Renewable power agency ACME Photo voltaic Holdings Ltd has filed preliminary papers with capital markets regulator Sebi to lift ₹3,000 crore by means of an preliminary public providing (IPO).
The Gurugram-based firm’s proposed IPO is a mixture of contemporary difficulty of shares price ₹2,000 crore and a suggestion on the market (OFS) of shares valued ₹1,000 crore by ACME Cleantech Options, in keeping with the draft crimson herring prospectus (DRHP).
The supply additionally features a reservation for a subscription by eligible workers.
The corporate might take into account difficulty of securities to the tune of as much as ₹400 crore as a “pre-IPO placement”. If such placement is accomplished, the contemporary difficulty dimension might be diminished.
The renewable power agency intends to make the most of the proceeds from the contemporary issuance to the extent of ₹1,500 crore in the direction of fee of debt, moreover a portion of funds might be used for normal company functions.
ACME Photo voltaic develops, builds, owns, operates, and maintains utility-scale renewable power initiatives by means of its in-house engineering, procurement, and development (EPC) division, in addition to its operation and upkeep (O&M) group.
It generates income by promoting electrical energy to varied off-takers, together with central and state government-backed entities.
As of March 2024, 18 out of 28 operational initiatives of the corporate have been situated within the states of Andhra Pradesh, Rajasthan, and Telangana, representing 85% of its whole operational initiatives capability.
ACME Group was one of many early entrants within the photo voltaic impartial energy producer (IPP) enterprise in India, commissioning its first solar energy plant in fiscal 2012. Since then, the group has developed, executed, and commissioned a complete of two,719 MW of solar energy initiatives.
On the monetary entrance, ACME Photo voltaic’s consolidated income from operations elevated 1.88% to ₹1,319.25 crore through the fiscal yr 2024 from ₹1,294.90 crore within the earlier yr. The corporate had a turnaround from being a loss-making agency in FY23 to having registered a revenue of ₹698.23 crore in FY24.
Nuvama Wealth Administration, ICICI Securities, JM Monetary, Kotak Mahindra Capital Firm and Motilal Oswal Funding Advisors are the book-running lead managers to the difficulty.
