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14 Nov 2024
Alpex Solar Limited IPO
Alpex is a significant global manufacturer of highly specialized high power PV modules and solar systems which are leading the market while being cost effective. The company manufactures and delivers solar panels in the B2B space and also serves as a contract manufacturer for several large companies, including Luminous, Jakson, and Tata Power. Its solar panels are delivered to companies, with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited and Shakti Pumps India Limited.These companies install ASL's solar panels at their clients' locations after securing orders.
As for solar water pumps, it targets the B2C segment. Alpex Solar IPO is a book built issue of Rs 74.52 crores. The issue is entirely a fresh issue of 64.8 lakh shares. Alpex Solar IPO price band is set at ₹109 to ₹115 per share. The minimum lot size for an application is 1200 Shares. Corporate Capital Ventures Pvt Ltd is the book running lead manager of the Alpex Solar IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Alpex Solar IPO is Ss Corporate Securities.
Alpex Solar IPO Overview
| Detail | Description |
|---|---|
| IPO Date | February 8, 2024 to February 12, 2024 |
| Listing Date | February 15, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹109 to ₹115 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,480,000 shares (aggregating up to ₹74.52 Cr) |
| Fresh Issue | 6,480,000 shares (aggregating up to ₹74.52 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 17,993,400 |
| Share holding post issue | 24,473,400 |
| Market Maker portion | 324,000 shares Ss Corporate Securities |
Alpex Solar IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Thursday, February 8, 2024 |
| IPO Close Date | Monday, February 12, 2024 |
| Basis of Allotment | Tuesday, February 13, 2024 |
| Initiation of Refunds | Wednesday, February 14, 2024 |
| Credit of Shares to Demat | Wednesday, February 14, 2024 |
| Listing Date | Thursday, February 15, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2024 |
Alpex Solar IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹138,000 |
| Retail (Max) | 1 | 1200 | ₹138,000 |
| HNI (Min) | 2 | 2,400 | ₹276,000 |
Alpex Solar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,845,600 (28.48%) |
| Market Maker Shares Offered | 324,000 (5.00%) |
| QIB Shares Offered | 1,231,200 (19.00%) |
| NII (HNI) Shares Offered | 924,000 (14.26%) | Retail Shares Offered | 2,155,200 (33.26%) |
| Total Shares Offered | 6,480,000 (100%) |
Alpex Solar IPO Promoter Holding
| Share Holding Pre Issue | 93.53% |
| Share Holding Post Issue | 68.76% |
Alpex Solar IPO Anchor Investors Details
| Bid Date | February 7, 2024 |
| Shares Offered | 1,845,600 |
| Anchor Portion Size (In Cr.) | 21.22 |
| Anchor lock-in period end date for 50% shares (30 Days) | March 14, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | May 13, 2024 |
Company & Financials
Founded in 1993, Alpex Solar Limited is a manufacturer of Solar panels. The company uses monocrystalline and polycrystalline cell technologies. The company offers a range of solar panel modules including bifacial, mono PERC, and Half-Cut modules. The company offers solar energy solutions, including AC/DC solar pumps EPC for surface and submersible categories. ASL begins by applying for tenders in respective states and if it succeeds in winning the tender, it proceeds to assess the installation site and subsequently install solar water pumps at the designated locations. It currently operates from one manufacturing facility in Greater Noida, situated at Plot Number I-25, 26, 27, Surajpur Industrial Area, Site - V, Kasna, Greater Noida, and has additional offices located in various cities. Its manufacturing unit is equipped with world-class PV manufacturing lines from worldwide suppliers. The fully automatic robotic plants currently have a manufacturing capacity of 450MW, with plans to increase it to 1GW.
Alpex Solar Limited Financial Information
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 14,188.46 | 12,559.64 | 10,003.75 | 9,935.35 | ||||||||||||||||||||||||||||||||||||
| Revenue | 21,310.72 | 19,592.07 | 16,853.62 | 14,972.96 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 760.58 | 378.58 | 19.42 | 315.23 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 4,906.86 | 4,146.29 | 3,767.70 | 3,748.28 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 4,307.08 | 3,546.51 | 3,167.92 | 3,148.50 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 4,175.15 | 4,735.73 | 2,669.98 | 2,992.68 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 9.55% |
| ROCE | 18.81% |
| Debt/Equity | 1.14 |
| RoNW | 9.55% |
| P/BV | 1.66 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.1 | 6.22 |
| P/E (x) | 54.66 | 18.5 |
Objectives of Alpex Solar IPO
The Company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:
- ● Funding Capital Expenditure for upgradation and expansion of the existing solar module manufacturing facility by increasing 750 MW.
- ● Funding Capital Expenditure towards setting up of a new manufacturing unit for Aluminum frame for the solar module.
- ● To Meet Working Capital requirements of the Company.
- ● General Corporate Expenses.
Alpex Solar IPO Review
The company is in solar PV module manufacturing and marketing. It posted steady growth in its top lines for reported periods, but marked an erratic bottom line. The sudden boost in top and bottom lines for H1-FY24 raise eyebrows and sustainability of such margins amidst rising competition. However, based on FY24 super earnings, the issue appears lucratively priced. Investors’ fancy is seen for solar power segment counters. Investors may park funds for the medium to long term rewards.
FAQs for Alpex Solar IPO
-
What Is The Size Of The Alpex Solar IPO?
Alex Solar consists of a fresh issue of shares worth INR 68,80,000 lakhs. The company seeks funding for solar module facility expansion, aluminum frame unit, working capital, and corporate expenses.
-
What Is The Price Band Of Alpex Solar IPO?
The company Alpex Solar IPO is going to issue shares at INR 109-115 per share.
-
When will Alpex Solar Limited's IPO be allotted?
The Alpex Solar Limited’s shares will be allotted on February 13, 2024.
-
When will Alpex Solar Limited's IPO open for subscription?
The IPO subscription window for Alpex Solar Limited will open on February 8, 2024.
-
What minimum lot size can retail investors subscribe to?
Retail investors can apply for at least one lot, which is a size of 1,200 shares, with a sum of ₹1,38,000.
-
When will Alpex Solar Limited list on exchanges?
Alpex Solar Limited will be listed on NSE Emerge. The stock will be listed on February 15, 2024.
Alpex Solar IPO Subscription Status
Category
Subscription (times)
QIB
141.48
NII
502.31
Retail
351.89
Total
324.03
RHP:
RHP of Alpex Solar Limited IPO
DRHP:
DRHP of Alpex Solar Limited IPO
Anchor Investor Link:
Anchor Investor Link of Alpex Solar Limited IPO
-
What Is The Size Of The Alpex Solar IPO?
Alex Solar consists of a fresh issue of shares worth INR 68,80,000 lakhs. The company seeks funding for solar module facility expansion, aluminum frame unit, working capital, and corporate expenses.
-
What Is The Price Band Of Alpex Solar IPO?
The company Alpex Solar IPO is going to issue shares at INR 109-115 per share.
-
When will Alpex Solar Limited's IPO be allotted?
The Alpex Solar Limited’s shares will be allotted on February 13, 2024.
-
When will Alpex Solar Limited's IPO open for subscription?
The IPO subscription window for Alpex Solar Limited will open on February 8, 2024.
-
What minimum lot size can retail investors subscribe to?
Retail investors can apply for at least one lot, which is a size of 1,200 shares, with a sum of ₹1,38,000.
-
When will Alpex Solar Limited list on exchanges?
Alpex Solar Limited will be listed on NSE Emerge. The stock will be listed on February 15, 2024.
Alpex Solar IPO Subscription Status
| Category | Subscription (times) |
|---|---|
| QIB | 141.48 |
| NII | 502.31 |
| Retail | 351.89 |
| Total | 324.03 |
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