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Business News/ Markets / Stock Markets/  Alpex Solar share price jumps 246% from its IPO price in four trading sessions
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Alpex Solar share price jumps 246% from its IPO price in four trading sessions

Alpex Solar share price skyrocketed by 246.5%, opening at ₹381, touching highs of ₹398.45 and lows of ₹361.80. The IPO received overwhelming response with a subscription status of 324.03 times, aimed at expanding manufacturing capacity and new unit establishment.

Alpex Solar share price today opened at ₹381 on NSE and touch an intraday high of ₹398.45 apiece and touched an intraday low of ₹361.80, at 11:17 IST. (Image: Pixabay)Premium
Alpex Solar share price today opened at 381 on NSE and touch an intraday high of 398.45 apiece and touched an intraday low of 361.80, at 11:17 IST. (Image: Pixabay)

Alpex Solar share price today: In just four trading sessions, Alpex Solar share price has soared by 246.5%, making its investors very wealthy. Alpex Solar share price today opened at 381 on NSE and touch an intraday high of 398.45 apiece and touched an intraday low of 361.80, at 11:17 IST. Following a bumper listing at 329, Alpex Solar share price jumped to 380.80 during the previous trading session. Alpex Solar share price today dropped more than 3% is due to profit booking, but eventually recovered. 

On Thursday, February 15, Alpex Solar share price was listed at 329, which was 186.09% higher than the issue price of 115.

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

Investors responded to the Alpex Solar IPO with great enthusiasm; on day three, Alpex Solar IPO subscription status was 324.03 times. The issue was subscribed 82.88 times on day 2, and 30.85 times on day 1, as per data available on chittorgarh.com.

Alpex Solar IPO, which was worth 74.52 crore, consisted of a fresh issue of 64,80,000 equity shares with a face value of 10. 

Of the net proceeds from the initial public offering, the company planned to use 19.55 crore to upgrade and expand its current solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW; 12.94 crore to establish a new manufacturing unit for its solar module's aluminium frame; 20.49 crore to cover its working capital needs; and the remaining capital to be used for general corporate expenses.

Also Read: Alpex Solar share price makes stellar debut, stock lists with 186% premium at 329 apiece on NSE SME

Alpex Solar is a Greater Noida-based firm that uses both monocrystalline and polycrystalline cell technology to produce photovoltaic modules. Its product line includes halfcut, mono-perc, and bifacial solar PV modules. Additionally, it provides all-inclusive solar energy solutions, such as engineering, procurement, and construction (EPC) of surface- and submersible-class AC/DC solar pumps.

As per company's Red Herring Prospectus (RHP), its listed peer is Insolation Energy Limited (with a P/E of 20.95).

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.

Also Read: Alpex Solar files IPO papers with SEBI, to list with NSE Emerge

“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.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

 

 

 

 

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Published: 20 Feb 2024, 11:28 AM IST
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