ACME Solar Holdings IPO Day 2: Subscription lags at 0.46x, GMP up 2%; bid?

ACME Solar Holdings IPO has received the highest participation from retail investors, who subscribed for 1.53 times, followed by NIIs at 0.36 times, and QIBs at 0.15 times

Renewable energy player ACME Solar Holdings' Rs 2,900-crore IPO has garnered moderate interest from shareholders so far. The issue had subscribed 0.46 times as of 10:48 AM on Thursday, which also marks the second day of subscription. NSE data showed that the ACME Solar Holdings IPO, which opened for subscription yesterday, has received the highest participation from Retail Individual Investors (RIIs), who subscribed for 1.53 times, followed by Non-Institutional Investors at 0.36 times, and Qualified Institutional Buyers (QIBs) at 0.15 times.

 

ACME Solar Holdings IPO is a combination of a fresh issue of 82,871,973 shares, and an offer for sale of 17,474,049 shares with a face value of Rs 2 each. The public issue is available at a price band of Rs 275-289, with a lot size of 51 shares. Accordingly, investors can bid for a minimum of 51 shares and in multiples thereof.

 

In the grey market, ACME Solar Holdings' unlisted shares were trading at a premium of Rs 5 over the IPO's upper price band, reflecting a grey market premium (GMP) of approximately 1.71 per cent as of Thursday, according to sources monitoring grey market trends.

 

The three-day subscription window to bid for the public offering of ACME Solar Holdings is likely to close on Friday, November 8, 2024. The basis of allotment of ACME Solar Holdings IPO shares is expected to be finalised by Monday, November 11, 2024. Upon successful allotment, shares are likely to be credited to investors' demat accounts by Tuesday, November 12, 2024.  ACME Solar Holdings shares are set to make their market debut on Wednesday, November 13, 2024, by listing on both BSE and NSE.

 

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

 

About Acme Solar Holdings 

Founded in 2015, is a leading Indian renewable energy producer. The company develops, constructs, owns, operates, and maintains large-scale solar and wind energy projects. As of March 2024, its operational capacity was 1,320 MW (solar) and contracted capacity was 1,650 MW (solar and wind). Projects under construction totaled 2,380 MW, including solar, hybrid, and FDRE power projects. Acme Solar generates revenue by selling electricity to central and state government-supported clients and others.