their subsidiaries, and for general corporate purposes.
ACME Solar Holdings is one of India’s largest renewable energy independent power producers (IPP), with a portfolio encompassing solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. The company ranks among the top 10 renewable energy players in India by operational capacity with an aggregate operational project capacity of 1,340 MW currently.
Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors and the issue’s lead book-running managers while Kfin Technologies will be registrar.
