India's Acme Solar looking to raise up to USD 345m in IPO

Indian renewables developer Acme Solar Holdings Ltd is aiming to raise up to INR 29 billion (USD 345m/EUR 317m) in its upcoming initial public offering (IPO).

The company recently set a price range of INR 275 to INR 289 per share for the offering, which will include a fresh issue of up to INR 23.95 billion and a sale of up to INR 5.05 billion by ACME Cleantech Solutions Pvt Ltd.

The bidding for anchor investors will start on November 5, a day before the offering is opened to other investors. The closing date is November 8 and the shares of the company are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Acme Solar received in-principle approvals for the listing from the exchanges earlier this year.

According to the IPO announcements, the company has 1,340 MW of operational capacity, 3,250 MW of under construction contracted capacity and 1,730 MW of construction awarded capacity.

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

(INR 1 = USD 0.012/EUR 0.011)

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