ACME Solar Holdings Limited’s initial public offering (IPO) provides new offering and offer-for-sale (OFS) components through a book-building process. The IPO completed its second day of public bidding on November 7.
Among the three sectors, only retail investors oversubscribed the IPO, which was 2.04 times the placement share on the second day. Non-institutional investors (NII) followed the lead of retail investors and subscribed for 56% of the issued shares. According to Bombay Stock Exchange (BSE) IPO data, the subscription rate by qualified institutional buyers (QIBs) was 31% on the second day.
The ACME Solar Holdings IPO opens for public subscription on Wednesday, November 6, and will close on Friday, November 8. $On Tuesday, November 5, it raised Rs 13,005 crore from its anchor investors. $275 and $289 shares per share, 51 shares per lot.
ACME Solar Holdings IPO Today GMP
As of November 7, the gray market premium (GMP) for the ACME Solar Holdings IPO was zero. The gray market premium (GMP) refers to the amount investors are willing to pay above the issue price.
Price range for renewable energy companies at upper limit $289, the expected public issuance and listing time is $$289 per share, according to Investorgain.com.
ACME Solar Holdings IPO Details
ACME Solar has reserved no less than 75% of the shares in the public offering for Qualified Institutional Investors (QIBs), no more than 15% for Non-Institutional Institutional Investors (NIIs) and 15% for retail investors. no more than 10% of the shares.
The company is involved in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects through its in-house engineering, procurement and construction (EPC) division and its operations and maintenance (O&M) team.
The renewable energy company generates revenue by supplying power to various buyers, including central and state government-backed entities. As of June 2024, 18 of its 28 projects under construction were located in Andhra Pradesh, Rajasthan and Telangana, accounting for 85% of its total operating capacity.
