👉 The offer is a complete fresh issue of 64.8 lakh shares amounting Rs. 74.52 crores
👉 ASL is a solar PV module manufacturer which is a growing industry
👉 The company is expanding its capacity and adding new aluminum frame unit
👉 The company has posted low net profit margins of 2.13% (FY21), 0.12% (FY22) & 1.94% (FY23)
👉 The companies revenue increased by 12.57% in FY 22 and by 16.25% in FY23
| Issue Date | 08 to 12 Feb, 2024 |
| Issue Size | Rs. 74.52 crore |
| Fresh Issue | Rs. 74.52 crore |
| Price Band | Rs. 109 to 115 per share |
| Lot Size | 1200 Shares |
| Employee Discount | Nil per share |
| Face Value | ₹10 per share |
| Issue Type | Book Built Issue Type |
| Listing At | NSE SME |
| QIB shares offered | 12,31,200 (19%) |
| Retail shares offered | 21,55,200 (33.26%) |
| NII shares offered | 9,24,000 (14.26%) |
Lot Size
| Retail (Min) | 1200 shares | Rs. 138,000 |
| HNI (Min) | 2400 shares | Rs. 2,76,000 |
| Retail (Max) | 1200 shares | Rs. 138,000 |
Tentative IPO Timelines
| Basis of Allotment | 13 Feb, 2024 |
| Initiation of Refunds | 14 Feb, 2024 |
| Credit of shares to Demat | 14 Feb, 2024 |
| Listing Date | 15 Feb, 2024 |
About the Company
Incorporated in August 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 module. The company offers solar energy solutions, including AC/DC solar pumps EPC for surface and submersible categories.
The company’s clients include Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited.
The Company has received several quality certifications, including ISO 14001:2015, ISO 45001: 2018, and ISO 9001: 2015, all certified by KVQA Assessment Pvt Ltd.
Objects of the Issue
The Company intends to utilize the Net Fresh Issue Proceeds for the following Objects (“Objects of the Issue”):
- 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; and
- General Corporate Expenses.
IPO Promoter Holding
The Promoters of the company are:
- Mr. Ashwani Sehgal
- Mrs. Monica Sehgal
- Mr. Vipin Sehgal.
| Pre-Issue shareholding | 93.53% |
| Post issue shareholding | 68.76% |
Financial Summary Amount in Rs. crores
| Particulars | March 2023 | March 2022 | March 2021 |
| Revenue | 195.92 | 168.54 | 149.73 |
| Net Profit / (Loss) | 3.79 | 0.20 | 3.15 |
| Total Assets | 125.60 | 100.04 | 99.35 |
GMP / Expected Premium
GMP as on 08-02-2024 is 146%. One can apply in Alpex Solar IPO for listing gains.
Please note GMP is taken from internet and is subject to change in future. Please consult your financial advisor before applying in the IPO.
Disclaimer: The information above is only for information and educational purpose. Please note SME IPO’s are generally risky as they have low liquidity and traded in lot sizes after listing. Please consult your Financial advisor before applying in the IPO.
