ACME Solar Holdings, a Gurugram-based renewable energy company, has announced the pricing for its initial public offering (IPO) of Rs 2,900 crore, with a price band of Rs 275 to Rs 289 per share. The company plans to use the proceeds from the fresh issuance to pay off debt and for general corporate purposes. With a diversified portfolio and a revenue stream from selling electricity to government-backed entities, ACME Solar has seen a turnaround from loss-making to a profit of Rs 698.23 crore in FY24.
Premier Energies, a solar energy company, had a stellar debut on the stock market today with a 120% increase in stock price, doubling investors' money. The company's initial public offering received strong demand, and the stock opened at a price of Rs 990 on NSE, much higher than the issue price of Rs 450. Prominent business news sources had predicted a strong debut for the company, advising investors to apply for long-term gains and hold their positions with a stop loss. Premier Energies' business operations include manufacturing solar products, executing EPC projects, and providing other solar-related services.