ACME Solar Holdings – a leading Indian renewable energy company with a diverse portfolio in solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects – has successfully raised INR 1,300.50 crore from anchor investors just before the public opening of its highly anticipated initial public offering (IPO) on November 6, 2024. According to filings, a total of 4,500,000 equity shares have been issued to ACME Solar anchor investors, at the price of INR 289 per share on November 5, 2024.
ACME Solar Anchor Investors: Prominent Names
Among the prominent institutions participating as ACME Solar anchor investors were major domestic and international funds, including Nippon MF, HDFC MF, ICICI Prudential MF, Abu Dhabi Investment Authority, Tata MF, Mirae MF, HSBC Global Investment Fund, SBI Life Insurance, BNP Paribas Energy Transition Fund, and ICICI Prudential Life Insurance. Additionally, BNP Paribas Funds Emerging Markets Climate Solutions, TT Emerging Market Fund, Bandhan MF, Manulife Global, Invesco India Equity Fund, and Edelweiss MF joined the anchor book, reflecting widespread investor confidence in ACME Solar’s growth potential. Of the total allocation to anchor investors, approximately 150,03,690 equity shares—totaling INR 433.6 crore or 33.34% of the anchor book—were distributed across 17 domestic mutual fund schemes.
Read Also: ACME Solar IPO Subscription – Live Status
The IPO Process
ACME Solar’s IPO includes a fresh issuance of shares worth up to INR 2,395 crore, alongside an offer for sale of up to INR 505 crore from the Promoter Selling Shareholder, ACME Cleantech Solutions Private Limited. The IPO opens on November 6 and will close on November 8, with a price band set between INR 275 and INR 289 per share, potentially raising INR 2,900 crore at the upper limit. Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited are serving as book-running lead managers, with KFin Technologies as the registrar.
Investor Allocation
Investors in the IPO can bid for a minimum of 51 equity shares, with additional shares available in multiples of 51. The offering follows a book-building process, ensuring that at least 75% of shares are allocated to qualified institutional buyers, up to 15% to non-institutional investors, and 10% to retail individual bidders. This allocation strategy aligns with SEBI guidelines for maximizing participation across different investor segments, underscoring ACME Solar’s appeal to both large-scale and retail investors.
The news of a healthy allocation to ACME Solar Anchor Investors is a further plus point for the upcoming IPO which is already quoting at a premium in the IPO grey market.
