Alpex Solar Limited IPO

Alpex Solar Limited

₹1,30,800 /1200 sharesMinimum Investment

Alpex Solar Limited IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
NSE₹115.00₹329.00₹214.00 (186.09%)

Alpex Solar Limited IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
8 Feb ‘24 - 12 Feb ‘24₹1,30,8001,200₹109 - ₹115
Issue SizeIPO Doc
74.52Cr
RHP PDF

About Alpex Solar Limited

Alpex Solar Limited is a solar panel manufacturer, specifically making solar photovoltaic (PV) modules using monocrystalline and polycrystalline cell technologies. The company offers a range of solar energy products, including bifacial, mono-perc, and Halfcut solar PV modules. Additionally, Alpex provides integrated solar energy solutions, covering engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in the Surface and Submersible categories. Primarily operating in the B2B sector, Alpex is a contract manufacturer for major companies like Luminous, Jakson, and Tata Power. The solar panels are distributed to EPC companies, including Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited, which install them at clients' locations upon receiving orders. Alpex targets the B2C segment for solar water pumps by participating in tender applications in various states. Upon winning tenders, the company evaluates installation sites and proceeds to install solar water pumps at designated locations.;
Parent Organisation
Alpex Solar Limited
Founded
1993
Managing Director
Mr. Ashwani Sehgal

Strengths & Risks

  • Alpex Solar's manufacturing facility is located in Greater Noida, in a well-developed industrial area with easy access to skilled and unskilled workforce and essential infrastructure. The location is well-connected to Bus Stations and state and National Highways, facilitating efficient transportation.
  • The company produces high-efficiency solar PV modules and offers a diverse range of solar energy solutions. The company provides integrated Engineering, Procurement, and Construction (EPC) services for solar PV panels. Using their meticulously manufactured PV panels, they ensure quality and seamless integration in EPC projects. This approach allows them to offer end-to-end solar solutions, from production to project completion. They plan to venture into the rooftop EPC business as well.
  • Alpex Solar has been accredited with various quality certifications including ISO 14001:2015, ISO 45001: 2018, and ISO 9001: 2015.
  • Alpex Solar has maintained good relationships with major suppliers to ensure the timely delivery of quality products.
  • Alpex Solar is currently involved in the case of Deputy Commissioner of Income Tax v. Alpex Export Private Limited & Ors Criminal Revision Petition 132/2023 before the Hon’ble Delhi High Court.
  • A significant part of the company's revenue comes from its top five customers, with notable reliance on "Luminous Power Technologies Private Limited." A decline in business from "Luminous" or other major clients could negatively impact revenue and profitability.
  • Over the past three years, a substantial portion of Alpex Solar's state-wise revenues has been derived from Uttar Pradesh. Any adverse developments in operations in these states may have a detrimental effect on revenue and operational results.
  • The company's contingent liabilities have the potential to significantly and adversely affect its business, operational results, and financial condition.
  • Alpex Solar has availed unsecured loans totalling Rs. 0.17 crores from banks, body corporates, and others, which are repayable on demand. Any demand for repayment may impact the company's financial condition.
  • The existing insurance coverage may not be sufficient to protect the company against certain operating hazards, potentially leading to a material adverse effect on its business.
  • The company has not taken any steps to order machinery/equipment for its proposed aluminium plant. Delays in placing orders or unavailability of equipment may result in time and cost overruns. The company plans to utilise Rs. 14.95 crores from the Net Proceeds for the capital expenditure requirements of the proposed aluminium plant.
  • Many key raw materials and components used by the company are sourced from a limited group of global third-party suppliers. Due to this concentration risk, there could be potential negative impact on the business operations.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular109 - 115₹2 Lakh
High Networth Individual109 - 115₹2 - 5 Lakh
For Alpex Solar Limited IPO, eligible investors can apply as Regular.
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