Alpex Solar IPO: Solar panel manufacturing company is launching IPO, draft papers submitted to SEBI

Alpex Solar has announced that it is going to launch an Initial Public Offering (IPO). The company wants to raise funds for the capacity expansion project. Apex Solar said in its statement that it has submitted draft papers for listing on NSE Emerge.

The company has not yet given information about how much amount it wants to raise through IPO. It did say in its statement that it wants to use Rs 19.55 crore of its net income to upgrade and expand its capacity to 750 MW.

Along with this, the company wants to set up a new manufacturing unit for aluminium frames of solar modules for Rs 12.94 crore. Along with this, the company needs Rs 20.49 crore for general corporate expenses and working capital requirements.

According to news agency PTI, the issue size of this IPO will be 64,80,000 equity shares of Rs 10 each. For this, Corporate Capital Ventures has been appointed as the book-running lead manager, while Skyline Financial Services Pvt Ltd is the registrar of the issue.

Ashwani Sehgal, Chairman and Managing Director, of Alpex Solar Limited said, “To meet the market demand, we need to raise funds from the market to expand our business operations for large-sized cells, Multi-Bus Bars (MBB) and the latest types of Mono Perc, Topcon and Bifacial cells. We are planning. We want to increase the capacity of our existing manufacturing unit from 450 MW to 1.2 GW."

Ashwani Sehgal said, the company is also considering building a dedicated plant for the production of aluminium frames, which will eliminate our dependence on importing frames from other countries.

The Greater Noida-based company manufactures and delivers solar panels in the B2B market. It works on contracts for big companies like Luminous, Jackson, and Tata Power.

Alpex Solar earned revenues of Rs 183.93 crore in FY2013, up from Rs 156.06 crore in FY2012. If we talk about the current financial year, the company has earned a revenue of Rs 207.13 crore in the April-September period.