ACME Solar Holdings IPO Sparks Strong Market Interest

ACME Solar Holdings' IPO sees strong market excitement with a GMP surge of ₹60. The ₹2,900 crore offering includes a fresh issue and an offer for sale, reflecting investor confidence in the company's solar growth. The IPO is open from November 6-8, 2024, with listing set for November 13.

In a significant market event, ACME Solar Holdings' Initial Public Offering (IPO) launched today, sparking robust enthusiasm reflected in a ₹60 surge in Grey Market Premium (GMP). This ₹2,900 crore offering is set to be a notable entry in recent months.

The IPO comprises a fresh issuance of 8.29 crore equity shares, totaling ₹2,395 crore, and an offer for sale of 1.75 crore shares worth ₹505 crore. ACME's firm standing in renewable energy is mirrored in its price band of ₹275 to ₹289 per share. The subscription window remains open until November 8, 2024.

Analysts attribute the rising GMP to investor belief in ACME's pivotal role in India's solar energy initiatives. With share allotments due on November 11, 2024, and tentative listing on BSE and NSE on November 13, the IPO appeals to both retail and institutional investors.

(With inputs from agencies.)