Alpex Solar was incorporated on 27 August 1993. The company is a solar photovoltaic (PV) module manufacturer in North India. Its portfolio of solar energy products includes bifacial, mono PERC, half-cut solar PV modules. It also provides integrated solar energy solutions, including engineering, procurement, construction (EPC) of AC/DC solar pumps in both surface and submersible categories.
| Bidding Dates |
|---|
| 08 Feb 2024 - 12 Feb 2024 |
| Subscription |
|---|
| 301.45x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,30,800 | 1 | 1 | 1200 | 6.5 M | ₹109 - ₹115 | 68.76 % | ₹706.3 M - ₹745.2 M | RHP DOC |
Alpex Solar IPO SUBSCRIPTION STATUS
12 Feb '24Alpex Solar IPO overall subscription rate was 301.45 times the total available shares
Alpex Solar IPO retail subscription rate was 467.55 times in the retail segment
Alpex Solar IPO non-institutional investor subscription rate was 668.13 times in the non-institutional investor category
Alpex Solar IPO Qualified Institutional Bidder subscription rate was 75.17 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
12 Feb 2024 (Day 3) | 467.55x | 668.13x | 75.17x |
09 Feb 2024 (Day 2) | 174.79x | 96.9x | 0.48x |
08 Feb 2024 (Day 1) | 64.26x | 34.03x | 0.05x |
Alpex Solar FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY24 | 76.0 | 2,127.6 | 79.7 | 54.9 | 6.9% |
| FY23 | 37.9 | 1,946.8 | -68.5 | -117.7 | 6.5% |
| FY22 | 2.0 | 1,655.6 | -11.2 | -24.4 | 4.2% |
| FY21 | 31.6 | 1,485.3 | 17.1 | -13.8 | 6.8% |
Alpex Solar IPO SUBSCRIPTION STATUS DETAILS
Alpex Solar had 6.5 M shares on offer
Alpex Solar IPO offer price was in the range ₹109 - ₹115
Alpex Solar IPO minimum Investment was ₹130800
Alpex Solar IPO issue size was ₹ 706.3 M - ₹ 745.2 M
Alpex Solar had a minimum lot size of 1200 Shares per application
Alpex Solar NUMBER OF SHARES ON OFFER
Alpex Solar IPO IMPORTANT DATES
| Issue Open Date | 08 Feb 2024 |
| Issue close Date | 12 Feb 2024 |
| Allotment Date | 13 Feb 2024 |
| Refund Date | 14 Feb 2024 |
| Demat Account Credit Date | 14 Feb 2024 |
| Listing Date | 15 Feb 2024 |
| Listing on Exchange(s) | NSE |
| Alpex Solar Allotment Status | Exchange |
Alpex Solar IPO subscription opened on 08 Feb 2024, and closed on 12 Feb 2024
IPO allotment for Alpex Solar was finalized on Tuesday, 13 Feb 2024
IPO listing for Alpex Solar was on NSE on Thursday, 15 Feb 2024
Alpex Solar IPO LISTING GAINS
| Issue Price (adjusted) | 115.0 |
| Listing Open Price | 329.0 |
| Listing Close Price | 345.4 |
| Listing Gain% | 186.1% |
| Current Gain% | 599.1% |
Alpex Solar Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Alpex Solar Ltd. | 804 | 1967.5 | 9.8 | 0.1 | 0.9 | 35.9 | 14.6 | 2231.8 | 185 | 201.5 | 141.3 | 82.3 | 141.5 |
| Adani Power Ltd. | 209 | 403050.1 | 28.3 | 1.9 | 6.8 | 19.8 | 9 | 57865.3 | -1.8 | 12834.3 | -0.8 | 7.4 | 14.9 |
| NTPC Ltd. | 342.5 | 332110.8 | 12 | 0.8 | 1.7 | 13.3 | 4.8 | 189798.6 | -0.6 | 27052.5 | 15.5 | 28.6 | 15.9 |
| Power Grid Corporation of India Ltd. | 271.6 | 252604.4 | 15.9 | 5.2 | 5.4 | 15.8 | 5.4 | 47684.4 | 0.5 | 15928 | 2.6 | 17.1 | 3 |
| Adani Energy Solutions Ltd. | 1630.1 | 199353.8 | 68.3 | 3.1 | 6.5 | 9 | 2.4 | 28325.2 | 15.9 | 2282.5 | 115.3 | 23.9 | 21.8 |
| Tata Power Company Ltd. | 380.6 | 121598.6 | 31.5 | -6.5 | 1.9 | 9.5 | 2.1 | 64171.7 | -4.2 | 3747.2 | -5.6 | 12.1 | -4.8 |
Alpex Solar IPO Reports
Alpex Solar INFORMATION ON IPO ISSUE
About Alpex Solar
Alpex Solar was incorporated on 27 August 1993. The company is a solar photovoltaic (PV) module manufacturer in North India. Its portfolio of solar energy products includes bifacial, mono PERC, half-cut solar PV modules. It also provides integrated solar energy solutions, including engineering, procurement, construction (EPC) of AC/DC solar pumps in both surface and submersible categories.
Object of the Issue
- Funding capital expenditure for the upgrade and expansion of the existing solar module manufacturing facility by increasing capacity by 750 MW
- Funding capital expenditure towards setting up a new manufacturing unit for aluminum frames for the solar module
- To meet the working capital requirements of the company
- General corporate expenses
Alpex Solar - PROMOTERS
| Name |
|---|
| Ashwani Sehgal |
| Monica Sehgal |
| Vipin Sehgal |
Alpex Solar Lead Manager to the Issue
Corporate Capital Ventures Private Limited
smeipo@ccvindia.com
Alpex Solar Registrar to the Issue
Skyline Financial Services Private Limited
ipo@skylinerta.com
Alpex Solar Strengths
Strong supplier base
The company has developed a robust supply chain for the sourcing of a wide variety of products that it offers to customers
Certifications
The company has been accredited with various quality certifications, including ISO 14001:2015, ISO 45001:2018, certification for Photovoltaic Module, Bureau of Indian Standards Certificate, etc
Geographical presence
The company has one manufacturing facility located in Greater Noida, and its other offices are situated in different cities, including Delhi, Mumbai, Himachal Pradesh, Chittorgarh, Jaipur, Tirupur, and Ludhiana
Alpex Solar Risks
Dependent on few customers
The company continues to derive a material portion of its revenue from its top five customers, and its financial dependence on them, particularly "Luminous Power Technologies," poses a potential risk
Faces competition
The company faces competition in its business from domestic competitors. Such competition could have an adverse impact on the business and financial performance
Negative cash flows
The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect the business
IPO FAQs
The promoters of the company are Ashwani Sehgal, Monica Sehgal and Vipin Sehgal.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 109.0 - 115.0.
The IPO application opens on Feb 08, 2024 and closes on Feb 12, 2024.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 130,800.0, the maximum value for this IPO is Rs 138,000.0.
This IPO will be allotted on Feb 13, 2024.
The refund will be credited to your account on Feb 14, 2024.
The allotted shares will be credited to your demat on Feb 14, 2024.
Alpex Solar Ltd.’s shares listed on the stock exchanges on Feb 15, 2024.