Alpex Solar witnessed a remarkable debut on February 15, with its stock listing at a premium of 186% over the IPO price on the NSE SME platform. Opening at Rs 329 compared to the issue price of Rs 115, the stock’s performance surpassed expectations.
Prior to its listing, Alpex Solar shares were trading at a 128% premium in the grey market, an unofficial platform where shares are traded before IPO allotment and until the listing day. This premium is closely monitored by investors to gauge the potential listing price.
The IPO garnered significant interest, being oversubscribed 324 times, with the retail portion oversubscribed by 350 times. Open for subscription from February 8 to February 12, the price band for the issue was set at Rs 109-115 per share. The company successfully raised Rs 74.52 crore through a fresh issue of 64.8 lakh shares. The promoters of the company are Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal.
Proceeds from the IPO will primarily fund capital expenditure for the expansion of the existing solar module manufacturing facility and the establishment of a new manufacturing unit for aluminium frames for solar modules. Additionally, the funds will be allocated to meet working capital requirements and general corporate expenses.
Alpex Solar specializes in manufacturing solar panels using monocrystalline and polycrystalline cell technologies, offering a variety of solar panel modules including bifacial, mono PERC, and half-cut modules. The company also provides solar energy solutions such as AC/DC solar pumps EPC for surface and submersible categories. Its clientele includes Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy, and Shakti Pumps India.