The solar manufacturer will use the net proceeds to expand its PV module capacity from 450 MW to 1.2 GW and set up an aluminum frame manufacturing unit, besides covering working capital costs.
December 5, 2023
Alpex Solar, a Greater Noida-based PV module manufacturer, has announced the submission of its Draft Red Herring Prospectus (DRHP) to NSE Emerge. The offer comprises a fresh issue of 64,80,000 equity shares having a face value of INR 10 per share. Corporate Capital Ventures has been appointed as book-running lead manager and Skyline Financial Services is the registrar of the offering.
Alpex Solar also offers comprehensive solar energy solutions, including engineering, procurement and construction (EPC) of AC/DC solar pumps in both surface and submersible categories.
The company intends to utilize INR 19.55 billion of the net proceeds from the IPO for modernization and expansion of its existing solar panel manufacturing capacity by 750 MW, INR 12.94 billion for setting up an aluminum solar panel frame manufacturing unit and 20.49 billion INR billion for meeting its working capital requirements and the remaining capital for general corporate expenses.
Currently, Alpex Solar has a solar module manufacturing facility in Greater Noida with a capacity of 450 MW, which can be expanded to 2 GW within the same infrastructure.
Ashwani Sehgal, Chairman and Managing Director of Alpex Solar, said: “To meet the market demand for large format cells with Multi-Bus Bars (MBB) and the latest types of mono-PERC, TOPCon and bifacial cells, we plan to To increase demand.” Funds to expand our operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit. We also plan to build a new factory to manufacture aluminum frames to eliminate our dependence on frame imports from other countries.”
Alpex Solar posted a revenue of INR 207.13 crore in the first half of fiscal 2023-24 ended September 30, compared to INR 183.93 crore in fiscal 2022-23. Profit after tax (PAT) for the first half of FY 2023-24 stood at INR 10.02 crore as compared to INR 3.74 crore in FY 2022-23.
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