ACME Solar Holdings IPO prospectus filed with SEBI

Gurgaon-based ACME Solar Holdings has filed draft prospectus with the market regulator SEBI, seeking permission to launch IPO. The renewable energy company is seeking to raise as much as INR2,200 crore (INR22 billion) through ACME Solar IPO. As the name suggests, ACME Solar is a solar power producer and has a portfolio of operational projects with a capacity of 1,043 MW peak (874 MW). Including the under-construction solar power projects, which are expected to become operational by November 2018, its capacity will increase to 2,351 MW peak (1,814 MW).

ACME Solar IPO: Use of funds

There will be no Offer For Sale (OFS) by existing shareholders and all the proceeds will go to the company. ACME Solar Holdings plans to use the funds towards:

  • Repayment of debt – INR976.7 crore
  • Funding the cost of engineering, procurement and construction works for the Bhadla Project – INR869 crore
  • General corporate purposes

The 200 MW project in Bhadla, Jodhpur (Rajasthan) is expected to be completed by the third quarter (Q3) of FY2019.

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ACME Solar Holdings is also considering a pre-IPO placement of up to 5,222,079 shares to some investors. The company is looking to raise up to INR500 crore through pre-IPO placement and a successful placement will mean a smaller size for ACME Solar IPO.

The IPO will be managed by ICICI Securities, Citigroup Global Markets India and Deutsche Equities India. . The shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

ACME Solar Holdings is part of Manoj Kumar Upadhyay-promoted ACME Group which is better known for its energy management solutions to wireless telecommunications operators in India.

ACME Solar Holdings develops, builds, owns, operates and maintains utility scale grid connected solar power projects (through our in-house EPC and O&M operations), and generates revenue through the sale of electricity to central and state government entities and government-backed corporations.

ACME Solar Holdings IPO prospectus filed with SEBI
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Krishna Bagra

Coming from a family of investors and financial analysts, Krishna learnt wading through regulatory filings pretty early in her career. At IPO Central, Krishna plays twin roles of contributor and head of research desk. She can also be reached at +krishnabagra .

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