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Alpex Solar Limited: Illuminating the IPO Landscape with Green Energy Focus

IPO Opening


Alpex Solar Limited: Illuminating the IPO Landscape with Green Energy Focus

In a significant move towards sustainable energy initiatives, Alpex Solar Limited, India’s prominent solar systems manufacturer, has announced the opening of its initial public offering (IPO) on Thursday, February 8, 2024. The anchor book will be available for subscription a day earlier, on February 7, while the IPO bidding process will conclude on Monday, February 12, 2024. With an aim to raise approximately Rs. 74.52 crore (at the upper band), Alpex Solar is set to be listed on NSE Emerge. The price band for the issue is fixed at Rs. 109–115 per share, with a lot size of 1,200 equity shares.

Corporate Capital Ventures assumes the role of the Book Running Lead Manager, and Skyline Financial Services Private Limited takes charge as the Registrar to the issue.

The IPO comprises a fresh issue of 64,80,000 equity shares with a face value of Rs. 10 each through the book-building route. The allocation includes 18.45 lakh equity shares for the anchor portion, 3.24 lakh for Market Makers, 9.24 lakh for Non-Institutional Investors (NIIs), 12.31 lakh for Qualified Institutional Buyers (QIBs), and 21.55 lakh for the Retail (RII) portion.

Alpex Solar has ambitious plans for the net proceeds from the IPO, which are expected to be approximately Rs. 72.15 crore. A major portion, Rs. 19.55 crore, will be utilized to upgrade and expand the existing solar module manufacturing facility. This expansion aims to boost capacity from 450 MW to 1.2 GW within the current manufacturing unit. Additionally, Rs. 12.94 crore will be allocated to establish a new manufacturing unit for the solar module’s aluminium frame. Another substantial chunk, Rs. 20.49 crore, will address working capital requirements, and the remaining funds will be earmarked for general corporate expenses.

Based in Greater Noida, Alpex Solar has been a frontrunner in manufacturing PV modules using monocrystalline and polycrystalline cell technologies. The company’s product portfolio includes bifacial, mono-perc, and Halfcut solar PV modules. Beyond manufacturing, Alpex Solar offers comprehensive solar energy solutions, encompassing engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.

Founded in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, all engineers turned entrepreneurs, Alpex Solar embarked on its solar panel manufacturing journey in 2007. The company established a state-of-the-art plant spanning 7,700 square meters in Greater Noida, boasting a 450 MW capacity, expandable to 2 GW within the existing infrastructure. Ashwani Sehgal, also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years, leads the company. With a robust R&D foundation, manufacturing excellence, and a talented workforce of 196 employees, Alpex Solar has positioned itself as a preferred supplier of PV panels.

In terms of financial performance, Alpex Solar reported revenue from operations at Rs. 204.59 crore, with a profit after tax (PAT) of Rs. 10.03 crore in the first half of the fiscal year ending September 2023. This reflects a notable growth compared to operating revenue of Rs. 182.69 crore and a PAT of Rs. 3.75 crore in FY2022-23.

As the IPO journey unfolds, Alpex Solar Limited stands as a beacon for sustainable energy practices, aiming to contribute significantly to India’s green energy landscape. Investors and enthusiasts alike await the outcome, anticipating a positive stride towards a cleaner and greener future.

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