Alpex Solar
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Feb 2024 – 12 Feb 2024
- Listing date
- 15 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹115 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹74.52 Cr
- Market cap at offer price
- ₹281 Cr
- Promoter holding
- 93.53% → 68.76% pre-issue → post-issue
- ISIN
- INE0R4701017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- B-79, Shivalik Enclave, Near Malviya Nagar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,45,600 | — | — |
| Market maker | 3,24,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹115
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,76,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,66,000 |
| B-HNI (min) | 8 | 9,600 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.10 | 6.22 |
| P/E (×) | 54.76 | 18.49 |
| Price to book (×) | 1.66 | — |
| Market cap | — | ₹281 Cr |
Key performance indicators
- Return on net worth
- 9.55%
- ROCE
- 18.81%
- Debt / equity
- 1.14
- PAT margin
- 1.94%
- NAV per share
- ₹69.13
- Price to book
- 1.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Alpex Solar
Originally incorporated on August 27, 1993 as 'Alpex Exports Private Limited', renamed 'Alpex Solar Private Limited' in September 2017, and converted into 'Alpex Solar Limited' (public limited) effective September 1, 2023, the company manufactures solar PV modules at a single fully automatic facility at Surajpur Industrial Area, Kasna, Greater Noida, Uttar Pradesh, with a stated manufacturing capacity of 450 MW (certified string capacity ~536.98 MW and lamination capacity ~459.1 MW), producing monocrystalline and polycrystalline modules including bifacial, Mono PERC and half-cut types under its NIKKO MBB and Diamond series. It sells panels B2B and serves as a contract manufacturer for large companies such as Luminous, Jakson and Tata Power, delivering to EPC players (e.g., Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy) who install modules at end-customer sites; its second line provides integrated engineering, procurement and construction (EPC) of AC/DC solar water pumps (surface and submersible, 2–10 HP) sold largely B2C through state-government tenders in Haryana, Punjab and Chhattisgarh, with over 4,000 pumps installed. In FY2023, revenue from operations was ₹18,269.41 lakhs — solar modules contributed ₹14,098.91 lakhs (77.17%), solar water pumps ₹3,426.75 lakhs (18.76%) and others (raw material sale, jobwork, freight, knitting needles) ₹743.74 lakhs (4.07%); restated consolidated total income for the six months ended September 30, 2023 was ₹21,310.72 lakhs with PAT of ₹760.58 lakhs. The IPO is a 100% fresh issue of 64,80,000 equity shares (face value ₹10) constituting 26.48% of post-issue capital, proposed to be listed on the NSE Emerge platform.
Company Analysis
from DRHPAlpex Solar Limited is a North India-based solar photovoltaic (PV) module manufacturer (monocrystalline and polycrystalline, incl. bifacial, Mono PERC and half-cut) that also executes EPC of AC/DC solar water pumps, spanning the renewable energy and solar EPC/agricultural pumping industries.
Originally incorporated on August 27, 1993 as 'Alpex Exports Private Limited', renamed 'Alpex Solar Private Limited' in September 2017, and converted into 'Alpex Solar Limited' (public limited) effective September 1, 2023, the company manufactures solar PV modules at a single fully automatic facility at Surajpur Industrial Area, Kasna, Greater Noida, Uttar Pradesh, with a stated manufacturing capacity of 450 MW (certified string capacity ~536.98 MW and lamination capacity ~459.1 MW), producing monocrystalline and polycrystalline modules including bifacial, Mono PERC and half-cut types under its NIKKO MBB and Diamond series. It sells panels B2B and serves as a contract manufacturer for large companies such as Luminous, Jakson and Tata Power, delivering to EPC players (e.g., Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy) who install modules at end-customer sites; its second line provides integrated engineering, procurement and construction (EPC) of AC/DC solar water pumps (surface and submersible, 2–10 HP) sold largely B2C through state-government tenders in Haryana, Punjab and Chhattisgarh, with over 4,000 pumps installed. In FY2023, revenue from operations was ₹18,269.41 lakhs — solar modules contributed ₹14,098.91 lakhs (77.17%), solar water pumps ₹3,426.75 lakhs (18.76%) and others (raw material sale, jobwork, freight, knitting needles) ₹743.74 lakhs (4.07%); restated consolidated total income for the six months ended September 30, 2023 was ₹21,310.72 lakhs with PAT of ₹760.58 lakhs. The IPO is a 100% fresh issue of 64,80,000 equity shares (face value ₹10) constituting 26.48% of post-issue capital, proposed to be listed on the NSE Emerge platform.
Objects of the Issue
- Funding capital expenditure for upgradation and expansion of the existing solar module manufacturing facility by increasing 750 MW (from 450 MW to 1200 MW) ₹ 1955.80 Lakhs p.80
- Funding capital expenditure towards setting up of a new manufacturing unit for aluminum frames for its solar modules (backward integration) ₹ 1294.65 Lakhs p.85
- Meeting working capital requirements of the company ₹ 2049.55 Lakhs p.88
- General Corporate Expenses (capped at 25% of gross proceeds) ₹ [●] Lakhs (not stated; shall not exceed 25% of gross proceeds) p.90
Issue Structure
- Total Issue
- 64,80,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 64,80,000 Equity Shares aggregating to ₹ [●] Lakhs (of which 3,24,000 Equity Shares reserved for the Market Maker; Net Issue 61,56,000 Equity Shares)
- Offer for Sale
- Nil
- Price Band
- ₹ [●] to ₹ [●] per Equity Share (not disclosed in DRHP)
- Face Value
- ₹ 10 per Equity Share
Business Model
Revenue is earned primarily from manufacture and B2B sale of solar PV modules — including contract manufacturing for large companies (Luminous, Jakson, Tata Power) and supply to EPC companies/project developers who install the modules at client sites — supplemented by EPC contracts for AC/DC solar water pumps secured by winning state-government tenders (subsidy-supported B2C installations for farmers), plus minor income from sale of solar raw material, jobwork of solar modules, freight and knitting needles ('Others').
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashwani Sehgal | Promoter | 31.08 | 22.85 |
| Monica Sehgal | Promoter | 19.95 | 14.67 |
| Vipin Sehgal | Promoter | 14.00 | 10.29 |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.