Alpex Solar Files Draft Red Herring Prospectus with NSE Emerge

The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of INR 10 for each share.

December 05, 2023. By News Bureau

Alpex Solar Limited announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of INR 10 for each share.

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 company manufactures PV modules using both 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.

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 by 750 MW; 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.

Commenting on the company’s IPO plans, Ashwani Sehgal, Chairman & Managing Director, Alpex Solar Limited, said, “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.”

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Alpex Solar

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Draft Red Herring Prospectus

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