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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of subsidiary borrowings
Investment in the company's subsidiaries to repay or prepay, in full or part, certain outstanding borrowings availed by those subsidiaries.
General corporate purposes
The balance of the net fresh issue proceeds for general corporate purposes.
(₹ in Crore)
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ACME Solar Holdings Limited is an India based independent power producer focused on generating electricity from renewable sources. Incorporated in June 2015 and headquartered in Gurugram, Haryana, the company builds, owns and operates solar, wind and hybrid power projects, and is expanding into firm and dispatchable renewable energy (FDRE) solutions that pair generation with storage to supply power on demand. The company runs its own in-house engineering, procurement and construction (EPC) as well as operations and maintenance (O&M) teams, which lets it develop and manage projects without depending heavily on external contractors. As of its IPO, ACME Solar had roughly 1,320 to 1,340 MW of operational solar capacity, with a large additional pipeline under construction and further capacity already awarded, taking its total contracted and pipeline portfolio to several thousand megawatts across multiple Indian states. The promoter group is led by Manoj Kumar Upadhyay, alongside family and holding-company promoter entities. Most of the company's revenue comes from long-term power purchase agreements (PPAs) with government backed off-takers such as the Solar Energy Corporation of India (SECI) and various state electricity distribution companies, which gives it relatively predictable long-term cash flows. Its project base is concentrated in a handful of resource-rich states, including Andhra Pradesh, Rajasthan and Telangana, and the company counts itself among the larger renewable energy independent power producers in India by operating capacity.
The anchor book raised about Rs 1,301 crore ahead of the issue opening, with participation from marquee global institutions including the Abu Dhabi Investment Authority, Goldman Sachs, Morgan Stanley, Nomura and Societe Generale alongside domestic mutual funds and insurers, with shares allocated at the upper end of the price band.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
In-house EPC and O&M capability
The company runs its own engineering, procurement, construction and operations teams rather than relying on third-party contractors, which helps control project costs and execution timelines.
Large growth pipeline
Beyond its operating capacity, a substantial base of projects is under construction or already awarded, giving the company significant near-term capacity growth versus its current base.
Revenue visibility from long-term PPAs
Most power is sold under long-term power purchase agreements with government-backed buyers such as SECI and state discoms, providing relatively predictable long-term cash flows.
Volatile and recently loss-making financials
The company posted losses or near break-even results in some recent years, with profit growth in the latest year driven partly by one-off items rather than steady operating improvement.
Geographic concentration
A large share of operating projects and revenue is concentrated in a small number of states, so adverse regional policy or execution issues could disproportionately affect results.
Customer concentration
A very high share of revenue comes from a small number of large off-takers, so the loss or renegotiation of any major contract would materially affect revenue.
ACME Solar Holdings Limited
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PPA and counterparty risk
Long-term power purchase agreements carry penalty and termination risk if project execution is delayed, and disputes with government-backed counterparties could affect financial performance and reputation.