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ACME Solar Holdings IPO
Price Band
₹275.0–289.0
Issue Size
₹2900.0 Cr
Lot Size
51 shares
Min Investment
₹14,739
GMP
₹-4.0 (-1.38%)
Issue Price
₹289.0
ACME Solar Holdings IPO AI Summary
- ACME Solar Holdings IPO is listed on BSE, NSE in the Power Generation sector.
- Price band: ₹275.0–₹289.0 per share, lot size 51 shares (min. investment ₹14,739).
- Subscription window: 06 Nov–08 Nov 2024, listing on 13 Nov 2024.
- Current GMP is ₹-4.0 (-1.38%), an estimated listing price of ₹285 — unofficial and can change daily.
ACME Solar Holdings Limited is a significant player in India's renewable energy sector, focusing on solar and wind energy projects. With a strong project pipeline and integrated operations, the company presents growth potential, though it carries risks associated with high debt and recent profit volatility.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
ACME Solar Holdings IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 08 Nov 2024 — not a current signal.
9 of 11 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
ACME Solar Holdings IPO Grey Market Premium (GMP) Today
GMP
₹-4.0
GMP %
-1.38%
Est. Listing
₹285.0
Updated: 25 Jul 2026 14:03
About the Company
Incorporated In June 2015, Acme ACME Solar Holdings Limited is an Indian electricity producer from renewable energy sources. The company is one of the largest producers of electricity from wind and solar energy in India. The company specializes in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects. The company achieves this through its in-house engineering, procurement and construction (EPC) division and operations and maintenance (O&M) team. The company's revenue is generated by selling electricity to various customers, including plants supported by the central and state governments. As of March 31, 2024, the company had a total operational project capacity of 1,320 MW (1,802 MWp) in solar power projects. In addition, it had a contracted project capacity of 1,650 MW, comprising 1,500 MW (2,192 MWp) of solar power projects and 150 MW of wind power projects. In addition, the awarded project capacity under construction amounted to 2,380 MW, consisting of 300 MW of solar power projects, 830 MW of hybrid power projects and 1,250 MW of FDRE power projects. Competitive strengths Largest renewable energy company with strong industry growth in the IPP business; End-to-end value chain and integrated approach to renewable energy project development through in-house project development, EPC and O&M teams; An expansive portfolio diversified across different renewable energy technologies; Long-term stable cash flows based on contracts with central and state government agencies; Access to diversified funding sources; Design and value engineering leading to greater efficiency; and Experienced promoters and management team As of March 31, 2024, the company had 214 permanent employees in various departments.
Company Financials (₹ Cr)
As of 2024-06-30
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 13,985.14 | 13,394.13 | 12,186.95 | 10,887.62 |
| Total Income | 340.01 | 1,466.27 | 1,361.37 | 1,562.73 |
| Profit After Tax | 1.39 | 697.78 | -3.17 | 62.01 |
| NET Worth | 1,942.12 | 2,590.87 | 1,900.56 | 1,908.76 |
| Reserves and Surplus | 1,837.68 | 1,836.43 | 1,146.12 | 1,154.32 |
| Total Borrowing | 9,319.91 | 8,217.59 | 8,657.35 | 7,563.60 |
Key Ratios
EPS
₹13.36
NAV
₹37.19
ROE
2.93%
RoNW
0.07%
P/B Value
7.77
P/E Ratio
21.63
Market Cap
₹17486.81 Cr
PAT Margin
47.59%
Debt/Equity
3.89
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| ReNew Energy Global PLC | 332.16 | 3.07% | 48.8 | 9.94 | 9.92 |
| Adani Green Energy Ltd | 85.86 | 7.22% | 291.7 | 6.21 | 6.2 |
| ACME Solar Holdings Limited This IPO | 49.61 | 26.93% | — | 12.55 | 12.55 |
Promoters
Mamta Upadhyay, Manoj Kumar Upadhyay, ACME Cleantech Solutions Pvt.Ltd., MKU Holdings Pvt.Ltd. and Upadhyay Family Trust
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Investment in our Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Subsidiaries; and 1,795.00 2 General corporate purposes 499.78
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,562.73 Cr in the year ending March 31, 2022, which decreased to ₹1,361.37 Cr by March 31, 2023. However, it rebounded to ₹1,466.27 Cr by March 31, 2024, and further increased to ₹340.01 Cr as of June 30, 2024. Though the latest figure is for a 9-month period and not a full year, it shows a recovery trend compared to the prior year.
Profit Trend
Profit After Tax was ₹62.01 Cr in the year ending March 31, 2022, but fell to a loss of ₹3.17 Cr by March 31, 2023. It then significantly recovered to a profit of ₹697.78 Cr by March 31, 2024, and showed a slight increase to ₹1.39 Cr as of June 30, 2024. Again, the latest figure is for a 9-month period and not directly comparable to full fiscal years.
Valuation
Priced at approximately 21.63 times trailing earnings, ACME Solar's implied P/E ratio is lower than peers like ReNew Energy Global PLC trading at 48.8 and Adani Green Energy Ltd at 291.7.
Key Risks
Investors should consider risks such as regulatory changes impacting renewable energy policies, potential fluctuations in energy prices, and the company's high level of debt which may affect financial stability.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO on its debut day. A positive GMP suggests higher demand, while a negative GMP indicates lower demand. It is important to note that GMP is not a guaranteed predictor of listing performance.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential in the renewable energy sector and its financial health.
Who May Want to Wait
Investors with a low risk tolerance or those seeking stable, predictable returns might consider avoiding this IPO due to its high debt levels and recent profit fluctuations.
IPO Timeline, Explained
The IPO will open for subscription on November 6, 2024, and close on November 8, 2024. Allotment of shares will be finalized by November 11, 2024, with the listing expected on November 13, 2024.
Listing Gains — The Risk
Investors should be aware that listing-day gains can be unpredictable and are influenced by market conditions, investor sentiment, and overall demand for the stock. There is no guarantee that the stock will perform well on its first day of trading.
This evaluation is generated from ACME Solar Holdings's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is ACME Solar Holdings IPO GMP today?
ACME Solar Holdings IPO GMP today is ₹-4.0 (-1.38%), indicating an estimated listing price of ₹285. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of ACME Solar Holdings IPO?
The price band of ACME Solar Holdings IPO is ₹275.0–₹289.0 per share.
When does ACME Solar Holdings IPO open and close?
ACME Solar Holdings IPO opens on 06 November 2024 and closes on 08 November 2024.
When does ACME Solar Holdings IPO list on the stock exchange?
ACME Solar Holdings IPO listed on 13 November 2024 at ₹285.0.
What is the lot size for ACME Solar Holdings IPO?
The lot size for ACME Solar Holdings IPO is 51 shares, requiring a minimum investment of ₹14,739.
What is the price band for the IPO?
The price band for the IPO is ₹275 to ₹289.
What is the minimum investment required?
The minimum investment required is ₹14,739 for one lot of 51 shares.
When does the IPO open and close?
The IPO opens on November 6, 2024, and closes on November 8, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on demand in the grey market.
When is the listing date?
The listing date for the IPO is November 13, 2024.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
06 Nov 2024
Close
08 Nov 2024
Allotment
11 Nov 2024
Listing
13 Nov 2024
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