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As bidding process opens today, ACME Solar Holdings IPO has recorded a positive GMP (Grey Market Premium) that indicates a listing gain for the investor. Acme Solar IPO bidding closes on November 8.
ACME Solar Holdings, a prominent player in the Indian renewable power market, has recorded a positive GMP on November 6, the first day of the bidding. (Picture Credit: depositphotos)
ACME Solar Holdings, a Gurugram-based company that was set up in June 2015, operates in the field of producing electricity from renewable energy sources and is known as one India’s biggest generators of electricity from wind and solar energy, which is one of the nation’s focus areas as well.
ACME Solar Holdings sells electricity to different entities including plants supported by the central and state governments. The ACME Solar Holdings IPO prospectus mentions that at the end of FY24, it possessed generational capacity of 1,320 MW in solar power projects. The company also had a contracted project capacity of 1,650 MW – of which 1,500 MW is solar power and 150 MW will come from wind power. The inevitable question on day 1 of the bidding process is: Is ACME Solar IPO good for investment.
ACME Solar Holdings IPO price band
To decide whether “Is ACME Solar IPO good” for investment one has to look at a few factors such as price band, lot size, and GMP. Each share that will be sold through the ACME Solar Holdings IPO has been priced at Rs 275-289. The minimum lot size stands at 51 shares, which means a retail investor has to put in at least Rs 14,739. The minimum lot size investment for sNII is 714 shares or 14 lots which will cost him/her Rs 206,346.
ACME Solar Holdings IPO GMP
The Grey Market premium, or GMP, of ACME Solar Holdings IPO stood at Rs 10 on the morning of November 10. Considering the price of a share at Rs 289, the listing price can be Rs 299, which indicates a listing gain of 3.46%. However, it must be mentioned that GMP is only an unofficial estimate that changes with time and does not guarantee anything, listing gain or loss.
The GMP of ACME Solar Holdings IPO also changed quite sharply since November 3. It stood at Rs 30 on November 3 and then it declined to Rs 27 on November 4. On November 5, the GMP dropped to Rs 10, where it held the level on November 6, the day the bidding for the IPO opened.
Lead managers to ACME Solar Holdings IPO
The lead managers to the IPO are Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors. Kfin Technologies is the registrar to the issue.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
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