ACME Solar Holdings Stumbles on Market Debut with 13% Listing Discount

ACME Solar Holdings Ltd, a renewable energy firm, saw its shares debut at a discount of over 13% on the stock market. The initial public offering, priced between Rs 275 to Rs 289, was oversubscribed 2.75 times. Proceeds aim to reduce debt and support corporate purposes.

On Wednesday, shares of renewable energy firm ACME Solar Holdings Ltd entered the market at a disappointing discount of 13% from its issue price of Rs 289.

Upon debuting, ACME's stock fell to Rs 259 on the BSE, reflecting a decline of 10.38%, before further slumping to Rs 255. The NSE reported a starting price of Rs 251, marking a 13.14% drop.

The firm, valued at Rs 16,358.55 crore, attracted an IPO subscription of 2.75 times. Intended for debt payment and corporate objectives, the Rs 2,900-crore IPO encompasses new shares worth Rs 2,395 crore alongside a Rs 505 crore offer-for-sale by ACME Cleantech.

(With inputs from agencies.)