Acme Solar plans ₹2,900 crore IPO to cut debt and boost renewable energy capacity
economictimes.indiatimes.com — November 6, 2024, 02:01 AM UTC
Acme Solar Holdings plans to raise ₹2,900 crore through an IPO to reduce debt and expand its renewable energy capacity. The promoter's stake will decrease from 100% to 83.4% after the offering. The company reported revenue of ₹1,319.2 crore in FY24, a slight increase from the previous year, and a net profit of ₹697.8 crore, recovering from a loss in FY23. However, its financial performance has fluctuated over the past three years. Acme Solar operates 1,340 MW of renewable energy projects and has 3,250 MW under construction. The company faces competition in the sector, and its valuation metrics are lower than those of larger peer Adani Green Energy.