New Delhi: The Initial Public Offer (IPO) of ACME Solar Holdings Limited has opened for subscription from today i.e. 6 November. Investors will be able to invest in it till 8 November. Its listing in the stock market will be on 13 November. Let us know what this company does and whether it will be right to invest in its IPO or not.

ACME Solar IPO Details

ACME Solar Holdings wants to raise Rs 2,900 crore through IPO. This is fresh equity of Rs 2,395 crore and an offer for sale of Rs 505 crore. The money from fresh equity will be spent to expand the company's business. At the same time, the money from the offer for sale will go to the accounts of existing shareholders, who are going to sell their stake in the IPO.

How much can you invest in IPO

ACME Solar Holdings has fixed the price band for its IPO at Rs 275-289 per share. Retail investors will have to bid for a minimum of one lot i.e. 51 shares. As per the upper price band of the IPO i.e. Rs 289, one will have to invest Rs 14,739 for 1 lot.

What portion is reserved for retail investors

10 percent of ACME Solar Holdings' issue is reserved for retail investors. A large part of the IPO i.e. 75 percent is reserved for qualified institutional buyers (QIB). The remaining 15 percent is reserved for non-institutional investors (NII).

GMP of ACME Solar IPO

ACME Solar Holdings IPO is getting a very sluggish response in the grey market. Its GMP i.e. grey market premium is currently Rs 10, which indicates a marginal listing gain of 3 per cent. The grey market is an unofficial market where buying and selling of shares takes place before listing.

Book Running Lead Manager of ACME Solar

The Book Running Lead Managers to the ACME Solar Holdings IPO are Vama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Limited. KFin Technologies Limited is the registrar to this IPO.

What does ACME Solar Holdings do?

ACME Solar was founded in June 2015, which produces electricity from renewable energy sources. It is one of the largest companies producing electricity from wind and solar energy. ACME Solar works on the development, construction, ownership, operation and maintenance of large-scale renewable energy projects.