Shardul Amarchand Mangaldas & Co. advises ACME Solar Holdings Limited on its IPO

November 19, 2024

Shardul Amarchand Mangaldas & Co. advised ACME Solar Holdings (“Company”) Limited on its initial public offering through a fresh issue and an offer for sale that included sale of shares by the promoter selling shareholder, ACME Cleantech Solutions Private Limited. The deal is approximately valued at USD 343.56 million.

The IPO was subscribed over 2.75 times, with qualified institutional buyers (QIBs) leading the demand at 3.54 times, while the non-institutional component was subscribed 0.97 times.

The IPO, which is a significant milestone for ACME Solar, was listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on November 13, 2024.

The Book Running Lead Managers for the deal were Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Motilal Oswal Investment Advisors Limited.

The SAM & Co. team was led by Prashant Gupta, National Practice Head – Capital Markets; Sayantan Dutta, Partner; Devi Prasad Patel, Partner; Romit Raja Srivastava, Senior Associate; Purva Mishra, Associate and Jayant Saxena, Associate.

Cyril Amarchand Mangaldas advised the Book Running Lead Managers on the Indian legal aspects.

Hogan Lovells Lee & Lee advised the Book Running Lead Managers on the legal aspects as to the international law.