IPO
Renewable energy co. ACME Solar’s Rs.2,900-Cr IPO subscribed 2.75 times
The IPO of Gurugram-headquartered ACME Solar Holdings Ltd , with a price range of INR 275-289, achieved an overall subscription of 2.75 times. The IPO received bids for approximately 16 crore shares against the 5.82 crore shares available. The issue is a combination of a fresh issue of INR 2,395 crore, and an offer-for-sale of INR 505 crore by the promoter ACME Cleantech Solutions.Qualified Institutional Buyers (QIBs) subscribed 3.54 times of the portion allotted to them. Retail investors subscribed 3.10 times their allocated shares. The employee segment received moderate interest, with a subscription of 1.59 times. Non-Institutional Investors (NIIs) subscribed at 0.97 times overall, with larger bids (above INR 10 lakh) at 0.86 times and smaller bids (INR 2 lakh to INR 10 lakh) at 1.18 times.Acme Solar Holdings had raised INR 1,300.5 crore from anchor investors as part of the IPO. The company allotted 4.5 crore shares at INR 289 a share to 58 anchor investors.ACME Solar Holdings intends to use the proceeds from the fresh issuance mainly towards payment of debt (INR 1,795 crore).
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