Magazine

Last edition
november-december 2024

Home › Investment & Trading ›Alpex Solar to Raise Around INR 75 Crore through its IPO

Alpex Solar to Raise Around INR 75 Crore through its IPO

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

January 25, 2024. By News Bureau

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 (approx. 30GW), 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 of the IPO bound Alpex Solar Limited.

Alpex Solar has filed its Draft Red Herring Prospectus (DRHP) and will be listed with NSE Emerge. The company intends to raise around INR 75 crore through its public issue. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of INR 10 for each share.

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 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.

Tags:

Investment & Trading

Alpex Solar

Pradhan Mantri Suryoday Yojna

Solar panels

Photovoltaic

Electricity

Draft Red Herring Prospectus