The Initial Public Offer (IPO) of Alpex Solar Limited has received an overwhelming response from the investors as it recorded 303 times subscription till the final day of bidding. The Greater-Noida based solar systems manufacturing company aimed to raise Rs. 74.52 crore from the issue that was floated between February 8-12, 2024.

While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 133 times, the HNI/NII quota was subscribed 471 times and the Retail Individual Investors (RII) quota was subscribed 329 times, bringing the overall subscription to 303 times till the final day of bidding on February 12, 2024.

The price band of the issue is fixed at Rs. 109-115 per equity share with a face value of Rs. 10 a piece. The IPO consisted of a fresh issue of 64.8 lakh equity shares with a face value of Rs. 10 through the book-building route. The minimum lot size for the application is 1,200 equity shares. The company is proposed to be listed on NSE Emerge.

Corporate Capital Ventures Private Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the Issue.

Alpex Solar intends to utilise Rs. 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 in the existing manufacturing unit; Rs. 12.94 crore to set up a new manufacturing unit for its solar module's aluminium frame for its solar module; and Rs. 20.49 crore to meet its working capital requirements and the remaining capital to be used 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.