Alpex Solar IPO to open on February 8; price band fixed at ₹109–115 per share

Alpex Solar IPO: Solar systems manufacturer, Alpex Solar on Monday announced that its initial public offering (IPO) will open on Thursday, February 08. The company has fixed the price band for the issue at ₹109 – ₹115 per share.

Alpex Solar IPO is an SME IPO which will conclude on Monday, February 12. The anchor portion will be opened on Wednesday, February 07. 

The company intends to raise ₹74.52 crore from the offering which comprises a fresh issue of 64.80 lakh equity shares of face value of ₹10 each through the book-building route. 

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Alpex Solar IPO lot size is 1,200 equity shares and the minimum investment amount required by retail investors is ₹138,000.

As many as 18.45 lakh equity shares have been reserved for the anchor portion in the Alpex Solar IPO. Around 3.24 lakh equity shares are for Market Maker, 9.24 lakh equity shares are allocated for Non-Institutional Investors (NIIs), 12.31 lakh shares for Qualified Institutional Buyers (QIBs) and Retail (RII) portion accounts for 21.55 lakh equity shares.

Alpex Solar IPO allotment is likely to be fixed on February 13 and the shares will list on February 15 at NSE Emerge.

Corporate Capital Ventures is the book running lead manager of Alpex Solar IPO and Skyline Financial Services Pvt Ltd is the IPO registrar.

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Alpex Solar intends to utilise ₹19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW in the existing manufacturing unit. 

A sum of ₹12.94 crore is planned to be utilised to set up a new manufacturing unit for its solar module's aluminium frame for its solar module, while ₹20.49 crore will be used to meet its working capital requirements and the remaining capital to be used for general corporate expenses.

About Alpex Solar 

Alpex Solar is a Greater Noida-based company that manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.

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The company’s revenue from operations stood at ₹204.59 crore, with a net profit (PAT) of ₹10.03 crore in the first half of the current fiscal year ending September 2023, compared to an operating revenue of ₹182.69 crore and a profit (PAT) of ₹3.75 crore in FY 2022-23.

Alpex Solar manufactures and delivers solar panels in the B2B market and also serves as a contract manufacturer for several large companies, such as Luminous, Jakson and Tata Power.

Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited.

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