Indian renewables firm Acme Solar files to go public at home

Acme Solar Holdings Ltd, an Indian renewables developer with a portfolio of 1,320 MW of operational capacity, has filed for an initial public offering (IPO) at home in a transaction that could fetch INR 30 billion (USD 359m/EUR 334m).

Acme Solar plans to sell INR 20 billion in new shares, while its largest shareholder -- ACME Cleantech Solutions Private Limited, will be offering INR 10 billion in existing units. The shares have a face value of INR 2 apiece.

The company has received in-principle approvals from both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for the listing of its shares. The underwriters hired for the IPO include Nuvama, ICICI Securities, JM Financial, Kotak and Motilal Oswal.

The net proceeds from the transaction will be used for debt repayment and general corporate purposes.

Acme Solar has a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy projects. The company has under construction contracted capacity of 2,220 MW and under construction awarded capacity of 1,810 MW.

The business booked INR 6.98 billion in profit in the fiscal year ended on March 31, 2024, against a loss of INR 31.7 million in the previous year. Revenue for the reported period saw an increase of about 1.9% to INR 13.2 billion.

(INR 100 = USD 1.198/EUR 1.113)

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