Alpex Solar IPO: The central government is working at many levels to promote solar energy in the country. Since then, there has been a continuous rise in the share prices of companies related to solar energy production. Now solar panel manufacturer Alpex Solar Limited has come into the market with its IPO. It was opened for bidding on Thursday.
As of 11:20 am on the second day of bidding on Friday, the Rs 74.52 crore SME IPO was subscribed 40.31 times. Applications for IPO can be made till 12th February.
So far, the retail category has received 65.90 times subscription and the non-institutional investor (NII) category has received 34.18 times subscription. At the same time, the qualified institutional buyer (QIB) category got subscription of 0.10 times.
The allotment of Alpex Solar IPO will take place on 13 February, while its listing on NSE SME will take place on 15 February 2024.
What is the price band of IPO?
Solar panel maker Alpex Solar Limited has brought a fresh issue of 64.8 lakh shares in the IPO. Its price band has been fixed at Rs 109 to Rs 115 per share. The minimum lot size for an applicant is 1,200 shares. The minimum investment amount required for retail investors is Rs 1,38,000. The minimum lot size investment for HNIs is 2 lots (2,400 shares). For this, at least Rs 2,76,000 will have to be invested. Corporate CapitalVentures Pvt Ltd is the book-running lead manager of Alpex Solar IPO, while Skyline Financial Services Pvt Ltd is the registrar to the issue. The market maker for Alpex Solar IPO is SS Corporate Securities.
GMP of Alpex Solar IPO
According to Stock Market Observer, unlisted shares of Alpex Solar Ltd are trading at a premium of Rs 190 in the gray market compared to the issue price. The gray market premium or GMP of Rs 190 means the gray market is expecting 165.22 percent listing profit from the public issue. GMP is based on market sentiments and keeps changing. Gray market premium reflects investors’ willingness to pay more than the issue price.
Applex Solar IPO Listing Date
Aplex Solar is expected to be listed on NSE SME on February 15.
what does the company do
Alpex Solar Limited was established in August 1993. The company manufactures solar panels using monocrystalline and polycrystalline cell technologies. They manufacture a range of solar panel modules including bifacial, mono PERC and half-cut modules. Additionally, Alpex Solar offers solar power solutions such as AC/DC Solar Pump EPC for surface and submersible ranges.
What will the company do with the money?
Alpex plans to use Rs 19.55 crore of the IPO proceeds to upgrade and expand its solar module manufacturing facility and increase its capacity from 450 MW to 1.2 GW. Additionally, Rs 12.94 crore will be used to set up a new manufacturing unit for aluminum frames of its solar modules. The remaining Rs 20.49 crore will be used to meet working capital requirements and remaining corporate expenses.