Alpex Solar files draft papers for IPO with NSE Emerge


Alpex Solar, a Greater Noida-based PV panel manufacturer, has 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 per share. Corporate Capital Ventures has been appointed as the book-running lead manager, and Skyline Financial Services is the registrar to the issue.

Alpex Solar also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps in both surface and submersible categories.

The company intends to utilize INR 19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing capacity by 750 MW, INR 12.94 crore to set up an aluminium solar panel frame manufacturing unit, INR 20.49 crore to meet its working capital requirements, and the remaining capital for general corporate expenses.

Currently, Alpex Solar has a solar panel manufacturing plant in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.

Ashwani Sehgal, chairman and managing director of Alpex Solar, said, “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.”

Alpex Solar earned a revenue of INR 207.13 crore in the first half of FY 2023-24 ending September 30, compared to INR 183.93 crore in FY 2022-23. Profit after tax (PAT) for H1 FY 2023-24 stood at INR 10.02 crore, compared to INR 3.74 crore in FY 2022-23.

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