Indian Alpex Solar's IPO lures huge investor interest

The ongoing initial public offering (IPO) of Indian photovoltaic (PV) panel maker Alpex Solar has attracted tremendous interest, luring some INR 160 billion (USD 1.93bn/EUR 1.79bn) worth of commitments.

“These numbers speak volumes about the immense confidence investors have in Alpex Solar's vision and the future of renewable energy,” the Indian firm said in a LinkedIn post on Monday.

The qualified institutional buyer (QIB) portion of the placement was subscribed 141 times, while the high net individuals/non-institutional investors quota (HNI/NII) was subscribed 502 times.

Alpex Solar is offering 6.48 million equity shares with a face value of INR 10 apiece at a price of between INR 109 and INR 115 per share. With the deal, it went public on NSE Emerge, the small and medium-sized enterprises (SME) platform of the National Stock Exchange of India.

The share made its stock market debut on Thursday, listing at INR 329. This was 186.09% higher than the issue price of INR 115.

When it unveiled plans for the IPO at end-2023, Alpex Solar said it would spend INR 195.5 million of the total net proceeds to install an additional 750 MW of manufacturing capacity at its factory in Uttar Pradesh, while INR 129.4 million would go to set up an aluminium solar panel frame manufacturing facility. Around INR 204.9 million is earmarked to support working capital requirements.

Alpex Solar produces PV modules using both monocrystalline and polycrystalline cell technologies at a 450-MW factory in Greater Noida.

(INR 10 = USD 0.120/EUR 0.112)

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