Alpex Solar, India’s leading manufacturer of solar systems, has submitted its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of Rs 10 apiece. The company has appointed Corporate Capital Ventures as the Book Running Lead Manager, and Skyline Financial Services as the Registrar to the issue.
The company 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 by 750 MW; Rs. 12.94 crore to set up a new manufacturing unit for its solar module’s aluminum frame; Rs 20.49 crore to meet its working capital requirements; and the remaining capital to be used for general corporate expenses.
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Commenting on the company’s IPO plans, Mr. Ashwani Sehgal, Chairman & Managing Director, Alpex Solar Limited, said, “As India aims to achieve zero emissions by 2070, adoption of renewable energy plays a critical role in its ambitious plan. To meet market demand for large-sized cells with multi-bus bars (MBB) and the latest types of Mono Perc, Topcon, and Bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit. We are also planning to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries.”
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The Greater Noida-based company functions as a manufacturer and supplier of solar panels in the B2B market, concurrently serving as a contract manufacturer for notable firms like Luminous, Jakson, and Tata Power. With a specialised focus on EPC companies such as Solarworld Energy Solutions, BVG, Tata Power, Hild Energy, and Shakti Pumps India, the company ensures the delivery of its solar panels.
In the initial half of the current fiscal year concluding in September 2023, the company reported a total revenue of Rs 207.13 crore and a profit (PAT) of Rs 10.02 crore. Comparatively, for the fiscal year 2022-23, the company achieved a revenue of Rs 183.93 crore, up from Rs 156.06 crore in FY 2021-22. The recorded profit (PAT) for FY 2022-23 amounted to Rs. 3.74 crore, a notable increase from the Rs. 7.05 Lakh recorded in FY 2021-22.
