ACME Solar's Dismal Market Debut Raises Concerns

ACME Solar Holdings Ltd experienced a disappointing market debut on Wednesday, with shares falling over 12% below their issue price of Rs 289. The company's valuation stood at Rs 15,338.98 crore. The IPO raised Rs 2,900 crore, intended to address debts and fund general purposes.

ACME Solar Holdings Ltd encountered a challenging start on the stock market as its shares ended more than 12% below the issue price of Rs 289 on Wednesday.

The company's shares debuted at Rs 259 on the BSE, reflecting a 10.38% decrease, falling further to Rs 248.80 intraday before closing at Rs 253.50, a 12.28% decline.

Despite being subscribed 2.75 times, the Rs 2,900-crore IPO, with shares initially priced between Rs 275 to Rs 289, aimed to raise Rs 2,395 crore towards debt repayment.

(With inputs from agencies.)