ACME Solar Holdings files for Rs 3,000 crore IPO

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, Motilal Oswal Investment Advisors are the managers of the IPO.

Renewable energy producer ACME Solar Holdings has filed for a Rs 3,000 crore public issue, according to a Bloomberg report on July 3.

Rs 2,000 crore will be raised through issuance of fresh shares, while founder entity ACME Cleantech Solutions intends to sell Rs 1,000 crore worth of shares in the IPO, the report said.

The draft prospectus for the issue has been filed before market regulator Sebi for approval. Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, Motilal Oswal Investment Advisors are the managers of the IPO.

Funds being raised via the fresh issuance will be used to repay some loans, according to the Bloomberg.

Incorporated in 2015, the company - headquartered in Gurugram - is in the renewable energy space with a portfolio of solar, wind, hybrid and firm as well as dispatchable renewable energy (FDRE) projects. ACME claims to be one of India's largest renewable energy independent power producers that develop, build, own, operate and maintain renewable energy projects.

The company has several central and state government-backed entities as buyers of the electricity it generates.