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<p>As expected, ACME Solar Holdings has filed a draft red herring prospectus with Securities and Exchange Board of India (SEBI) for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share. ICICI Securities, Citigroup Global Markets India, Deutsche Equities India and Link Intime India Private Limited will be managing ACME’s IPO.</p>
<p>The company has not yet disclosed the number of shares that will be up for grabs on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).</p>
<p>When contacted an ACME executive said, “all the information is provided in the company release, we are awaiting approval for pre-IPO after which we can ascertain the number of equity shares.”</p>
<p>ACME is considering a Pre-IPO placement of up to 5,222,079 equity shares to certain investors for an amount not exceeding ₹5,000 million (~$76.56 million). The pre-IPO Placement will be at the discretion of ACME and at a price to be determined by it, subject to approval of shareholders.</p>
<p>The promoters, Manoj Kumar Upadhyay and ACME Cleantech Solutions Private Limited, have provided the aggregate of 20 percent of the fully diluted post-issue equity share capital of the company held by them towards minimum promoters’ contribution which has been locked-in for a period of three years from the date of allotment.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener"><em>India Solar Project Tracker</em></a>, ACME has installed solar projects totaling 794 MW and has 990 MW of projects under development.</p>
<p>Mercom had confirmed the IPO plans several months back and fact that the draft prospectus was filed about a month ago.</p>
<p>According to the filing, ACME Solar will use ₹4,356.9 million (~$66.71 million) to repay debt from Piramal Finance and Innovador Traders. ACME Solar is planning to also repay ₹5,410 million (~$82.84 million) to its parent ACME Cleantech.</p>
<p>More importantly, the company plans to use ₹8,690 million (~$133.06 million) to finance the Bhadla solar power projects which it won in an auction conducted in July at the lowest bid in India to date of ₹2.44 (~$0.04)/kWh.</p>
<p>Image credit: Investopedia</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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ACME Solar to Raise $337 Million Through IPO

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