The company started pre-marketing the IPO last October and was targeting a launch early this year. However, investors were not willing to pay the valuation demanded by the issuer.
SINGAPORE: Indian renewable energy company Acme Solar Holdings has downsized its proposed IPO to Rs10bn-Rs15bn (US$147m-$219m) from Rs22bn as it plans to sell some of its assets, people with knowledge of the transaction have said.
The company started pre-marketing the IPO last October and was targeting a launch early this year. However, investors were not willing to pay the valuation demanded by the issuer.
The company plans to resubmit the draft prospectus with the revised numbers soon. The IPO will comprise only primary shares. Acme Solar reported a net loss of Rs680m in the financial year to March 31 2017 versus a loss of Rs54.8m in 2016.
It owns 874 MW of solar power capacity and plans to increase it to 1,814 MW by the end of the year.
The company had initially considered an infrastructure investment trust (InvIT) IPO but the weak listing of the IRB InvIT Fund and India Grid Trust, the two listed InvITs to date, prompted it to go for a regular IPO.
Deutsche Bank is no longer part of the syndicate while Citigroup and ICICI Securities remain.
Source: reuters
