Alpex Solar, a PV module manufacturer, announced an extraordinary response to its Initial Public Offering (IPO) as it recorded a whopping 303 times subscription by the close of the final bidding day.
The Greater-Noida based Alpex Solar unveiled its plans to utilize the net proceeds from the IPO for several expansion and establishment projects. This includes upgrading and expanding its existing solar module manufacturing facility, increasing the capacity from 450 MW to 1.2 GW in the current unit. It also aims to use part of the fund to set up a new manufacturing unit for the solar module’s aluminium frame. Additionally, the company has allocated capital to meet working capital requirements and cover general corporate expenses.
The IPO, which lasted from February 8 to February 12, saw a price band of Rs 109 to Rs 115 per equity share, with a face value of Rs 10 apiece. The issue comprised a fresh offering of 64.8 lakh equity shares through the book-building route, with a minimum application lot of 1,200 equity shares.
Alpex Solar’s IPO grabbed the attention of investors, who aimed to raise Rs 74.52 crore from the market. With an overwhelming response from all investor categories, the QIB portion saw a subscription of 133 times, the HNI/NII portion was oversubscribed by 471 times, and the retail allotment was 329 times subscribed.
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