Alpex Solar IPO: GMP(Grey Market Premium), Subscription Status

Alpex Solar IPO

Alpex Solar IPO: On Thursday, February 8, investors responded favorably to Alpex Solar Limited’s initial public offering , as the public issue was subscribed 30.85 times on the first day of bidding. Alpex Solar Limited is a small- and medium-sized enterprise (SME). On February 8, 2024, the Alpex Solar IPO went live for subscriptions, and it ends on February 12, 2024.

The market maker receives about 3.24 lakh equity shares, non-institutional investors (NIIs) receive 9.24 lakh equity shares, qualified institutional buyers (QIBs) receive 12.31 lakh equity shares, and retail investors (RIIs) receive 21.55 lakh equity shares. 18.45 lakh equity shares were set aside for the anchor portion of the Alpex Solar IPO.

Alpex Solar is a company situated in Greater Noida that produces photovoltaic modules by utilizing both monocrystalline and polycrystalline cell technologies. Halfcut, mono-perc, and bifacial solar PV modules are among its product offerings. Along with complete solar energy solutions, it also provides engineering, procurement, and construction (EPC) services for both surface- and submersible-class AC/DC solar pumps.

Specifics of Alpex Solar IPO

Through book-building, a new issue of 64,80,000 equity shares with a face value of Rs. 10 will be part of the IPO. 18.45 lakh equity shares have been set aside for the anchor portion; 3.24 lakh equity shares are designated for the market maker; 9.24 lakh equity shares are set aside for NIIs; 12.31 lakh shares are set aside for QIBs; and 21.55 lakh equity shares are reserved for the retail portion. Bids may be placed for multiples of 1200 shares, with a minimum bid of 1200.

Alpex Solar plans to upgrade and expand its current solar module manufacturing facility, raising its capacity from 450 MW to 1.2 GW in the current manufacturing unit, using Rs. 19.55 crore of the net proceeds from the initial public offering (IPO).
The company plans to invest Rs. 12.94 crore to establish a new manufacturing facility for its solar module’s aluminium frame, and Rs. 20.49 crore to cover working capital needs. The remaining funds will be allocated for general corporate expenses.

The registrar for the Alpex Solar IPO is Skyline Financial Services Private Ltd, and the book running lead manager is Corporate Capital Ventures Pvt Ltd. Market maker SS Corporate Securities is in charge of the Alpex Solar IPO.

Subscription Status

In contrast to the 43,10,400 shares on offer, bids for 13,29,56,400 shares have been received for the Alpex Solar IPO. On the first day of bidding, the Alpex Solar IPO attracted positive responses from retail investors, NIIs, and QIBs.

The retail category saw over 50.44 times as many subscriptions on its first day, with 10,86,98,400 applications received compared to the 21,55,200 shares that were offered for this segment. The NII and QIB portions, meanwhile, had 26.13 and 0.09 subscriptions, respectively.

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