ACME Solar Holdings IPO subscribed 70% on Day 2, retail investors lead demand

ACME Solar Holdings IPO will close on November 8, with allotment results expected by November 11 and a tentative listing on BSE and NSE on November 13.

ACME Solar Holdings' IPO was subscribed by 70 percent on November 6, the second day of bidding, with over 4 crore shares bid for against 5.8 crore shares on offer, according to exchange data.

Retail Individual Investors (RIIs) led the demand, subscribing to two times the portion reserved for them. Non-Institutional Investors (NIIs) subscribed 56 percent of the shares offered to them, while Qualified Institutional Buyers (QIBs) saw their quota subscribed by 31 percent. The employee portion was subscribed 98 percent.

ACME Solar attracted anchor investors, raising Rs 1,300.5 crore through a pre-IPO placement on November 5. The IPO will close on November 8, with allotment results expected by November 11 and a tentative listing on BSE and NSE on November 13.

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The IPO features a book-built issue valued at Rs 2,900 crore, combining a fresh issue of 8.29 crore shares worth Rs 2,395 crore and an offer for sale of 1.75 crore shares totalling Rs 505 crore. The price band is set between Rs 275 and Rs 289 per share, with a minimum lot size of 51 shares. Retail investors need a minimum investment of Rs 14,739 to participate, while non-institutional investors have higher minimum lot sizes at 14 and 68 lots, depending on the category.

The lead managers for the offering include Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors, with Kfin Technologies serving as the registrar for the issue.

The company, incorporated in 2015, specialises in large-scale solar and wind power projects.

The IPO proceeds will fund the repayment of certain subsidiary borrowings and general corporate purposes, supporting ACME Solar's growth in sustainable energy solutions.

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