ACME Solar Holdings Ltd shares made a weak stock market debut on Wednesday with a discount of over 13 percent from the issue price of Rs 289.
ACME Solar stock listed at Rs 251 per share on the NSE, down 13.14 percent from its IPO price.
The company's stock made its market debut at Rs 259, down 10.38 percent from the issue price on the BSE. It further tumbled 11.76 per cent to Rs 255. The company's market valuation stood at Rs 16,358.55 crore.
The Rs 2,900-crore IPO of the Gurugram-based company got subscribed 2.75 times on the closing day of bidding on Friday. The Initial Public Offering (IPO) had a price band of Rs 275 to Rs 289 per share.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, recommended that investors should exercise caution and consider the potential for volatility in the short term. While the company's long-term growth prospects are encouraging, the near-term market dynamics and the impact of external factors could influence the stock's performance post-listing.
Renewable energy installations in India have increased to approximately 200 GW, with renewable energy generation, including large hydro, now comprising about 44 percent of the country's total installed capacity. ACME has an extensive portfolio across various renewable energy technologies and is constantly growing its portfolio by adding to its capacity.
The company plans to utilise the proceeds from the fresh issuance to the extent of Rs 1,795 crore towards payment of debt, and a portion will be used for general corporate purposes.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
