ACME Solar Holdings Limited’s Initial Public Offering to open on Wednesday, November 06, 2024, price band set at ₹275/- to ₹289/- per Equity Share

(L-R) Ankit Verma EVP & Head Corporate Finance, ACME Solar, Manoj Upadhyay, Founder & Chairman, ACME Solar, Nikhil Dhingra, CEO, ACME Solar

Mumbai, October 04^th, 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.

Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.

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.

RHP Link: https://acmesolar.in/assets/pdf/RHP/ACME-Solar-Holdings-Limited-RHP.pdf

Issue Size of the IPO based on the upper and lower end of the price band