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Alpex Solar Illuminates the Future: A Glimpse into the Upcoming IPO and Ambitious Expansion Plans



Alpex Solar Illuminates the Future: A Glimpse into the Upcoming IPO and Ambitious Expansion Plans

Alpex Solar Limited, a prominent player in India’s solar energy landscape, is set to make waves in the financial markets with its upcoming Initial Public Offering (IPO), aiming to raise approximately Rs. 75 crore. As one of the largest white-label photovoltaic (PV) solar panel manufacturers in the country, Alpex Solar is strategically positioning itself to capitalize on the burgeoning demand triggered by the recently announced “Pradhan Mantri Suryoday Yojna.”

The ambitious government initiative targets the installation of rooftop solar on one crore houses, equivalent to approximately 30 gigawatts, promising a substantial reduction in electricity bills nationwide and bolstering India’s self-reliance in the energy sector. Ashwani Sehgal, Managing Director of Alpex Solar Limited, expressed optimism about the unprecedented demand this scheme is expected to generate for PV solar panels.

The company, incorporated in 1993 by engineers-turned-entrepreneurs Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The IPO, scheduled to be listed in February 2024, consists of a fresh issuance of 64,80,000 equity shares with a face value of Rs. 10 each. Corporate Capital Ventures has been appointed as the Book Running Lead Manager, and Skyline Financial Services Private Limited will serve as the Registrar to the issue.

The anticipated Rs. 75 crore capital infusion is earmarked for a strategic expansion plan. Alpex Solar aims to upgrade and expand its existing solar module manufacturing facility from 450 MW to an impressive 1.2 GW, aligning with the Aatmanirbhar Bharat initiative. Additionally, the company plans to establish a new manufacturing unit for the solar module’s aluminum frame. The IPO proceeds will also be allocated to meet working capital requirements and general corporate expenses.

Alpex Solar’s product portfolio includes bifacial, mono-perc, and Halfcut solar PV modules. The company, headquartered in Greater Noida, offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories. Alpex Solar’s reach extends beyond manufacturing, as it serves as a contract manufacturer for major companies such as Luminous, Jakson, and Tata Power. Its solar panels are prominently featured in projects led by EPC companies like Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, HAREDA, PEDA, and more.

The financial performance of Alpex Solar reflects its growth trajectory. In the first half of the financial year 2024, the company registered a revenue of Rs. 207.13 crore, compared to Rs. 183.93 crore in the entire fiscal year 2023. The Profit After Tax (PAT) for H1FY2024 stood at Rs. 10.02 crore, a significant increase from Rs. 3.74 crore in FY2023.

Alpex Solar ventured into solar panel manufacturing in 2007, establishing a state-of-the-art facility spanning 150,000 sq. ft. in Greater Noida. With a current capacity of 450 MW, the infrastructure is designed for seamless expansion to 1.2 GW. The company’s commitment to research and development, manufacturing excellence, and a skilled workforce has positioned it as a preferred supplier of PV panels, contributing to India’s solar energy revolution.

As the company prepares for its IPO, Alpex Solar stands as a beacon of sustainability, poised to play a pivotal role in India’s journey towards cleaner and more self-sufficient energy solutions. The IPO represents not only a financial milestone for Alpex Solar but also a crucial step in advancing India’s solar energy goals. For more information about Alpex Solar Limited, visit

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