ACME Solar Holdings share price made a weak stock market debut on November 13 as the stock was listed with a sharp discount on bourses. ACME Solar Holdings shares got listed at ₹251 apiece on NSE, a discount of 13.15% to the issue price of ₹289 per share.
On BSE, ACME Solar Holdings shares were listed with a 10.38% discount at ₹259 apiece.
ACME Solar Holdings share listing was weaker than Street expectations of a flat debut. ACME Solar Holdings IPO GMP and stock market experts have indicated that the share listing would be flat, or at its IPO price.
“On the financial front, ACME has demonstrated remarkable growth, with its PAT increasing from ₹620 million in FY22 to ₹6,978 million in FY24. Additionally, the company achieved an ROE of 38.83% in FY24. We, therefore, suggest that investors who have been allotted shares consider maintaining their positions with a medium to long-term outlook” said Manish Chowdhury, Head of Research, Stoxbox.
ACME Solar Holdings IPO opened for subscription on Wednesday, November 6, and closed on Friday, November 8. The IPO allotment was fixed on November 11, and the ACME Solar IPO listing date today, November 13. The equity shares of ACME Solar Holdings Ltd will be listed on both the stock exchanges, BSE and NSE.
ACME Solar Holdings IPO price band was set at ₹275 to ₹289 per share. At the upper-end of the price band, the company raised ₹2,900 crore from the book-built issue that comprised a combination of fresh issue of 8.29 crore equity shares worth ₹2,395 crore and offer-for-sale (OFS) of 1.75 crore share amounting to ₹505 crore.
The public offer was subscribed 2.75 times in total. The public issue received 3.10 times subscription in the Retail category and 97% subscription in the Non Institutional Investors (NII) category. The portion for Qualified Institutional Buyers (QIB) was booked 3.54 times.
The company has an extensive portfolio across various renewable energy technologies and is constantly growing its portfolio by adding to its capacity. It has an in-house approach to end-to-end execution, completion and maintenance of its projects. This helps the company improve its efficiency and manage costs, boosting revenue and strengthening reliability.
Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors are the book running lead managers of the ACME Solar Holdings IPO, while Kfin Technologies is the IPO registrar.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
