India's Acme Solar planning USD-336m IPO

Bombay Stock Exchange. Author: Niyantha Shekar. License: Creative Commons, Attribution 2.0 Generic.

September 29 (Renewables Now) - Indian firm Acme Solar Holdings Pvt Ltd is planning an initial public offering (IPO) to raise some INR 22 billion (USD 336.3m/EUR 285.5m), say media reports, citing preliminary documents filed with the Securities and Exchange Board of India (SEBI).

The company's shares are to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The IPO will be managed by ICICI Securities, Citigroup Global Markets India and Deutsche Equities India. Acme is also mulling a pre-IPO placement through which to raise as much as INR 5 billion, according to the reports.

The proceeds from the transactions will go to repay debt, finance a 200-MW solar project in Bhadla, Rajasthan, and for general corporate purposes. Currently, Acme has more than 1.8 GW of solar photovoltaic (PV) projects in its portfolio, all located in different Indian states, and it targets 7.5 GW by 2019.

(INR 100 = USD 1.53/EUR 1.3)

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