ACME Solar's IPO plans on hold; company overvalued itself in first DRHP

The company also has a contract for a 250-Mw unit at the Rewa solar park in Madhya Pradesh

ACME Solar Holdings, the first renewable energy company to start listing procedure in India, might have dropped its initial public offering (IPO) plans. Market sources said the company was over-valued in their first attempt to issue the Draft Red Herring Prospectus (DRHP) and have given up on IPO plans for the time being.

ACME had filed its DRHP with the Securities and Exchange Board of India (Sebi) in September 2017 to raise more than Rs 20 billion. It later decided to revise the valuation by half and file the DRHP again. The deadline for refiling during last fiscal year had