Alpex Solar files preliminary papers with sebi to raise Rs 75 cr via IPO

Solar energy solutions provider Alpex Solar on Wednesday said it has filed preliminary papers with SEBI to raise Rs 75 crore through an initial public offering.

The offer comprises fresh issuance of 64,80,000 equity shares with a face value of Rs 10 each, a company statement said.

Alpex Solar has filed its Draft Red Herring Prospectus (DRHP) for the IPO and shares will be listed with NSE Emerge. The company intends to raise around Rs 75 crore through the IPO, it stated.

It will utilise net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility from 450 MW to 1.2 GW under the Aatmanirbhar Bharat initiative, besides setting up a new manufacturing unit for its solar module's aluminium frame.

The funds will also be used to meet its working capital requirements and for general corporate expenses.

Corporate Capital Ventures has been appointed as the book running lead manager to the issue and Skyline Financial Services is the registrar.

Alpex Solar registered a revenue of Rs 207.13 crore in H1FY2024 (April-September 2023), as against Rs 183.93 crore in FY2023.

PAT (net profit) stood at Rs 10.02 crore in H1FY2024 as compared to Rs 3.74 crore in FY2023.

The company forayed into solar panel manufacturing in 2007 and built a state-of-the-art facility, spread over 150,000 square feet in Greater Noida with a 450 MW capacity, which can be further expanded to 1.2 GW within the same infrastructure.