About the Company:
ACME Solar Holdings Ltd is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects.
Company is one of the largest renewable energy independent power producers (“IPP”) in India and among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024
Over the years, Company has diversified and expanded our portfolio from solar power projects to become an integrated renewable energy company in India.
Company develops, builds, owns, operates and maintains utility scale renewable energy projects (through our in-house engineering, procurement and construction (“EPC”) division and operation and maintenance (“O&M”) team, and generate revenue through the sale of electricity to various off-takers including central and state government-backed entities.
Company was established in 2015 to consolidate the ACME Group’s renewable energy business and to capitalize on the opportunities in the Indian renewable energy industry.
About ACME Group:
The ACME Group is promoted by Manoj Kumar Upadhyay and ACME Cleantech was incorporated in 2003. It originally operated as a provider of energy management solutions to wireless telecommunications operators in India and subsequently entered into the renewable energy generation business in 2009.
The ACME Group has been one of the early entrants in the solar IPP business in India and commissioned its first solar power plant in Fiscal 2012. The ACME Group has a track record of developing, executing and commissioning a total of 2,719 MW (3,668 MWp) of solar power projects from inception until this date.
Company’s Operational Project Capacity:
Company has an aggregate Operational Project capacity of 1,320 MW (1,802 MWp) solar power projects; Under Construction Contracted Project capacity of 1,650 MW including solar power projects of 1,500 MW (2,192 MWp) and wind power projects of 150 MW; and Under Construction Awarded Project capacity of 2,380 MW comprising 300 MW of solar power projects, 830 MW hybrid power projects and 1,250 MW of FDRE power projects, as of March 31, 2024.
Subsequently, in May 2024, Company signed power purchase agreements for two of our under construction awarded FDRE projects with an aggregate capacity of 570 MW taking our Under Construction Contracted Project capacity to 2,220 MW, as of the date of this Draft Red Herring Prospectus.
Company’s Under Construction Contracted Projects and Under Construction Awarded Projects:
Company’s Under Construction Awarded Portfolio:
Geographical Spread of Company’s Portfolio:
Some of the Key Players in the Industry includes names like:
- ACME Solar (1.32 GW operational solar),
- ReNew Power (approximately 8.3 GW operational wind and solar power projects),
- Adani Green Energy Ltd (approximately 10.9 GW operational wind, solar and hybrid power projects)
- NTPC Green Energy Ltd (approximately 3.5 GW operational solar and wind power projects)
- TATA Power Renewable Energy Ltd (approximately 4.5 GW operational solar and wind power projects).
- Greenko (5.4 GW of operational wind and solar power projects)
- Avaada Energy Pvt Ltd (operational approximately 4.0 GW of solar power projects) as of March 31, 2024.
Management Team:
- Manoj Kumar Upadhyay (Designation: Chairman and Managing Director)
- Nikhil Dhingra (Designation: Whole-Time Director and Chief Executive Officer)
Objectives of the Issue:
Offer For Sale: (Rs.505 cr)
- Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.
Fresh Issue: (Rs.2395 cr)
- Investment in our Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowingsavailed by our Subsidiaries.
- General corporate purposes.
Positives for the Company:
Large renewable energy player well positioned to capitalize on strong industry tailwinds in our IPP business.
- Company is one of the largest renewable energy independent power producers (“IPP”) in India and among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024, in India.
Company has End-to-end value chain capabilities.
- Company has an integrated in-house approach to executing our renewable projects across the entire life cycle of developing a project, from PPA signing to the project achieving commercial operations within 18 to 24 months and subsequently operating and maintaining the project.
- Company has leveraged our capabilities to capitalize on the growing renewable power industry in India and successfully won competitive bids for diverse renewable energy projects.
Company has EPC and O&M Capabilities.
- Due to company’s scale, size and experience, we are able to maintain a fullfledged EPC team to undertake the EPC related activities of our projects.
- Company believes that the scale of our operations and our growth strategy enables us to deploy our EPC resources across any future projects that we win, in an efficient and timely manner, without affecting the scheduled timelines of project development.
Company has Cost efficiencies as it has Strategic Relationships with Vendors.
- Company has a wide base of domestic and international vendors and have strategic relationships which assist us to maintain a stable supply chain and our bulk order strategy enhances our negotiation power with vendors.
- Company’s supply chain management team strives to maintain efficiency in our operations, ensure that we receive equipment within anticipated timelines and at competitive cost in the market within our approved budget.
Company Plans to Expand and diversify the Portfolio to continue to maintain the Leadership position.
- Over the years, Company has diversified and expanded our portfolio from solar power projects to become an integrated renewable energy company in India and we intend to continue to expand and diversify our portfolio to maintain our leadership position.
Financials of the Company:
(in Crores) | FY 22 | FY 23 | FY 24 | 30th June 24 |
---|---|---|---|---|
Revenue | 1562.7 | 1361.3 | 1466.2 | 340.0 |
Net Profit | 62.0 | (-3.1) | 698.2 | 1.38 |
Valuation of Peer Group Companies:
Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
---|---|---|---|---|---|
ACME Solar Holdings Ltd | 2 | 12.55 | 23.02 | 26.95% | 49.62 |
Adani Green Energy Ltd | 10 | 6.20 | 289.9 | 7.19% | 85.86 |
IPO Details:
Details | Info |
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Issue Opens on | 6th November 2024 |
Issue Closes on | 8th November 2024 |
Issue Price | Rs.275 -289 |
Face Value | Rs.2 |
Retail Category Allocation | 10% |
Minimum Lot | 51 Shares |
Minimum Investment | Rs.14,739 |
Issue Constitutes | 16.58% |
Issue Size | Rs.2900 cr ($345 million) |
Market Cap | Rs.17,486 cr ($2.08 billion) |
Listing at | NSE & BSE |
Equity Shares Offered (Fresh) | 8,28,71,972 (Rs.2395 cr) |
Equity Shares Offered (OFS) | 1,74,74,048 (Rs.505 cr) |
Total Equity Shares Offered (Fresh + OFS) | 10,03,46,020 (Rs.2900 cr) |
Equity Shares Prior to the Issue | 52,22,07,910 |
Equity Shares after the Issue | 60,50,79,882 |
IPO Valuation Parameters:
Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
---|---|---|---|
12.55 | 23.02 | 26.95% | 49.62% |
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Important Dates:
Finalization of Basis of Allotment | On or Before 11th November 2024 |
Initiation of Refunds | On or Before 12th November 2024 |
Credit of Equity Shares: | On or Before 13th November 2024 |
Listing Date: | On or Before 13th November 2024 |
Company Contact Info: |
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ACME Solar Holdings Ltd Plot No. 152, Sector 44, Gurugram 122 002, Haryana, India. Tel: +91 124 7117000 Email: cs.acme@acme.in Website: www.acmesolar.in |
Registrar to the Issue: |
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KFin Technologies Limited Selenium, Tower-B, Plot No. 31 and 32 Financial District Nanakramguda, Serilingampally Hyderabad 500 032 Telangana, India Tel: +91 40 6716 2222 E-mail: acmesolar.ipo@kfintech.com Website: www.kfintech.com |
Check IPO Allotment Status: |
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KfinTech Website (Click on the below Link)http://kfintech/IPO/Allotment_Status |