ACME Solar Holding Limited is one of the largest renewable energy Independent Power Producers in India and among the top 10 renewable energy players in India as of March 31, 2024. Over the years, they have diversified and expanded their portfolio from solar power projects to become an integrated renewable energy company in India.
Acme Solar Holdings, an Book Built Issue amounting to ₹2,900.00 Crores, consisting an Fresh Issue of 828.71 Lakh Shares worth ₹2,395.00 Crores and an Offer for Sale of 174.74 Lakh Shares totalling to ₹505.00 Crores. The subscription period for the Acme Solar Holdings IPO opens on November 06, 2024, and closes on November 08, 2024. The allotment is expected to be finalized on or about Monday, November 11, 2024, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Wednesday, November 13, 2024.
The Share price band of Acme Solar Holdings IPO is set at ₹275 to ₹289 per equity share. The Market Capitalisation of the Acme Solar Holdings Limited at IPO price of ₹289 per equity share will be ₹17,515.70 Crores. The lot size of the IPO is 51 shares. Retail investors are required to invest a minimum of ₹14,739, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (714 shares), amounting to ₹2,06,346.
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 manager while KFin Technologies Limited is the registrar for the Issue.
Acme Solar Holdings Limited IPO GMP Today
The Grey Market Premium of Acme Solar Holdings Limited IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Acme Solar Holdings Limited IPO Live Subscription Status Today: Real-Time Updates
As of 07:00 PM on 08 November 2024, the Acme Solar Holdings IPO live subscription status shows that the IPO subscribed 2.89 times on its Final day of subscription period. Check the Acme Solar Holdings IPO Live Subscription Status today at BSE.
Acme Solar Holdings IPO Anchor Investors Report
Acme Solar Holdings has raised ₹1300.50 Crores from Anchor Investors at a price of ₹289 per shares in consultation of the Book Running Lead Managers. The company allocated 4,50,00,000 equity shares to the Anchor Investors. Check Full List of Acme Solar Holdings Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Acme Solar Holdings Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Acme Solar Holdings IPO allotment date is 11 November, 2024, Monday. Acme Solar Holdings IPO Allotment will be out on 11th November 2024 and will be live on Registrar Website from the allotment date. Check Acme Solar Holdings Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Acme Solar Holdings Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Acme Solar Holdings Limited IPO
Acme Solar Holdings Issue Proceeds from the Fresh Issue will be utilized towards the following objects :
1. ₹17,950.00 Million will be used for Investment in the Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings
availed by their Subsidiaries; and
2. General corporate purposes.
Refer to Acme Solar Holdings Limited RHP for more details about the Company.
Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.
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Acme Solar Holdings IPO Details |
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IPO Date | November 06, 2024 to November 08, 2024 | ||||||||||
Listing Date | November 13, 2024 | ||||||||||
Face Value | ₹2 | ||||||||||
Price | ₹275 to ₹289 per share | ||||||||||
Lot Size | 51 Equity Shares | ||||||||||
Total Issue Size | 10,03,46,020 Equity Shares (aggregating up to ₹2,900.00 Cr) | ||||||||||
Fresh Issue | 8,28,71,972 Equity Shares (aggregating up to ₹2,395.00 Cr) | ||||||||||
Offer for Sale | 1,74,74,048 Equity Shares (aggregating up to ₹505.00 Cr) | ||||||||||
Issue Type | Book Built Issue | ||||||||||
Listing At | BSE & NSE | ||||||||||
Share holding pre issue | 52,22,07,910 | ||||||||||
Share holding post issue | 60,50,79,882 |
Acme Solar Holdings IPO Lot Size |
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Application | Lots | Shares | Amount | ||||||||
Retail (Min) | 1 | 51 | ₹14,739 | ||||||||
Retail (Max) | 13 | 663 | ₹1,91,607 | ||||||||
S-HNI (Min) | 14 | 714 | ₹2,06,346 | ||||||||
S-HNI (Max) | 67 | 3,417 | ₹9,87,513 | ||||||||
B-HNI (Min) | 68 | 3,468 | ₹10,02,252 |
Acme Solar Holdings IPO Timeline (Tentative Schedule) |
|||||||||||
IPO Open Date | Wednesday, November 6, 2024 | ||||||||||
IPO Close Date | Friday, November 8, 2024 | ||||||||||
Basis of Allotment | Monday, November 11, 2024 | ||||||||||
Initiation of Refunds | Tuesday, November 12, 2024 | ||||||||||
Credit of Shares to Demat | Tuesday, November 12, 2024 | ||||||||||
Listing Date | Wednesday, November 13, 2024 | ||||||||||
Cut-off time for UPI mandate confirmation | 5 PM on November 8, 2024 |
Acme Solar Holdings IPO Reservation |
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Investor Category | Shares Offered | Reservation % | |||||||||
QIB Portion | 7,50,00,000 | Not Less than 75% of the Issue | |||||||||
Non-Institutional Investor Portion | 1,50,00,000 | Not More than 15% of the Issue | |||||||||
Retail Shares Offered | 1,00,00,000 | Not More than 10% of the Issue | |||||||||
Employee Rservation | 3,46,020 | - | |||||||||
Anchor Investor | 4,50,00,000 | Allotted from QIB Portion |
Acme Solar Holdings IPO Promoter Holding |
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Share Holding Pre Issue | 100.00% | ||||||||||
Share Holding Post Issue | % |
Acme Solar Holdings IPO Subscription Status |
|||||||||||
Investor Category | Shares Offered | Shares Bid For | No oF Times Subscribed | ||||||||
Qualified Institutional Buyers (QIB) | 3,00,00,000 | 11,15,56,023 | 3.72 | ||||||||
Non Institutional Investors(NIIS) | 1,50,00,000 | 1,52,68,737 | 1.02 | ||||||||
Retail Individual Investors (RIIs) | 1,00,00,000 | 3,25,50,444 | 3.26 | ||||||||
Employee Reservation | 3,46,020 | 6,40,254 | 1.85 | ||||||||
Total | 5,53,46,020 | 16,00,15,458 | 2.89 |
Acme Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable
renewable energy (“FDRE”) projects. They are 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 and over the years,
they have diversified and expanded their portfolio from solar power projects to become an integrated renewable
energy company in India. They develop, build, own, operate and maintain utility scale renewable energy projects
(through their 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.
The Company have 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 (2,192MWp), 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. The revenue from their projects in the three months ended June 30, 2024 and June 30, 2023 and Fiscals
2024, 2023 and comprises of revenue from their operational solar projects.
As on June 30, 2024, the Company had 246 permanent employees. The Bankers of the Acme Solar Holdings Limited are Axis Bank Limited and ICICI Bank Limited.
ACME SOLAR HOLDINGS LIMITED COMPETITIVE STRENGTHS
1. Large renewable energy player well positioned to capitalize on strong industry tailwinds in our IPP
business
2. End-to-end value chain capabilities and an integrated approach to developing renewable power projects
by in-house project development, EPC and O&M teams
3. Expansive portfolio diversified across different renewable energy technologies
4. Long-term stable cash flows based on contracts with central and state government entities
5. Access to diversified sources of funding
6. Design and value engineering leading to higher efficiencies
7. Committed Promoters and senior management team.
ACME SOLAR HOLDINGS LIMITED STRATEGIES
1. Expand and diversify our portfolio to continue to maintain our leadership position
2. Continue to invest in and improve our integrated business model
3. Focus on technology upgrades to improve efficiency and longevity of our projects
4. Continue to diversify our funding sources, optimise our cost of capital and identify partners/investors for
future growth.
ACME SOLAR HOLDINGS LIMITED RISK FACTORS & CONCERNS
1. The Company is dependent on their Power Purchase Agreements (“PPA”) to sell power and generate their revenue
from operations.
2. The business is dependent on their top 10 off-takers.
3. The Company, ACME Cleantech and ACME Solar Energy have received certain office orders from the
Directorate of Enforcement in connection with investigations under the Foreign Exchange Management
Act, 1999, as amended.
4. While they have experience in commissioning solar power projects, they do not have experience in
commissioning wind, hybrid, FDRE power projects and closed loop pump storage projects.
5. They incurred loss for the year of ₹ 31.74 million in Fiscal 2023.
6. There is a limited pool of potential purchasers of utility scale quantities of electricity and the possibility
that counterparties to their PPAs may not fulfill their obligations.
7. Majority of their Operational Projects are located in the states of Andhra Pradesh, Rajasthan and
Telangana.
8. The development of renewable power projects may be restrained by their inability to identify or acquire
suitable land sites.
9. Bids for pumped storage power projects are limited.
Period Ended | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
---|---|---|---|
Reserve of Surplus | 18,364.27 | 11,461.21 | 11,543.21 |
Total Assets | 1,33,998.01 | 1,21,869.53 | 1,08,867.17 |
Total Borrowings | 82,175.93 | 86,573.49 | 75,636.02 |
Fixed Assets | 63,525.28 | 61,723.93 | 57,210.63 |
Cash | 3,091.59 | 5,474.49 | 4,784.56 |
Net Borrowing | 79,084.34 | 81,099 | 70,851.46 |
Revenue | 14,662.67 | 13,613.73 | 15,627.26 |
EBITDA | 10,891.48 | 11,725.93 | 12,403.22 |
PAT | 6,977.81 | -31.74 | 620.10 |
EPS | 12.55 | -0.06 | 1.12 |
Note 1:- Cash RoE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (PAT) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in Newspaper Advertisement.
Key Performance Indicator |
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KPI | Values | ||||||||||
EPS Pre IPO (Rs.) | ₹12.55 | ||||||||||
EPS Post IPO (Rs.) | ₹11.53 | ||||||||||
P/E Pre IPO | 23.02 | ||||||||||
P/E Post IPO | 25.06 | ||||||||||
ROE | 38.83% (Cash RoE) | ||||||||||
ROCE | % | ||||||||||
P/BV | 4.03 | ||||||||||
Debt/Equity | 2.66 | ||||||||||
RoNW | 26.93% |
Acme Solar Holdings Limited IPO Peer Comparison |
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Company Name | EPS | ROCE | ROE | P/E (x) | P/Bv | Debt/Equity | RoNW (%) | ||||
Acme Solar Holdings Limited | ₹11.51 | % | 38.83% (Cash RoE) | 33.79 | 4.03 | 2.66 | 26.93% | ||||
Adani Green Energy Limited | ₹7.12 | 9.81% | 17.1% | 198 | 24.1 | 6.38 | 17.1% |
ACME SOLAR HOLDINGS LIMITED
Plot No. 152, Sector 44, Gurugram 122 002,
Haryana, India
Contact Person : Rajesh Sodhi
Telephone : +91 124 7117000
Email Id : cs.acme@acme.in
Website : https://www.acmesolar.in/
Registrar : KFin Technologies Limited
Contact Person : M. Murali Krishna
Telephone : +91 40 6716 2222
Email Id : acmesolar.ipo@kfintech.com
Website : https://www.kfintech.com/
Lead Manager :
Nuvama WealthManagement Limited
ICICI Securities Limited
JM Financial Limited
Kotak Mahindra CapitalCompany Limited
Motilal Oswal InvestmentAdvisors Limited
ACME Solar Holding Limited is one of the largest renewable energy Independent Power Producers in India and among the top 10 renewable energy players in India as of March 31, 2024. Over the years, they have diversified and expanded their portfolio from solar power projects to become an integrated renewable energy company in India.
The Company is led by Promoters, namely, MAMTA UPADHYAY and MANOJ KUMAR UPADHYAY.
The Revenues from operations for the Fiscals 2024, 2023 and 2022 were ₹14,662.67 Million, ₹13,613.73 Million and ₹15,627.26 Million, respectively. The EBITDA for the Fiscals 2024, 2023 and 2022 were ₹10,891.48 Million, ₹11,725.93 Million and ₹12,403.22 Million, respectively. The Profit after Tax for the Fiscals 2024, 2023 and 2022 was ₹6,977.81 Million, ₹-31.74 Million and ₹620.10 Million, respectively.
For the Acme Solar Holdings IPO, the company is issuing shares at a pre-issue EPS of ₹12.55 and a post-issue EPS of ₹11.53. The pre-issue P/E ratio is 23.02x, while the post-issue P/E ratio is 25.06x against the Industry P/E ratio is 170.3x. The company's Cash RoE for FY24 is 38.83%. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) of Acme Solar Holdings showing potential listing gains of 0%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Acme Solar Holdings Limited IPO for Listing gain or long term investment purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information.
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.
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