Alpex Solar IPO: Allotment Status
Alpex Solar Ltd, a renowned player in the renewable energy sector, has announced its highly anticipated Initial Public Offering (IPO). As a leading manufacturer specialising in both monocrystalline and polycrystalline solar panel technologies, Alpex Solar has established itself as a trailblazer in sustainable energy solutions. With a commitment to innovation and environmental stewardship, Alpex Solar IPO marks a significant milestone in its journey towards expanding its reach and impact in the global solar energy market.
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Alpex Solar Company Details
Alpex Solar Limited, headquartered in North India, stands as a prominent PV module manufacturer. Their product range includes cutting-edge options such as bifacial, mono-perc, and half-cut modules. Moreover, the company offers comprehensive solar solutions, particularly excelling in Engineering, Procurement, and Construction (EPC) services for AC/DC Solar Pumps, catering to surface and submersible installations. With an upcoming IPO on the horizon, Alpex Solar is poised to make significant strides in the renewable energy market.
Primarily operating as a business-to-business (B2B) panel manufacturer, Alpex Solar has established partnerships with industry giants like Luminous, Jakson, and Tata Power. Their panels are integral to the operations of various EPC companies such as Solarworld Energy, BVG India, Tata Power, Hild Energy, and Shakti Pumps. In addition to its B2B endeavours, the company actively engages in business-to-consumer (B2C) activities by securing tenders and installing solar water pumps. Operating from its base in Greater Noida, Alpex Solar has extended its presence with offices strategically located across various regions.
The company boasts an advanced manufacturing unit with a current capacity of 450 megawatts (MW), with plans underway for expansion to 1 gigawat (GW). This state-of-the-art facility houses world-class PV lines, ensuring the production of high-quality solar panels. Backed by a skilled workforce comprising 196 individuals and boasting over 15 years of industry experience, Alpex Solar’s manufacturing plant has earned approvals from esteemed entities such as Tata Power, Luminous, Jakson, NTPC, NHDC, HAREDA, CREDA, PEDA, RACP, and HP Saur Sinchai Yojana.
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IPO Details
The Alpex Solar is an upcoming IPO, valued at Rs. 74.52 crores, offers 64.8 lakh fresh shares. Opened for subscription from February 8 to February 12, 2024, allotment is expected on February 13, 2024, with a listing on NSE SME slated for February 15, 2024.
Priced between Rs. 109 to Rs. 115 per share, the minimum lot size is 1200 shares, requiring a Rs. 138,000 investment for retail investors and Rs. 276,000 for HNIs. Corporate Capital Ventures Pvt Ltd serves as the book-running lead manager, with Skyline Financial Services Private Ltd as registrar and Ss Corporate Securities as the market maker.
| Parameter | Details |
| IPO Date | February 8, 2024 to February 12, 2024 |
| Listing Date | February 15, 2024 |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 109 to Rs. 115 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,480,000 shares (aggregating up to Rs. 74.52 Cr) |
| Fresh Issue | 6,480,000 shares (aggregating up to Rs. 74.52 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Shareholding pre issue | 17,993,400 |
| Shareholding post issue | 24,473,400 |
| Market Maker portion | 324,000 shares |
| Market Maker | Ss Corporate Securities |
IPO Timeline
| Event | Date |
| IPO Open Date | Thursday, February 8, 2024 |
| IPO Close Date | Monday, February 12, 2024 |
| Basis of Allotment | Tuesday, February 13, 2024 |
| Initiation of Refunds | Wednesday, February 14, 2024 |
| Credit of Shares to Demat | Wednesday, February 14, 2024 |
| Listing Date | Thursday, February 15, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2024 |
This timeline ensures a streamlined process for investors, from the opening of subscriptions to the listing of shares on the NSE SME platform, facilitating efficient trading and allocation procedures for all stakeholders involved in the IPO.
IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1200 | ₹138,000 |
| Retail (Max) | 1 | 1200 | ₹138,000 |
| HNI (Min) | 2 | 2400 | ₹276,000 |
IPO Objectives
The company is bringing its IPO for the following major reasons –
Expansion of Solar Module Facility
Alpex Solar aims to utilise a significant portion of the new IPOproceeds, approximately Rs. 1955.80 Lakhs, to upgrade and expand its existing solar module manufacturing facility. This strategic investment is geared towards boosting production capacity to 750 MW annually, aligning with the company’s growth objectives and meeting escalating market demand for solar panels.
Establishment of Aluminum Frame Manufacturing Unit
With an allocation of Rs. 1,294.65 Lakhs from the IPO proceeds, Alpex Solar plans to set up a new manufacturing facility for aluminium frames. These frames are essential components in solar module assembly, and the company seeks to streamline its production processes by converting aluminium ingots into profiles for framing purposes, ensuring greater operational efficiency and cost-effectiveness.
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Supporting Working Capital Requirements
A portion of the Alpex Solar SME IPO proceeds, approximately Rs. 2,049.55 Lakhs, will be earmarked to fulfil the company’s working capital needs. By strategically managing inventory levels and aligning with future sales projections, Alpex Solar aims to ensure uninterrupted operations and capitalise on emerging market opportunities.
General Corporate Expenses
The remaining funds from this SME IPO will be allocated towards general corporate purposes, including operating expenses, branding initiatives, promotional activities, and advertising campaigns. This allocation underscores Alpex Solar’s commitment to enhancing its market presence, strengthening brand equity, and mitigating potential challenges as it continues to innovate and expand its footprint in the renewable energy sector.
Strategic Growth Initiatives
Overall, the IPO proceeds will enable Alpex Solar to fortify its manufacturing capabilities, optimise operational efficiency, and bolster its competitive position in the solar energy market. These strategic investments underscore the company’s long-term vision for sustainable growth and value creation for its stakeholders.
Conclusion
Alpex Solar’s IPO marks a significant milestone in its journey towards furthering its position in the renewable energy sector. With a strong focus on expanding manufacturing capabilities, enhancing operational efficiency, and meeting working capital needs, the company is poised for substantial growth.
By leveraging the IPO proceeds for strategic initiatives such as facility expansion and innovation, Alpex Solar is not only strengthening its competitive edge but also contributing towards a sustainable future. Investors looking to participate in the renewable energy revolution can consider Alpex Solar as a promising opportunity. Additionally, many brokers offer free demat accounts, providing investors with a cost-effective way to participate in IPOs like Alpex Solar’s, allowing them to manage their investments more efficiently while minimizing overhead expenses.
