ACME Solar Holdings IPO closes today: GMP turns flat; should you invest?

ACME Solar Holdings IPO, which opened for subscription on November 6, is set to conclude today, Friday, November 8, 2024. Check subscription data, GMP, brokerage views, and other key details here

ACME Solar Holdings IPO closes today: The three-day subscription window to bid for the initial public offering (IPO) of ACME Solar Holdings is set to conclude today, Friday, November 8, 2024. Through this IPO, the company aims to raise Rs 2,900 crore by issuing a fresh offering of 82,871,973 shares and an offer for sale of 17,474,049 shares with a face value of Rs 2 apiece. So far, the IPO has received a tepid response from investors, with a subscription rate of 0.72 times, according to the latest data from the NSE.

 

The demand for ACME Solar Holdings IPO was led by Retail Individual Investors (RIIs), who bid 2.16 times the available shares, followed by Non-Institutional Investors (NIIs) at 0.58 times, and Qualified Institutional Buyers (QIBs) at 0.31 times. The employee category, reserved for the company's employees, was subscribed 1.04 times.

 

 

Meanwhile, the grey market premium (GMP) for ACME Solar Holdings' IPO has turned flat on the last day of subscription, with the company’s shares trading flat in the grey market, revealed sources tracking grey market activities.

 

The IPO is available for subscription with a price band of Rs 275-289 per share and a lot size of 51 shares. Investors can bid for a minimum of 51 shares and in multiples thereafter.

 

As the subscription window for ACME Solar Holdings IPO closes today, the basis for allotment of the company’s shares is likely to be finalised on Monday, November 11, 2024. Subsequently, the shares are expected to be credited to demat accounts on Tuesday, November 12, 2024.

 

Following this, ACME Solar Holdings shares will tentatively list on the BSE and NSE on Wednesday, November 13, 2024.

 

For the ACME Solar Holdings IPO, Kfin Technologies is the registrar, while the book-running lead managers include Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, and Motilal Oswal Investment Advisors.

 

Should you subscribe to ACME Solar Holdings IPO? 

Brokerage firms, including SBI Securities, BP Equities, Swastika Investmart, and Bajaj Broking, view the ACME Solar Holdings IPO favourably and broadly recommend subscribing to the public issue for a long-term perspective. READ MORE

 

Established in 2015, ACME Solar Holdings is a leading player in the Indian renewable energy sector, specialising in solar and wind energy projects. As of March 2024, the company’s operational solar capacity reached 1,320 MW.