Gurugram based ACME Solar Holdings Limited, a company with a portfolio in the India's renewable energy sector encompassing solar, wind, hybrid, and firm and dispatchable renewable energy projects (FDRE) has filed its draft red herring prospectus (DRHP) with the market regulator and watchdog Securities and Exchange Board of India (SEBI), to raise Rs 3,000 crore through an initial public offering (IPO).
The IPO is structured with a mix of fresh issue and offer for sale (OFS) and the company plans to utilise the proceeds for debt repayment and general corporate purposes.
The IPO will consist of shares with a face value of Rs 2 per equity share. It includes a fresh issue of shares worth up to Rs 2,000 crore and an offer for sale (OFS) of up to Rs 1,000 crore by ACME Cleantech Solutions Private Limited.
The offering also includes a provision for a pre-IPO placement of specified securities, potentially reducing the size of the fresh issue if completed.
IPO/ Representative Image | Freepik
The book-running lead managers include Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited and registrar as KFin Technologies Limited.
About the company
The company was established in 2015 and was formed to consolidate the renewable energy business of the ACME Group.
As of March 31, 2024, 18 out of its 28 operational projects are concentrated in Andhra Pradesh, Rajasthan, and Telangana, collectively representing 85.07 per cent of its total operational project capacity.
Its promoter entity, ACME Cleantech was founded in 2003 and led by Manoj Kumar Upadhyay and initially specialised in providing energy management solutions to wireless telecommunications operators in India.
In 2009, ACME Cleantech expanded its scope into renewable energy generation.
