ACME Solar Holdings, incorporated In June 2015, is an Indian electricity producer from renewable energy sources. It is one of the largest producers of electricity from wind and solar energy in India. Shares of ACME Solar Holdings made a flop debut on Dalal Street on Wednesday as the renewable energy player was listed at Rs 251 on NSE, a discount of 13.15 per cent over the issue price of Rs 289 apiece. Similarly, the stock kicked-off its maiden trading session with a premium of 10.38 per cent at Rs 259 on BSE over the given issue price.
The listing of ACME Solar Holdings has been on the better-than-expectations. Ahead of listing, shares of ACME Solar Holdings were exchanging hands at a discount of Rs 4 per shares, suggesting a flop shop at debut. The GMP stood at Rs 30 before the bidding opened for the issue.
Gurugram-based ACME Solar Holdings sold its IPO for bidding between November 6 and November 8. It had offered its shares in the price band of Rs 275-289 per share with a lot size of 51 shares. It raised a total of Rs 2,900 crore from its IPO, which included a fresh share sale of Rs 2,395 crore and an offer-for-sale (OFS) of up to 1,74,74,049 equity shares.
The issue was overall subscribed just 2.75 times due to the last minute interest from the qualified institutional bidders (QIBs), who rescued the issue with 3.54 times bidding for the quota. The portions retail investors and employees were subscribed 3.10 times and 1.59 times, respectively. However, The portion for non-institutional investors (NIIs) was booked merely 97 per cent.
ACME Solar Holdings, incorporated In June 2015, is an Indian electricity producer from renewable energy sources. It is one of the largest producers of electricity from wind and solar energy in India. The company specializes in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects.
Brokerages mostly had a positive view on the issue and suggested subscribing for a long term. JM Financial, Nuvama Wealth Management, ICICI Securities, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors were the book running lead managers of the ACME Solar Holdings IPO, while Kfin Technologies was the registrar for the issue.