November 12, 2024
admin
Acme Solar IPO Listing price estimate intends to prove Listing price-range and also long term potential of this scrip
Acme Solar’s Rs. 2900 crore IPO has received not so strong response from different categories of the investors. The QIB portion is subscribed 3.72x which not quite impressive. Whereas HNI portion is subscribed 1.02x and retail portion is subscribed 3.25x
The oversubscription is 2.89x for the IPO which closed on 8th November 2024.
Acme is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects. It is one of the largest renewable energy independent power producers (“IPP”) in India and among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024 and over the years, it has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy company in India. It develops, builds, owns, operates and maintains utility scale renewable energy projects (through our in-house engineering, procurement and construction (“EPC”) division and operation and maintenance (“O&M”) team, and generate revenue through the sale of electricity to various off-takers including central and state government-backed entities.
Weakness and negative premium is witnessed for this IPO in the grey market since last 3 sessions. In spite of its strong business potential, negative listing feared.
Now, the scrip will be listed on NSE & BSE on 13th November 2024. We expect the listing to be in the range of Rs. 280 to 285 for the shares issued at Rs. 289. However if you retain these shares for the long term, it has strong potential and may provide multibagger returns in the next 9 months.
