Alpex Solar to raise around Rs. 75 Cr through IPO

Alpex Solar to raise around Rs. 75 Cr through IPO

The company will use the proceeds to fund its ambitious capacity expansion plan and backward Integration of Aluminium Frames besides meeting working capital expenses

  • By ICN Bureau | January 25, 2024

Alpex Solar Limited, India’s leading manufacturer of solar systems in North India has filed its Draft Red Herring Prospectus (DRHP) and intends to raise around Rs. 75 crore through its public issue.

The offering comprises a fresh issuance of 64, 80,000 equity shares with a face value of Rs. 10 for each share.

Alpex Solar intends to 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 for its solar module.

The object to the issue also includes funds to meet its working capital requirements and the remaining capital to be used for general corporate expenses.

Alpex Solar Limited expects an unprecedented demand for PV solar panels owing to the recently announced Pradhan Mantri Suryoday Yojna.

"The proposed scheme targets the installation of rooftop solar on one crore houses (approximately 30 GW), which will reduce the electricity bill across India and also aid the nation in being self-reliant in the energy sector,” said Ashwani Sehgal, MD, Alpex Solar Limited.

Corporate Capital Ventures has been appointed as the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the issue.

Alpex Solar was incorporated in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal – each one being an engineer turned entrepreneur. Ashwani is also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years.

The company manufactures PV modules using both 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.

The Greater Noida-based company also serves as a contract manufacturer for several large companies, such as Luminous, Jakson, and Tata Power. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt. Ltd., BVG India Ltd., Tata Power, HAREDA, PEDA, and many more.

Alpex Solar registered a revenue of Rs. 207.13 crore in H1 FY2024, as against Rs. 183.93 crore in FY2023. The company’s PAT stood at Rs. 10.02 crore in H1 FY2024 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. 

Owing to its R&D prowess, manufacturing excellence and a deep talent pool, the company has emerged among the preferred suppliers of PV panels. The company has 200+ employees – including celebrated professionals from within and beyond the solar sector experience.

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