ACME Solar Holdings Limited IPO

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The company is one of India’s leading renewable energy independent power producers (IPP) with a diverse portfolio covering solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. As of June 30, 2024, they are among the top 10 renewable energy players in India, driven by a broad expansion strategy that has transformed us from a solar-focused operation into an integrated renewable energy enterprise.

Core Capabilities and Services

Their primary operations encompass the development, ownership, and management of large-scale renewable energy projects. Leveraging an in-house engineering, procurement, and construction (EPC) division, along with a dedicated operation and maintenance (O&M) team, they ensure operational excellence across all projects. Their revenue model relies heavily on electricity sales to a variety of clients, including government-backed central and state entities, supporting both sustained growth and reliable income streams.

Current Project Portfolio

i. Operational Capacity          ii. Under Construction Contracted Projects
iii. Under Construction Awarded Projects

Revenue Streams

Their revenue, particularly from solar projects, has shown consistent growth over time, supported by projects that have been operational during the fiscal years and quarters leading up to June 30, 2024. This diversified project mix underpins their revenue streams and aligns with India’s broader renewable energy goals, positioning them as a key contributor to the nation’s sustainable energy objectives.

By prioritizing innovation and scalability, they aim to continue expanding their footprint across India’s renewable energy sector, contributing meaningfully to the country’s clean energy transition and its commitment to achieving ambitious sustainability targets.

Objects of the ACME Solar Holdings Limited IPO:

The Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the "Objects") i. Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Subsidiaries. ii. General corporate purposes. Total number of shares issue:- i. Fresh issue is 82,871,973 shares ii. Offer for sale is 17,474,049 shares.
DRHP of ACME Solar Holdings Limited IPO
RHP of ACME Solar Holdings Limited IPO

ACME Solar Holdings Limited IPO Details:

Open Date: Nov 06 2024
Close Date: Nov 08 2024
Total Shares: 100,346,022
Face Value: ₹ 2 Per Equity Share
Issue Type: Book Building
Issue Size: 2,900.00 Cr.
Lot Size: 51 Shares
Issue Price: ₹ 275 - 289 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 13 2024

Promoters And Management:

Manoj Kumar Upadhyay, the Chairman and Managing Director, is the founder of ACME Group. He holds a diploma in electronics engineering and has been recognized with multiple awards, including the 2007 Ernst & Young Entrepreneur of the Year (Start-up) and the 2022 Top & Most Powerful People in Renewable Energy (Private). He is also an inventor with patents under ACME Cleantech Solutions, bringing expertise across power, telecommunications, energy management, and storage sectors. Nikhil Dhingra, the Whole-Time Director and CEO since February 3, 2023, holds a bachelor's degree in electrical engineering from Kurukshetra University and a management diploma from IIM Bangalore. Previously, he served as CEO at Oriental Tollways Private Limited and held the role of Vice-President in corporate finance at ICICI Securities. He oversees all company operations and leads the long-term growth strategies. Shashi Shekhar, the Whole-Time Director and Vice Chairman since April 9, 2018, holds a bachelor's degree in Geology from Patna University and is a former Indian Administrative Service officer. He previously served in key roles in the Ministries of Renewable Energy, Environment, and Water Resources. Before joining them, he was Managing Director at PTC Energy Limited and Indian Energy Exchange Limited. He oversees policy advocacy, business strategy, and regulatory affairs, bringing extensive experience in administration and policy.

Financials of ACME Solar Holdings Limited IPO:

Particulars 3MFY24 FY 2023-24 FY 2022-23 FY 2021-22
Revenue 309. 64 Cr. 1,319.25 Cr. 1,294.90 Cr. 1487.90 Cr.
EBITDA 271.72 Cr. 1089.14 Cr. 1,172.59 Cr. 1240.32 Cr.
EBITDA Margin 87.75% 82.55% 90.55% 83.36%
PAT 1.38 Cr. 697.78 Cr. (3.17) Cr. 62.01 Cr.
PAT Margins 0.44% 52.89%* (0.24%) 4.16%
CFOA 1322.68 Cr. 1,434.16 Cr. 1,263.48 Cr. 954.96 Cr.
* Reason of High NP Margin is other Income of 147 Cr. and Exceptional items of Rs. 748.69 Cr. (Sale of Assets and Investments).

Comparison With Peers:

Companies Revenue EBITDA PAT MCap P/E EV/EBITDA
Acme Solar (FY 2024) 1,319.25 Cr. 1089.14 Cr. In loss after excl. the exceptional item of Rs. 748 Cr. 17,486 Cr. — 16
Adani Green Energy (TTM) 10,728 Cr. 8,165 Cr. 1,710 Cr. 2,55,297 Cr. 198 33.70

Lead Manager of ACME Solar Holdings Limited IPO:

  1. ICICI Securities Limited
  2. JM Financial Consultants Private Limited
  3. Kotak Mahindra Capital Company Limited
  4. Motilal Oswal Investments Advisors Private Limited
  5. Nuvama Wealth Management Limited

Registrar of ACME Solar Holdings Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

ACME Solar Holdings Limited Plot No. 152 Sector 44 Gurugram -22002 Phone: +91 1247117000 Email: cs.acme@acme.in Website: https://www.acmesolar.in/

Discussion on ACME Solar Holdings Limited IPO:

1 Comment

    avoid. nothing much in the business. they are simply creating the solar park and selling solar electricity.

    Reply

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