ACME Solar Holdings IPO subscription opens on November 06. The company aims to raise Rs 2,900 crore via a combination of fresh shares and an offer for sale. The IPO closes on November 08.
ACME Solar Holdings IPO Price Band
The company has kept the IPO price band between Rs 275 to Rs 289 per equity share. The allotment of shares will likely be finalised on November 11. The listing of shares on NSE and BSE is expected to be on November 13, as per the tentative schedule.
ACME Solar Holdings IPO GMP
The shares of ACME Solar Holdings were attracting a premium of 9.8% in the grey market. The GMP of ACME Solar Holding is indicating a lacklustre listing gain. It is an unofficial place to trade shares ahead of listing. Market participants keep an eye on GMP to track listing day gains.
About ACME Solar Holding
ACME Solar Holdings is in the business of producing electricity from renewable energy sources. The company is one of the largest producers of electricity from wind and solar energy in India. ACME Solar Holdings specializes in the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects. The company’s revenue is generated by selling electricity to various customers, including plants supported by the central and state governments.
Objective of IPO
The company will be utilising the raised funds for the payment of certain borrowings availed by the company’s subsidiaries. Also, some part of the proceeds will be used for other general corporate purposes.
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Minimum investment required
Retail buyers can apply for 51 shares in an application and then in multiples of it. The 51 shares amount to Rs 14,739. There are different lot sizes for small and big NIIs. The small NII can invest a minimum of Rs 2,06,346 while big NIIs Rs 10,02,252.
BRLMs and Registrar
Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, and Motilal Oswal Investment Advisors are the lead book runners of the issue. Kfin Technologies is handling the work of the registrar.
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