The shares of ACME Solar Holdings will make their debut on the NSE and BSE today, November 13, at 10 a.m. Despite a strong subscription rate of 2.89 times, the company’s shares were trading with a discounted grey market premium (GMP) of ₹-4 ahead of listing, indicating a negative premium over the issue price. Based on the upper price band of ₹289, this discount suggests a cautious sentiment among investors.
IPO Details and Objectives: ACME Solar, headquartered in Gurugram, aimed to raise ₹2,900 crore through its IPO, comprising a fresh issue of ₹2,395 crore and an offer-for-sale (OFS) of ₹505 crore. The company intends to use ₹1,795 crore of the funds raised for debt repayment, with the remainder allocated for general corporate purposes.
Financial Performance: For FY24, ACME Solar reported a revenue of ₹1,319 crore, up from ₹1,294 crore in the previous fiscal year, and a net profit of ₹698 crore, reversing a net loss of ₹3.17 crore in FY23. In FY22, the company posted a net profit of ₹1,487 crore with a revenue of ₹62 crore. ACME Solar specializes in building, operating, and maintaining utility-scale renewable energy projects, generating revenue by selling electricity to various off-takers, including government-backed entities.
With today’s listing, investors will closely watch how ACME Solar performs on its debut given the subdued sentiment reflected by the GMP.
