ACME Solar Holdings IPO listing on Nov 13: GMP signals discounted price, tepid debut of shares on BSE, NSE
- ACME Solar Holdings IPO: The allotment for ACME Solar Holdings IPO was finalized this week. Shares of ACME Solar Holdings will debut on stock exchanges BSE, NSE on November 13.
ACME Solar Holdings IPO: The mainboard initial public offering (IPO) of renewable energy producer ACME Solar Holdings Limited closed with decent demand from investors during the three-day subscription period. The allotment has been finalised, and investors are now awaiting the debut of shares on the stock exchanges. The bidding period for the IPO was between November 6 and November 8, 2024.
The allotment for the ACME Solar Holdings IPO was finalised on November 11. Shares of ACME Solar Holdings will debut on stock exchanges BSE and NSE on Wednesday, November 13, 2024. Ahead of the listing, investors are advised to remain vigilant about the grey market premium (GMP) for ACME Solar Holdings IPO.
ACME Solar Holdings IPO GMP
ACME Solar Holdings shares show a muted trend in the unlisted market. According to stock market observers, today's IPO GMP, or grey market premium, has dropped to Re -4 per share. A negative GMP indicates a discounted price and listing for ACME Solar Holdings's debut on the stock exchanges. This will likely follow a muted trend in shares on Wednesday.
ACME Solar Holdings IPO Listing Price
The ACME Solar Holdings IPO GMP indicates that the company's equity shares are trading in the negative territory at Re -4 in the grey market compared to their issue price, according to investorgain.com.
Considering the ACME Solar Holdings IPO GMP today and the issue price, the estimated ACME Solar Holdings IPO listing price is ₹285 per share, a discount of ₹4 compared to its IPO price of ₹289.
Hence, the GMP for ACME Solar Holdings IPO shows the discounted price. The GMP shows a trend toward discounts, and analysts expect a discounted listing. The lowest GMP is ₹-4, while the highest GMP is ₹30.
This means the ACME Solar Holdings IPO grey market premium signals a less-than-bullish return for the IPO investors. The grey market premium indicates investors' readiness to pay more than the issue price.
ACME Solar Holdings IPO Details
ACME Solar Holdings IPO, which is worth ₹2,900 crore, comprises a fresh issue of ₹2,395 crore and an offer-for-sale (OFS) of equity shares worth ₹505 crore by the promoter ACME Cleantech Solutions Private Ltd. ACME Solar IPO price band was set at ₹275 to ₹289 per share.
ACME Solar IPO subscribed 2.75 times in total. The public issue received 3.10 times the subscription in the Retail category and 97 per cent in the Non-Institutional Investors (NII) category. The portion for Qualified Institutional Buyers (QIB) was booked 3.54 times.
Also Read: ACME Solar Holdings IPO: Price band set at ₹275-289 per share; check GMP, issue details, more
The company intends to use the net proceeds to facilitate the repayment or prepayment, either partially or fully, of specific outstanding loans obtained by the subsidiaries and for general corporate needs.
Nuvama Wealth Management Ltd, ICICI Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Company Ltd, and Motilal Oswal Investment Advisors Ltd serve as the book-running lead managers for the ACME Solar Holdings IPO, with Kfin Technologies Ltd acting as the registrar for the offering.
ACME Solar Holdings IPO Company Details
ACME Solar Holdings develops, constructs, owns, operates, and maintains large-scale renewable energy projects through its internal engineering, procurement, and construction (EPC) division and operation and maintenance (O&M) team. The company generates income by providing electricity to various purchasers, including entities backed by central and state governments.
As of June 2024, 18 out of 28 active projects are in Andhra Pradesh, Rajasthan, and Telangana, accounting for 85 per cent of the company's total operational capacity. The company's listed peers are Adani Green Energy Ltd (with a P/E of 291.7x) and ReNew Energy Global PLC (with a P/E of 48.8x).
ACME Solar's total revenue from operations rose by 1.88 per cent to ₹1,319.25 crore in the fiscal year 2024, compared to ₹1,294.90 crore the year before. The company shifted from operating at a loss in FY23 to achieving a profit of ₹698.23 crore in FY24.
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