Alpex Solar files IPO papers with SEBI, to list with NSE Emerge
- Alpex Solar Limited files papers with capital market regulator, SEBI. The company intends to build a new plant specifically for the production of aluminium frames, ending its reliance on imports, and increase its solar capacity from 450 MW to 1.2GW by adding 750 MW to its facility in Greater Noida.
Alpex Solar Limited, one of the leading manufacturers of solar systems in the country, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offer (IPO). The company's shares are proposed to be listed on NSE Emerge platform.
A fresh issue of 64,80,000 equity shares with a face value of ₹10 per share makes up the offer. The net proceeds from the IPO will be used by Alpex Solar in the following ways: ₹19.55 crore to upgrade and expand the company's current solar module manufacturing facility, increasing its capacity by 750 MW; ₹12.94 crore to establish a new manufacturing unit for the company's solar module's aluminium frame; ₹20.49 crore to cover working capital needs; and the remaining capital allocated for general corporate expenses.
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The registrar of the issue is Skyline Financial Services Private Limited, and the book running lead manager (BRLM) is Corporate Capital Ventures.
The company uses both monocrystalline and polycrystalline cell technologies in the production of PV modules. Its product line includes half-cut, mono-perc, and bifacial solar PV modules. Additionally, it provides complete solar energy solutions, such as engineering, procurement, and construction (EPC) of surface- and submersible-class AC/DC solar pumps.
Alpex Solar recorded revenue of ₹183.93 crore for FY23, a rise from ₹156.06 crore for FY22. For H1FY24, the company brought in ₹207.13 crore. Alpex Solar's profit (PAT) was ₹3.74 crore in FY2022-23 and ₹7.05 Lakh in FY2021-22, respectively, while the company's PAT for the first half of the current fiscal year ended in September 2023 was ₹10.02 crore.
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“As India aims to achieve zero emissions by 2070, adopting renewable energy plays a critical role in its ambitious plan. To meet market demand for large-sized cells with multi-bus bars (MBB) and the latest types of Mono Perc, Topcon, and Bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit.
We are also planning to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries,” said Ashwani Sehgal, Chairman & Managing Director of the company, in a press release.
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