Solar energy solutions provider Alpex Solar Ltd has announced a price band of Rs 109-115 per share for its Rs 75-crore initial public offering (IPO). The IPO is set to open for public subscription on February 8 and will close on February 12. Prior to the public offering, there will be a one-day bidding session for anchor investors on February 7, as mentioned in the statement by the Greater Noida-based company.
The primary offering consists of 64.8 lakh equity shares. At the upper end of the price band, Alpex Solar aims to raise Rs 74.52 crore. Out of the IPO proceeds, Rs 19.55 crore is earmarked for upgrading and expanding the solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW. Additionally, Rs 12.94 crore will be allocated to establish a new manufacturing unit for solar module aluminum frames, Rs 20.49 crore for working capital requirements, and the remaining funds for general corporate expenses.
Following the IPO’s completion, Alpex Solar’s shares will be listed on the NSE’s small and medium enterprise platform, NSE Emerge. The company specializes in manufacturing photovoltaic modules (solar panels) and provides comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps.
Alpex Solar entered the solar panel manufacturing sector in 2007, establishing a state-of-the-art plant in Greater Noida with a 450 MW capacity. This capacity can be expanded to 2 GW within the existing infrastructure. For the April-September FY24 period, the company reported a revenue from operations of Rs 204.59 crore and a profit after tax (PAT) of Rs 10.03 crore.
Corporate Capital Ventures is serving as the book-running lead manager for the IPO.
