Indian renewable energy firm ACME Solar Holdings files for $360 million IPO, ET EnergyWorld

BENGALURU: Indian renewable energy company ACME Solar Holdings has filed for an initial public offering (IPO) seeking to raise up to 30 billion rupees (nearly $360 million), according to draft documents released on Wednesday.

ACME Solar, a solar and wind energy projects company, will issue new shares worth up to Rs 20 billion, while its largest shareholder, ACME Cleantech Solutions, will offer shares worth up to Rs 10 billion in the IPO.

Proceeds from the sale of new shares will be used to repay the loans.

At the end of March, the company’s annual debt stood at Rs 82.17 billion, down 5% from a year earlier.

India is experiencing a boom in the IPO market, with the country likely to invest about $385 billion to achieve its target of 500 gigawatts of renewable energy by 2030, according to Moody’s ratings.

In the last fiscal year, ACME Solar posted a profit of Rs 6.98 billion and its revenue grew by 2 percent.

Nuvama, ICICI Securities, JM Financial, Kotak Investment Banking and Motilal Oswal Investment Banking are the book-running managers for the initial public offering.