Alpex Solar Limited has revealed the submission of its draft red herring prospectus (DRHP) with NSE emerge. The offering includes a new issuance of 64,80,000 equity shares, each with a face value of Rs 10 per share. Corporate Capital Ventures has been designated as the book running lead manager, while Skyline Financial Services Private Limited serves as the registrar to the issue.
The company produces photovoltaic modules utilising both monocrystalline and polycrystalline cell technologies. The range of products includes bifacial, mono-perc, and halfcut solar PV modules. Additionally, along with complete solar energy solutions, it also provides engineering, procurement, and construction services for both surface- and submersible-class AC/DC solar pumps.
Alpex Solar plans to deploy Rs 195.5 million of the net IPO proceeds to enhance and extend its current solar module manufacturing facility, augmenting its capacity by 750 MW. Another Rs 129.4 million will be allocated for establishing a new manufacturing unit dedicated to the aluminum frames of its solar modules. Additionally, Rs 204.9 million will be earmarked to fulfill working capital needs, with the remaining funds designated for general corporate expenses.
Established in 1993, Alpex Solar entered the solar panel manufacturing sector in 2007. The company constructed an innovative facility spanning 150,000 square feet in Greater Noida with an initial capacity of 450 MW, expandable to 2 GW within the existing infrastructure.
