ACME Solar IPO subscribed 2.75X by Day 3, QIBs 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 oversubscribed by 2.75 times on November 7, with bids placed for 16 crore shares against the 5.8 crore shares on offer, according to exchange data.

Retail individual investors (RIIs) showed strong interest, subscribing to 3.1 times their allocated portion. Qualified institutional buyers (QIBs) subscribed to 3.54 times their quota, while non-institutional investors (NIIs) subscribed to 97 percent of their allocated shares. The employee portion was subscribed 1.59 times.

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.

Follow our live blog for all the market action

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.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.