ACME Solar Holdings has filed preliminary papers with the Securities and Exchange Board of India to raise Rs 22 billion through an initial public offering (IPO) at a face value of Rs 10 per share. The company is considering a pre-IPO placement of up to 5,222,079 equity shares to investors for up to Rs 5 billion. The company’s IPO will be managed by ICICI Securities, Citigroup Global Markets India, Deutsche Equities India and Link Intime India Private Limited. Out of the funds raised, around Rs 4,356.9 million will be used to repay debt to Primal Finance and Innovador Tradors, and Rs 5,410 million to ACME Cleantech and Rs 8,690 million to finance the company’s 200 MW solar power project in Bhadla, Rajasthan.
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