Acme Solar of India cuts IPO target - report

Indian firm Acme Solar Holdings Pvt Ltd is now targeting proceeds of between INR 10 billion (USD 154m/EUR 125.5m) and INR 15 billion from its planned initial public offering (IPO), Mint reports, citing sources in the know.

The company previously expected to raise up to INR 22 billion, a significant part of which was to finance the construction of solar capacity in India. Acme, however, has managed to finance certain projects with available resources and promoter equity so the planned use of IPO proceeds has changed, CEO Nikhil Dhingra told Mint, without saying what the new IPO target is.

The solar company has put online 874 MW of solar power plants and it has 940 MW under construction, according to its website.

In line with the changes, Acme Solar is to file anew its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Acme Solar said previously that its PO will be managed by ICICI Securities, Citigroup Global Markets India and Deutsche Equities India.

(INR 100 = USD 1.55/EUR 1.26)

Choose your newsletter by Renewables Now. Join for free!