Indian solar panel maker Alpex plans IPO to back production growth

Indian photovoltaic (PV) panel maker Alpex Solar has filed plans to launch an initial public offering (IPO) and list its stock on NSE Emerge, the small and medium-sized enterprises (SME) platform of the National Stock Exchange of India.

The Greater Noida-based manufacturer said on Tuesday it has lodged its Draft Red Herring Prospectus (DRHP) with NSE Emerge, intending to place 6.48 million shares with a face value of INR 10 apiece (USD 0.12/EUR 0.11). Corporate Capital Ventures is acting as lead book-running manager of the deal.

Alpex Solar produces PV modules using both monocrystalline and polycrystalline cell technologies at a 450-MW factory in Greater Noida, Uttar Pradesh, and also offers comprehensive solar energy solutions such as the engineering, procurement, and construction (EPC) of solar pumps. Its plan is to allocate some INR 195.5 million of the raised net proceeds to install an additional 750 MW of manufacturing capacity at the Greater Noida site, while INR 129.4 million will go to set up an aluminium solar panel frame manufacturing facility. Around INR 204.9 million are earmarked to support working capital requirements, with any remaining funds to go for the company’s general corporate expenses.

Alpex Solar earned INR 100.2 million net in the first half of the current fiscal year ending March 2024, almost tripling its year-ago profit as revenues reached INR 2.07 billion.

(INR 10 = USD 0.120/EUR 0.111)

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