ACME Solar's IPO Shines Bright with High Demand

ACME Solar Holdings Ltd's IPO, worth Rs 2,900 crore, was oversubscribed 2.75 times, generating significant interest especially from qualified institutional buyers. The funds raised will be used to reduce debt and for corporate purposes. The firm has expanded its renewable energy projects over the years.

On the closing day of bidding, ACME Solar Holdings Ltd's initial share sale was oversubscribed by 2.75 times, reflecting strong market interest.

The Rs 2,900 crore IPO included a Rs 2,395 crore fresh issue and a Rs 505 crore offer-for-sale by ACME Cleantech Solutions. Qualified institutional buyers led the demand with a 3.54 times subscription rate.

The company plans to use the proceeds mainly to pay off debts and support general corporate purposes. ACME Solar, known for its diverse renewable energy portfolio, continues to generate revenue by supplying electricity to government-backed entities.

(With inputs from agencies.)