Alpex Solar Announces to Open its IPO; Price Band Fixed at INR 109–115

Corporate Capital Ventures has been appointed as the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the issue.

The IPO will comprise a fresh issue of 64,80,000 equity shares with a face value of INR 10/- through the book-building route. As many as 18.45 lakh equity shares have been reserved for anchor portion, 3.24 lakh equity shares for Market Maker, 9.24 lakh equity shares allocated for NIIs, 12.31 lakh shares for QIBs, and Retail (RII) portion accounts for 21.55 lakh equity shares.

Alpex Solar intends to utilise INR 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; INR 12.94 crore to set up a new manufacturing unit for its solar module's aluminium frame for its solar module; INR 20.49 crore to meet its working capital requirements and the remaining capital to be used for general corporate expenses.

The Greater Noida-based company 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.

The company’s revenue from operations stood at INR 204.59 crore, with a profit (PAT) of INR 10.03 crore in the first half of the current fiscal year ending September 2023, compared to an operating revenue of INR 182.69 crore and a profit (PAT) of INR 3.75 crore in FY2022-23.