Alpex Solar launches highly oversubscribed IPO

Alpex Solar, an India-based solar manufacturer, says it plans to use the proceeds of its highly oversubscribed initial public offering (IPO) to expand its PV panel capacity from 450 MW to 1.2 GW, in addition to setting up an aluminum frame manufacturing unit.

Image: Alpex Solar

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From pv magazine India

Investors have flocked to Alpex Solar's recent IPO. The Indian solar systems manufacturer aimed to raise $8.3 million from the issuance between Feb. 8 and Feb. 12.

The company plans to list its shares on NSE Emerge, the National Stock Exchange of India's institutional trading platform for startups and small- and medium-sized enterprises.

Alpex Solar said it plans to use part of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW.

It said it will also use some of the funds to set up an aluminum frame manufacturing division.

The company, which is based in Greater Noida, manufactures PV modules with monocrystalline and polycrystalline cell technologies.

Its product portfolio includes bifacial, mono PERC, and half-cut solar modules.

It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) services for AC/DC solar pumps.

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