Alpex Solar launches ₹75 crore IPO at ₹109-115 per share

Solar systems manufacturer Alpex Solar announced on Monday that its initial public offering (IPO) will open on Thursday, 8 February. The company has fixed the price band for the issue at ₹109-₹115 per share.

Shantanu Poswal
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The Alpex Solar IPO is an SME offering that will conclude on Monday, 12 February. The anchor portion will open on Wednesday, 7 February.

Through the book-building route, the company intends to raise ₹74.52 crore from the IPO, which comprises a fresh issue of 64.80 lakh equity shares with a face value of ₹10 each.

The Alpex Solar IPO lot size is 1,200 equity shares, and the minimum investment required by retail investors is ₹138,000.

The Alpex Solar IPO has reserved 18.45 lakh equity shares for the anchor portion. Around 3.24 lakh equity shares are allocated for the Market Maker, 9.24 lakh equity shares for Non-Institutional Investors (NIIs), 12.31 lakh shares for Qualified Institutional Buyers (QIBs), and the Retail (RII) portion accounts for 21.55 lakh equity shares.

Alpex Solar IPO allotment is likely to be finalised on 13 February, and the shares are expected to list on 15 February on the NSE Emerge.

Corporate Capital Ventures is the book running lead manager for the Alpex Solar IPO, and Skyline Financial Services Pvt Ltd is the registrar.

From the IPO proceeds, Alpex Solar intends to utilise ₹19.55 crore to upgrade and expand its existing 450 MW solar module manufacturing facility to 1.2 GW capacity.

Additionally, ₹12.94 crore is planned for setting up a new manufacturing unit for solar module aluminium frames. ₹20.49 crore will go towards working capital requirements, and the remaining capital will be used for general corporate expenses.