ACME Solar Holdings IPO subscribed 70% on Day 2; check GMP, subscription status, other details | Stock Market News

ACME Solar Holdings Limited’s initial public offering (IPO), through a book-building process, offers a fresh issue and an offer-for-sale (OFS) component. The IPO completed its second day of public bidding on November 7. The public offer was subscribed 70 per cent on the second day as investors bid for 4.05 crore shares, compared to 5.82 crore shares available. 

Among the three segments, only the retail investors oversubscribed to the IPO, 2.04 times their allotted portion on the second day. The non-institutional investors (NIIs) followed the retail investor’s lead by subscribing to 56 per cent of their offered shares. The Qualified Institutional Buyers (QIBs) subscribed 31 per cent on Day 2, according to the Bombay Stock Exchange (BSE) IPO data.

The ACME Solar Holdings IPO opened for public subscription on Wednesday, November 6, and will close on Friday, November 8. The company raised ₹1,300.50 crore from its anchor investors on Tuesday, November 5. ACME Solar set its IPO price band at the range of ₹275 and ₹289 per share, with a lot size of 51 shares per lot. 

ACME Solar Holdings IPO GMP today

As of November 7, ACME Solar Holdings IPO’s grey market premium (GMP) is nil. Grey market premium (GMP) is the investor’s willingness to pay more on top of the issue price.

The renewable energy firm’s price band is at the upper level of ₹289, and the public issue is expected to be listed at ₹289 per share, according to Investorgain.com.

ACME Solar Holdings IPO Details

ACME Solar has reserved not less than 75 per cent of shares for qualified institutional buyers (QIB) in the public issue, not more than 15 per cent for non-institutional Institutional Investors (NII), and not more than 10 per cent for retail investors. 

The company is involved in the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects through its internal engineering, procurement, and construction (EPC) division and its operation and maintenance (O&M) team. 

The renewable energy firm generates revenues by providing electricity to various buyers, including entities backed by central and state governments. As of June 2024, 18 of its 28 active projects are in Andhra Pradesh, Rajasthan, and Telangana, accounting for 85 per cent of its total operational capacity.