Now Acme Solar eyes US listing through SPAC route
New Delhi: India’s largest pure-play solar platform Acme Solar Holdings Ltd is exploring a US listing through the special purpose acquisition company (SPAC) route, and has held preliminary discussions with Citibank and Credit Suisse, said two people aware of the development, seeking anonymity.
SPACs are publicly traded shell companies with no commercial operations, which help unlisted companies go public through mergers, skipping the time-consuming conventional initial public offering (IPO) route.
The SPAC deal being eyed by Acme Solar may rank among the largest green energy transactions and comes against the backdrop of ReNew Power announcing a merger with Nasdaq-listed SPAC RMG Acquisition Corp. II at an enterprise value of about $8 billion and an equity value of $4.4 billion.
