Alpex Solar IPO to open on Feb 8, sets price band at Rs 109-115/share

Solar energy solutions provider Alpex Solar Ltd on Monday said it has fixed a price band of Rs 109-115 apiece for its Rs 75-crore initial public offering (IPO).

The issue will open for public subscription on February 8 and conclude on February 12. The bidding for anchor investors will open for a day on February 7, the Greater Noida-based company said in a statement.

The maiden public issue comprises a fresh issue of 64.8 lakh equity shares. At the upper end of the price band, the company aims to mobilise Rs 74.52 crore.

Of the IPO proceeds, Alpex plans to utilise Rs 19.55 crore to upgrade and expand its solar module manufacturing facility and increase its capacity from 450 MW to 1.2 GW.

Further, Rs 12.94 crore will be used to set up a new manufacturing unit for its solar modules' aluminium frame; Rs 20.49 crore to meet its working capital requirements and the remaining for general corporate expenses.

Post the completion of the issue, shares of the company will be listed on the NSE's small and medium enterprise platform -- NSE Emerge.

The company manufactures photovoltaic modules, commonly known as solar panels. Also, it offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps.

It made a foray into solar panel manufacturing in 2007 and built a state-of-the-art plant spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be expanded to 2 GW within the same infrastructure.

The company posted a revenue from operations of Rs 204.59 crore and a profit after tax (PAT) of Rs 10.03 crore for April-September FY24.

Corporate Capital Ventures is the book-running lead manager to the issue.