ACME Solar Holdings IPO: Share Allotment Finalised, GMP Hints Muted Listing; How To Check Status?

ACME Solar Holdings Ltd, one of India's largest renewable energy companies, is set to finalize the basis of allotment for its IPO shares on Monday, November 11. The Gurugram-based solar energy provider raised Rs 2,900 crore through its IPO, comprising a fresh issue of Rs 2,395 crore and an offer-for-sale (OFS) of up to 1,74,74,049 equity shares. However, despite the fundraising, the IPO received a lukewarm response, closing with a subscription rate of 2.75 times over its three-day bidding period from November 6 to November 8.

The ACME Solar IPO offered shares within a price band of Rs 275 to Rs 289 per share, with a lot size of 51 shares. Despite an overall subscription of 2.75 times, the IPO's success largely hinged on support from qualified institutional buyers (QIBs), who subscribed 3.54 times their reserved portion. Retail investors demonstrated moderate interest, with a subscription rate of 3.10 times, and employees subscribed to 1.59 times of the offered shares. However, non-institutional investors (NIIs) showed limited enthusiasm, as their quota was subscribed only 97%.

Grey Market Premium (GMP)

Ahead of its allotment and listing, the ACME Solar IPO's Grey Market Premium (GMP) has been uninspiring. Initially trading at a GMP of Rs 30 before the IPO opened, the GMP has sharply corrected, recently hovering at a Rs 1 discount. This flat GMP signals cautious sentiment among grey market traders and suggests a possible subdued listing for the shares on November 13. Analysts indicate that while a zero GMP may seem discouraging, it doesn't necessarily predict the stock's performance on listing day, especially given the stable interest from institutional buyers.

About ACME Solar

Incorporated in June 2015, ACME Solar Holdings has grown into a prominent player in India's renewable energy landscape. The company is involved in the development, construction, ownership, operation, and maintenance of large-scale solar and wind projects.

However, the company's high debt levels and inconsistent profitability have raised some red flags among prospective investors. Although brokerage firms expressed confidence in the company's long-term growth potential, citing the rising renewable energy demand and strong operational margins, many also noted concerns over its aggressive valuations.

How to Check ACME Solar IPO Allotment Status

Investors can check the allotment status on the BSE and Kfin Technologies websites. Here's a quick guide:

On BSE

Visit BSE Allotment Status.
Select 'Equity' as the issue type.
Choose 'ACME Solar Holdings Limited' from the dropdown.
Enter either your Application Number or PAN, complete the CAPTCHA, and click 'Search' to view your status.

On Kfin Technologies

Go to the Kfin Technologies Allotment Portal.
Select 'ACME Solar Holdings Limited' from the IPO dropdown.
Enter your Application Number, Demat Account, or PAN, and click 'Submit' to see your allotment result.

Listing Details

The ACME Solar IPO is scheduled to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Wednesday, November 13. The IPO was managed by a consortium of top financial institutions, including Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, and Motilal Oswal Investment Advisors. Kfin Technologies acted as the registrar, overseeing allotment processes and investor services.