The scrip was listed at Rs 329, a premium of 186.09% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 345.45 and a low of Rs 329. About 28.12 lakh shares of the company changed hands at the counter.
Alpex Solar's IPO was subscribed 216 times. The issue opened for bidding on 8 February 2024 and it closed on 12 February 2024. The price band of the IPO was fixed at Rs 109 to Rs 115 per share.
The IPO comprised fresh issue of 64,80,000 equity shares. The promoter and promoter shareholding diluted to 68.76% from 93.53% pre-IPO.
The company intends to utilize the net proceeds for funding capital expenditure for upgradation and expansion of the existing solar module manufacturing facility by increasing 750 MW, setting up of a new manufacturing unit for aluminum frame for the solar modul, to meet working capital requirements of the company and for general corporate expenses.
Ahead of the IPO, Alpex Solar on 7 February 2024, raised Rs 2462 crore from anchor investors. The board allotted 18.45 lakh shares at Rs 115 per share to 8 anchor investor.
Alpex Solar is engaged in the manufacturing of solar modules and the assembly of solar pumps. The company offers a range of solar panel modules including bifacial, mono PERC, and Half-Cut module. It offers solar energy solutions, including AC/DC solar pumps EPC for surface and submersible categories. The company's clients include Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy, and Shakti Pumps India. The company has total 196 employees.
The company recorded revenue from operations of Rs 212.76 crore and net profit of Rs 7.59 crore for the period as on 30 September 2023.