ACME Solar lists at 13% discount on NSE, BSE; stock disappoints investors

ACME Solar Holdings made a weak debut on the bourses, listing at Rs 251 on NSE, a 13.15 per cent discount to its IPO price of Rs 289.

On BSE, the stock opened slightly higher at Rs 259, still down over 10 per cent from the issue price.

Shares of ACME Solar Holdings Ltd, a prominent player in India's renewable energy sector, debuted on the stock exchanges on Wednesday, November 13. The stock opened at Rs 251 on the NSE, marking a 13.15% discount to its IPO price of Rs 289. Similarly, on the BSE, the shares are listed at Rs 259, reflecting a discount of 10.38%. Despite the initial weakness, ACME Solar's stock gained momentum, rising 8.9% to Rs 273.4 on NSE shortly after the market opened. By 10:14 am, the market capitalization stood at Rs 16,531 crore, with shares up 8.84% at Rs 273.2.

The Rs 2,900 crore IPO, which had a price band of Rs 275-Rs 289 per share, included both a fresh issue worth Rs 2,395 crore and an offer-for-sale (OFS) of Rs 505 crore. The IPO received robust demand, subscribing 2.75 times overall, with strong interest from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

The funds raised will primarily be used to repay borrowings and for general corporate purposes, a step aimed at strengthening the company’s financial position. ACME Solar, which manages large-scale renewable projects in India, aims to continue its expansion in the rapidly growing renewable energy sector.