The wind energy major will use the funds essentially to repay a part of its borrowings
Indian renewable energy firm ACME Solar Holdings is making an initial public offering of up to Rs 30 billion (nearly $360 million) to repay borrowings. ACME Solar is a significant player in the wind energy market.
Its largest shareholder, ACME Cleantech Solutions, will offer shares worth up to 10 billion rupees as part of the IPO. At the end of March, debt stood at Rs 82.17 billion, down 5 percent from a year earlier. The company reported a profit of Rs 6.98 billion last fiscal year, reflecting a 2 percent spike in revenue.
India is experiencing a surge in the IPO market, and the country is expected to invest around $385 billion to achieve its 2030 renewable energy target of 500 gigawatts, according to Moody's Ratings.