Alpex Solar stock lists at 186% premium to IPO price

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Alpex Solar Ltd, a Greater Noida-based solar systems manufacturer in India, has made a stellar debut on the NSE Emerge platform. The stock was listed at INR 329 ($3.96), at a whopping 186% premium over the fixed price band of INR 115. Earlier, the issue recorded 324 times subscriptions till the final day of bidding on February 12, garnering bids amounting to over INR 16,000 crore.

The initial public offer (IPO) comprised a fresh issue of 64.8 lakh equity shares with a face value of INR 10  through the book-building route. Corporate Capital Ventures is the Book Running Lead Manager to the issue.

Alpex Solar intends to utilise INR 19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW; INR 12.94 crore to set up an aluminium frame manufacturing unit for its solar modules; INR 20.49 crore to meet its working capital requirements; and the remaining amount for general corporate expenses.

The Greater Noida-based company manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps in both surface and submersible categories.

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