ACME Solar Holdings Limited IPO

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.

ACME Solar Holdings Limited Financial Information (Restated Consolidated)

ACME Solar Holdings Limited’s revenue increased by 7.71% and profit after tax (PAT) rose by 22084.28% between the financial year ending with March 31, 2024 and March 31, 2023.

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
Revenue	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
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of ACME Solar Holdings IPO is Rs 17486.81 Cr.

KPI as of June 30, 2024.

KPI	Values
ROE	2.93
Debt/Equity	3.89
RoNW	0.07
P/BV	7.77
PAT Margin (%)	0.41

	Pre IPO	Post IPO
EPS (Rs)	13.36	0.09
P/E (x)	21.63	3147.37

Note:

The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2024 that is available in RHP.

Objects of the Issue (ACME Solar Holdings IPO Objectives)

The Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the “Objects”)

Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Subsidiaries; and
General corporate purposes.

ACME Solar Holdings IPO Details

IPO Date	November 6, 2024 to November 8, 2024
Listing Date	[.]
Face Value	₹2 per share
Price Band	₹275 to ₹289 per share
Lot Size	51 Shares
Total Issue Size	100,346,022 shares (aggregating up to ₹2,900.00 Cr)
Fresh Issue	82,871,973 shares (aggregating up to ₹2,395.00 Cr)
Offer for Sale	17,474,049 shares of ₹2 (aggregating up to ₹505.00 Cr)
Issue Type	Book Built Issue IPO
Listing At	BSE, NSE
Share holding pre issue	522,207,910
Share holding post issue	605,079,883

ACME Solar Holdings IPO Promoter Holding

The company's promoters are Mamta Upadhyay, Manoj Kumar Upadhyay, ACME Cleantech Solutions Private Limited, MKU Holdings Private Limited, and Upadhyay Family Trust.

Share Holding Pre Issue	100%
Share Holding Post Issue

SHARIAH SCREENING for - ACME Solar Holdings Limited IPO

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BUSINESS SCREEN

FINANCIAL RATIOS

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