ACME Solar Holdings’ ₹2,900 crore IPO has received a strong response from investors, fully subscribing by Day 3 with an overall subscription rate of 2.33 times. The IPO, open from November 6 to November 8, saw high interest across categories. Qualified institutional buyers (QIBs) subscribed 2.93 times, and retail investors 2.83 times, while employees subscribed 1.41 times. However, the portion reserved for non-institutional investors (NIIs) was subscribed at 83%, falling slightly short of full subscriptions.
Priced in the range of ₹275 to ₹289 per share, with a ₹27 per share discount for eligible employees, the IPO’s latest grey market premium (GMP) suggests a flat listing. Based on the current GMP, ACME Solar’s estimated listing price stands at ₹289, indicating no immediate listing gains.
The allotment for the IPO is set to take place on November 11, and investors can check their status on platforms like BSE, NSE, and Kfin Technologies, the IPO’s registrar. Refunds and the crediting of shares in demat accounts are scheduled for November 12, and the stock is expected to be listed on November 13, 2024.
Brokerage firm Swastika has evaluated ACME Solar’s IPO, highlighting the company’s position in the renewable energy sector and its diversified portfolio in power generation. The firm recently demonstrated strong financial performance with solid margins, despite a dip in profitability in FY23 and a high debt-to-equity ratio. Swastika advises that this IPO might be well-suited for long-term investors who can navigate possible listing-day volatility while capitalizing on the promising long-term outlook for the renewable energy sector.
Disclaimer: This information is for general purposes only and does not constitute financial advice. IPO investments are subject to market risks; please consult a financial advisor before investing. Past performance does not guarantee future results.
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