ACME Solar Holdings Limited was established in 2015 to consolidate the ACME Group’s renewable energy business. It is a renewable energy company, specializing in solar, wind, hybrid, and firm and dispatchable renewable energy projects. It is one of the largest Independent Power Producers (IPP) in the country, with an operational capacity of 1,320 MW in solar projects and a significant pipeline of under-construction projects totalling 2,220 MW. The company focuses on developing, building, owning, operating, and maintaining utility-scale renewable energy projects while generating revenue through sales to government-backed entities.
IPO Issue size
Funds Raised in the IPO
Amount
Overall
₹2900 crores
Fresh issue
₹2395 crores
Offer for sale
₹505 crores
Utilisation of proceeds
Purpose
INR crores (%)
Investment in subsidiaries for repayment/prepayment of borrowings
1795 (74.95%)
General corporate purposes
600 (25.05%)
Financials
Financial year ended
March 2022
March 2023
March 2024
Total assets
156.27
136.13
146.62
Revenue
1088.67
1218.69
1339.41
Profit After Tax
10.24
-1.54
90.98
Strengths
ACME Solar Holdings has a comprehensive portfolio that includes solar, wind, hybrid, and firm and dispatchable renewable energy projects, making it one of the largest independent power producers in India.
The ACME Group has been an early entrant in the solar IPP business in India. It commissioned its first solar power plant in Fiscal 2012 and has developed 2,719 MW of solar power projects.
The company has established power purchase agreements that ensure revenue generation from various government-backed entities, securing its financial stability.
The company has signed a memorandum of understanding with the Government of Uttar Pradesh for a significant closed-loop pump storage project, showcasing its growth strategy in renewable energy.
Risks
The renewable energy sector is subject to regulatory changes that can impact project approvals, tariffs, and operational guidelines, introducing uncertainty into future earnings.
The company’s revenue is significantly tied to government policies and incentives for renewable energy projects. Any changes in these policies could negatively affect profitability.
The company depends on the top 10 off-takers, which contributed 89.97% of revenue from operations in 2024.
ACME Solar does not have long-term agreements with suppliers and typically sources the required components through purchase orders.
Subscription Figures for ACME Solar Holdings
Subscription numbers as of 05:00 pm on 6 Nov 2024:
Category
Shares Reserved
Shares Bid
Subscription (No. of times)
Qualified Institutional Buyers (QIBs)
3,15,27,272
48,45,765
0.15
Non Institutional Investors
1,57,63,636
51,05,457
0.32
Retail Individual Investors (RIIs)
1,05,09,090
1,25,10,861
1.19
Employees
4,03,225
2,43,576
0.60
Total
5,82,03,223
2,27,05,659
0.39
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