Indian renewables developer Acme Solar Holdings Ltd is targeting up to INR 29 billion (USD 345 million/EUR 317 million) through its upcoming initial public offering (IPO).
The company has established a price range of INR 275 to INR 289 per share for the offering, comprising a fresh issue worth up to INR 23.95 billion and a sale of up to INR 5.05 billion by its parent company, ACME Cleantech Solutions Pvt Ltd.
The IPO bidding for anchor investors opens on November 5, with general investor bidding available from November 6 to November 8.
Acme Solar's shares are expected to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), having received in-principle approvals from both exchanges earlier in the year.
Acme Solar currently operates 1,340 MW of capacity, with 3,250 MW under construction and 1,730 MW in awarded projects. The IPO proceeds are earmarked for debt reduction and general corporate expenses.
