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Acme chairman Manoj Upadhyay. Credit: Tom Kenning

Acme chairman Manoj Upadhyay. Credit: Tom Kenning

Indian solar and storage developer Acme Solar Holdings has filed for an IPO in India of up to INR22 billion (US$336 million), according to the Press Trust of India (PTI).

Mudit Jain, consultant at Bridge to India, said Acme is the first Indian renewable energy IPP to launch an IPO in India, since Mytrah Energy and Azure Power are listed outside of India.

Acme is also considering a pre-IPO placement of up to 5.2 million equity shares for up to INR5 billion for certain investors. ICICI Securities, Citigroup and Deutsche Bank are managing the IPO.

Acme made headlines twice this year by winning solar capacity with record low tariffs at Rewa in Madhya Pradesh (INR3.29/kWh) and at Bhadla in Rajasthan (INR2.44/kWh).

Other Indian news outlets, citing the Press Trust of India (PTI) reported that Acme would use the funds raised to both pay debt and finance the firm’s 200MW project at Bhadla. The equity shares are proposed to be listed on the BSE and National Stock Exchange (NSE).

Back in Januray, Manoj Kumar Upadhyay, the founder, chairman and managing director of ACME Group told PV Tech that Indian developers had been level-headed and the market environment – particularly in finance – had made these new lows possible.

Tags: ipo, acme, india, bhadla, ssfa17, bse