New Delhi, Nov 6 (PTI) The initial public offer of renewable energy firm ACME Solar Holdings Ltd subscribed 39 per cent on the first day of the share sale on Wednesday.

The initial share sale received bids for 2,27,05,659 shares against 5,82,03,223 shares on offer, as per NSE data.

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The portion for retail individual investors (RIIs) attracted 1.19 times the subscription while the category for non-institutional investors subscribed 32 per cent. Qualified institutional buyers (QIBs) part received a 15 per cent subscription.

ACME Solar Holdings Ltd has collected Rs 1,300 crore from anchor investors.

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The issue, with a price band of Rs 275 to Rs 289 per share, will conclude on November 8.

The Rs 2,900 crore IPO of the Gurugram-based company is a combination of a fresh issue of shares worth Rs 2,395 crore and an Offer-for-Sale (OFS) of shares valued at Rs 505 crore by ACME Cleantech Solutions.

ACME Solar Holdings intends to utilise the proceeds from the fresh issuance to the extent of Rs 1,795 crore towards payment of debt and a portion will be used for general corporate purposes.

Over the years, ACME Solar has diversified and expanded its portfolio from solar power projects to becoming an integrated renewable energy company in India.

The company develops, builds, owns, operates and maintains utility-scale renewable energy projects through its in-house engineering, procurement and construction (EPC) division, and its operation and maintenance (O&M) team.

ACME Solar generates revenue by selling electricity to various off-takers, including central and state government-backed entities.

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company and Motilal Oswal Investment Advisors are the book-running lead managers, and KFin Technologies is the registrar of the issue.

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