PV Module Manufacturer Alpex Solar Seeks Rs. 75 Crore Through IPO At NSE Emerge

The solar boom continues to make itself felt more publicly, with yet another firm, Alpex Solar, planning an IPO in February this year. Alpex solar has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, for an IPO it hopes to complete during the month. The issue size comprises a fresh issue of 64,80,000 equity shares with a face value of Rs. 10 each

Alpex Solar Limited has been an ALMM listed module manufacturer which is also counting on a booming market, especially after 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.

The company intends to raise around Rs. 75 crore through its public issue. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of Rs. 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.

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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.

Ashwani Sehgal

Alpex Solar was incorporated in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal – each one being an engineer turned entrepreneur. Ashwani is also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years. The company manufactures PV modules using both monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories. The Greater Noida-based company also serves as a contract manufacturer for several large companies, such as Luminous, Jakson and Tata Power. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, HAREDA, PEDA and many more.

Alpex Solar registered a revenue of Rs. 207.13 crore in H1FY2024, as against Rs. 183.93 crore in FY2023. The company’s PAT stood at Rs. 10.02 crore in H1FY2024 as compared to Rs. 3.74 crore in FY2023.

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The Company forayed into Solar panel manufacturing in 2007 and built a state-of-the-art facility, spread over 150,000 sq. ft. in Greater Noida with a 450 MW capacity, which can be further expanded to 1.2 GW within the same infrastructure. The company has 200+ employees – including celebrated professionals from within and beyond the solar sector experience.

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