Acme Solar Holdings Ltd, an Indian renewables developer, has announced its intention to launch an initial public offering (IPO) at home, aiming to raise USD 359 million (INR 30 billion/EUR 334 million).
The company plans to issue USD 239 million in new shares, while its major shareholder, ACME Cleantech Solutions Private Limited, will offer USD 119 million in existing units, each with a face value of approximately USD 0.03 apiece.
Acme Solar, which holds a portfolio of 1,320 MW of operational capacity across solar, wind, hybrid, and firm and dispatchable renewable energy projects, has secured in-principle approvals from both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for the listing of its shares. The underwriters for the IPO include Nuvama, ICICI Securities, JM Financial, Kotak, and Motilal Oswal.
Proceeds from the IPO, intended for debt repayment and general corporate purposes, will support Acme Solar as it expands its portfolio. The company currently has 2,220 MW of under-construction contracted capacity and an awarded capacity of 1,810 MW.
In the fiscal year ending March 31, 2024, Acme Solar reported a profit of USD 92.5 million, a turnaround from a loss of USD 0.43 million in the previous year, with revenues increasing by approximately 1.9% to USD 175 million.
