ACME Solar Holdings is likely to finalize the basis of allotment of its shares on Monday, November 11. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, November 12. The solar energy player mega IPO saw a lacklustre response from the investors during the three-day bidding.
The IPO of Gurugram-based ACME Solar Holdings was open for bidding between November 6 and November 8. It had offered shares in the price band of Rs 275-289 per share with a lot size of 51 shares. The company raised a total of Rs 2,900 crore from its IPO, which included a fresh share sale of Rs 2,395 crore and an offer-for-sale (OFS) of up to 1,74,74,049 equity shares.
The issue was overall subscribed merely 2.75 times, thanks to the qualified institutional bidders (QIBs), who rescued the issue with 3.54 times bidding for the quota. The portions retail investors and employees were subscribed 3.10 times and 1.59 times, respectively. However, The portion for non-institutional investors (NIIs) was booked merely 97 per cent.
Grey market premium (GMP) of ACME Solar Holding has seen a sharp correction following a muted response from investors. Last heard, the company was exchanging hands at a discount of Rs 1 in the unofficial market, suggesting a dud listing for the investors. The GMP stood at Rs 30 before the bidding opened for the issue.
ACME Solar Holdings, incorporated In June 2015, is an Indian electricity producer from renewable energy sources. It 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.
Brokerages mostly had a positive view on the issue and suggested subscribing for a long term citing the rising demand for renewable energy, diversified portfolio and strong margin profile. However, inconsistent profits, high debt and aggressive valuations are the major concerns for the issue.
Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors are the book running lead managers of the ACME Solar Holdings IPO, while Kfin Technologies is the registrar for the issue. Shares of Swiggy shall be listed on both BSE and NSE on November 13.
Investors, who had bid for the issue of ACME Solar Holdings, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select ACME Solar Holdings Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries. 1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.