ACME Solar IPO: A Bright Start with 39% Day-One Subscription

The IPO of ACME Solar Holdings Ltd received a 39% subscription on its first day. Retail investors showed strong interest at 1.19 times subscription, while institutional investors lagged behind. The IPO aims to raise Rs 2,900 crore for debt repayment and corporate purposes. Key players in the offering include Nuvama Wealth Management and ICICI Securities.

ACME Solar Holdings Ltd's much-anticipated initial public offering attracted significant attention on its debut, securing a 39% subscription rate on the very first day. The company aims to raise Rs 2,900 crore, combining a fresh issue and an Offer-for-Sale.

Retail investors showed a notable interest, subscribing 1.19 times the shares earmarked for them, while non-institutional and qualified institutional buyers lagged behind with 32% and 15% subscriptions, respectively. Anchor investors have already contributed Rs 1,300 crore to ACME's coffers.

The proceeds from the IPO will be leveraged to pay off Rs 1,795 crore in debt and to serve general corporate purposes. As an integrated renewable energy powerhouse, ACME Solar generates revenue by supplying electricity to a broad range of central and state-backed entities.

(With inputs from agencies.)