ACME Solar IPO Shines Bright: Subscriptions Surge on Day Two

ACME Solar Holdings Ltd's IPO attracted 70% subscription on the second day, receiving bids for over 4 crore shares against the 5.82 crore on offer. The Rs 2,900 crore issue aims to raise Rs 1,795 crore for debt repayment and additional funds for corporate needs, concluding on November 8.

On the second day of bidding, ACME Solar Holdings Ltd's initial public offering (IPO) demonstrated strong investor interest with a 70% subscription rate. The renewable energy firm's IPO received bids for 4,05,69,939 shares against the available 5,82,03,223 shares, according to the NSE's data.

The retail individual investors (RIIs) category showed significant interest, with subscriptions at 2.04 times their quota, while non-institutional investors subscribed to 56% of their shares. Qualified institutional buyers (QIBs) subscribed to 31% of their allocated shares. The Gurugram-based company's IPO, valued at Rs 2,900 crore, includes a fresh share issue of Rs 2,395 crore alongside an Offer-for-Sale (OFS) totaling Rs 505 crore by ACME Cleantech Solutions.

Funds from the fresh share issue, amounting to Rs 1,795 crore, are earmarked primarily for debt repayment, with the remainder allocated for corporate purposes. The IPO, with a price range of Rs 275-289 per share, will close on November 8. Lead managers include Nuvama Wealth Management, ICICI Securities, and others.

(With inputs from agencies.)