ACME to reduce its IPO size

ACME Solar Holdings has announced plans to re-evaluate its proposed initial public offering (IPO). As per media sources, the organisation is likely to downsize the IPO from Rs 22 billion to Rs 10 billion-Rs 15 billion. In October 2017, ACME had filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a Rs 22,000 million IPO at a face value of Rs 10 per share. ICICI Securities, Citigroup Global Markets India, Deutsche Equities India and Link Intime India Private Limited were appointed to manage the IPO. Currently, Deutsche Equities India has made its exit from the consortium. ACME is now planning to sell a portion of its assets and resubmit the draft prospectus with the revised numbers to SEBI.

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