PV Solar Panel Manufacturer Alpex Solar Limited files DRHP, To Be Listed With NSE Emerge

Greater Noida- based Alpex Solar Limited, has announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of Rs. 10 for each share. Alpex Solar clocked a revenue of Rs. 183.93 crore in FY23, up from Rs. 156.06 crore in FY22; The company earned a revenue of Rs. 207.13 crore for H1FY24. The company recorded a profit (PAT) of Rs. 10.02 crore in the first half of the current fiscal year ending September 2023 whereas Alpex Solar’s PAT was Rs. 3.74 crore in FY2022-23 and Rs. 7.05 Lakh in FY2021-22, respectively.

The company manufactures PV modules using both monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.

Alpex Solar intends to utilise Rs. 19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity by 750 MW; Rs. 12.94 crore to set up a new manufacturing unit for its solar module’s aluminium frame for its solar module; Rs. 20.49 crore to meet its working capital requirements; and the remaining capital to be used for general corporate expenses.

Alpex Solar was incorporated in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal – each one being an engineer turned entrepreneur. Ashwani is also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years. The Company forayed into Solar panel manufacturing in 2007 and built a state-of-the-art plant spread over 150,000 sq. ft. in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure. The company has 200+ employees.

Commenting on the company’s IPO plans, Ashwani Sehgal, Chairman & Managing Director, Alpex Solar Limited, said, “As India aims to achieve zero emissions by 2070, adopting renewable energy plays a critical role in its ambitious plan. To meet market demand for large-sized cells with multi-bus bars (MBB) and the latest types of Mono Perc, Topcon, and Bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit. We are also planning to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries.”

The Greater Noida-based company manufactures and delivers solar panels in the B2B market and also serves as a contract manufacturer for several large companies, such as Luminous, Jakson, and Tata Power. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited.

Alpex solar continues a rush of clean energy firms for public money, with more to follow. Industry leader Waaree Energies is also due for an IPO in 20-24 on the main stock exchanges, even as SME boards have been used by multiple players in the past 12 months to raise funding.