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Shardul Amarchand Mangaldas & Co is advising Indian renewable energy firm ACME Solar on its planned 30-billion-rupee ($360 million) initial public offering, with Luthra & Luthra Law Offices and Simmons & Simmons representing the book-running lead managers.

Reuters reported that ACME Solar, which operates solar and wind energy projects, will issue fresh shares worth up to 20 billion rupees, while its largest shareholder, ACME Cleantech Solutions, will offer shares worth up to 10 billion rupees as part of the IPO.

Reuters added that India is likely to invest around $385 billion to meet its target of 500 gigawatts of renewable energy by 2030, as per Moody's Ratings.

Nuvama, ICICI Securities, JM Financial, Kotak Investment Banking, and Motilal Oswal Investment Banking are the BRLMs on the IPO.

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