Alpex Solar Ltd IPO Timeline

Alpex Solar Ltd IPO opens on 08-Feb-2024, and closes on 12-Feb-2024. The Alpex Solar Ltd IPO bid date is from 08-Feb-2024 to 12-Feb-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Alpex Solar Ltd IPO Opening Date 08-Feb-2024
Alpex Solar Ltd IPO Closing Date 12-Feb-2024
Basis of Allotment 13-Feb-2024
Initiation of Refunds 14-Feb-2024
Credit of Shares to Demat 14-Feb-2024
Alpex Solar Ltd IPO Listing Date 15-Feb-2024

Alpex Solar Ltd IPO Lot Size

Alpex Solar Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 138000).

Application Lots Shares Amount
Minimum 1 1200 ₹138000
Maximum 1 1200 ₹138000

Alpex Solar Ltd IPO Details

Alpex Solar Ltd IPO Date 08-Feb-2024 to 12-Feb-2024
Alpex Solar Ltd IPO Face Value Shares of ₹10 per share
Alpex Solar Ltd IPO Price ₹109 to ₹115 per share
Alpex Solar Ltd IPO Lot Size 1200
Issue Size Shares of ₹10 (aggregating up to ₹74.52 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹74.52 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Ashwani Sehgal, Monica Sehgal, Vipin Sehgal.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Funding capital expenditure for upgrading and expansion of its existing solar module manufacturing facility by incresing 750 MW
  • 2 Funding capital expenditure towards setting up of new manufactureing unit Aluminium frame for its solar module
  • 3 To meet working capital requirements of the company
  • 4 General corporate expenses

Company Financials

Alpex Solar Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2024 216.92 405.33 29.05
03-2023 114.02 183.93 3.72
03-2022 89.11 156.07 0.07
Amount in ₹ Crore
  • Strategically located manufacturing facility.
  • Diverse product portfolio with focus on quality.
  • Experienced Promoter and management team with strong industry expertise and successful track record.
  • Well versed and equipped with advance technology.
  • Quality Assurance & Control.
  • The company involves 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.
  • The company may not be successful in bidding for and winning bids for solar water pumps EPC projects to grow its business.
  • Its Restated Financial Statements are Prepared and Signed by the Peer Review Chartered Accountants who is not Statutory Auditors of the Company.
  • Its business operations may face less sales in unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
  • The company has not taken any steps to order the machinery/equipment required for the proposed aluminium Plant. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/ machineries in a timely manner, or at all, the same may result in time and cost over-runs.
  • Its may continue to derives a material portion of the company revenue from its top five customers and its financial dependence on its top Five customers particularly "Luminous Power Technologies Private Limited" poses a potential risk. A reduction in business from "Luminous" or any other major clients could have negative implications for both its revenue and profitability.
  • Majority of its state wise revenues from operations for the last 3 years is dependent majorly on Uttar Pradesh. Any adverse developments affecting its operations in these states could have an adverse impact on its revenue and results of operations.
  • The company involves in the consumer court cases where customer not satisfied with the warranty.
  • Its face competition in its business from domestic competitors. Such competition would have an adverse impact on its business and financial performance.
  • Non-availability of secretarial records of the company filed with ROC since incorporation and non-updating of recent records at MCA.
  • There are certain discrepancies and non- compliances noticed in some of its corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
  • The Company's modules are approved by many private and public sector developers failure to maintain the quality standards of the products could adversely impact its business, results of operations and financial condition.
  • The company does not own the premises in which its registered office, manufacturing unit and Branch Office is located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect its operations.
  • The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
  • The Company is involved in certain legal proceeding(s) potential litigations. Any adverse decision in such proceeding(s) may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.
  • There may be potential conflicts of interest if its Promoter or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
  • Its Promoter/ Directors have mortgaged their properties and provided personal guarantees to secure certain of its loan facilities, which if revoked or invoked may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • Its Contingent Labilities could materially and adversely affect its business, results of operations and financial condition.
  • The Company has availed unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
  • The company has applied for registration of logo alpex and does not own the trademark legally as on date. Its may be unable to adequately protect its intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
  • Several of its key raw materials and components are sourced from a limited group of global third-party suppliers giving rise to supplier concentration risks. Any restrictions in supply or defects in quality could cause delays in project construction or implementation and impair its ability to provide our services to customers at a price that is profitable to it, which could have a material adverse effect on its business, financial condition and results of operations.
  • The company requires certain approvals, licenses, registrations and permits for its business and the failure to obtain or renew them in a timely manner may adversely affect its operations.
  • Restrictions on or import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on its products in its export markets may adversely affect its business prospects and financial performance.
  • The company is engaged in assembling of solar water pumping system and customers receives subsidy from State/Central Government. Any reduction or discontinuation of such subsidy will results in reduction in number of potential consumers.
  • Government may commence assembling the solar water pumps/products and may start providing products at cheaper rates.
  • The company do business with its customers on purchase order basis and do not have long-term contracts with most of them.
  • The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
  • The Company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
  • Changes in technology may render its current technologies obsolete or require it to make substantial investments.
  • The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
  • The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • Its success depends on stable and reliable logistics and transportation. Disruption of logistics and transportation services could impair the ability of its suppliers to deliver raw materials or its ability to deliver products to its customers and/ or increase our transportation costs, which may adversely affect its operations.
  • Its success will depends on its ability to attract and retain its key managerial personnel, its design and engineering team and other key personnel. Failure to do so may have a material adverse effect on its business, financial condition and results of operations.
  • Change in technology, evolving customer requirements and emerging industry trends may affect its business, may render its current technologies obsolete and may require it to make substantial capital investments.
  • Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
  • Its operations may cause injury to people or property and therefore could subject it to significant disruptions in its business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
  • The outbreak of COVID-19 or outbreak of any other severe communicable disease could have a potential impact on its business, financial condition and results of operations.
  • The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • The Issue price of its Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • Lockdown and suspension of commercial operations will affect the growth of its business and cash flows.
  • There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
  • The price of its Equity Shares may be volatile, or an active trading market for its Equity Shares may not develop.
  • The company is subject to foreign currency exchange rate fluctuations which could have a material and adverse effect on its results of operations and financial conditions.
  • The company cannot assure you that its equity shares will be listed on the SME platform of NSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
  • Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
  • The Issue price of its Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • Capital Expenditure towards upgradation and expansion of its existing solar module manufacturing facility and setting up of a new manufacturing unit for Aluminium frame for its solar module.
  • Capitalize on the growth opportunities available in the renewable energy sector.
  • Optimal Utilization of Resources.

Alpex Solar Ltd IPO Promoter Holding

Pre Issue Share Holding 85.00%
Post Issue Share Holding 62.49%

Alpex Solar Ltd IPO Subscription Status (Bidding Detail)

The Alpex Solar Ltd IPO is subscribed 215.5928 times on Feb 12, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - 215.5928

Alpex Solar Ltd IPO Prospectus

Alpex Solar Ltd IPO Listing Date

Listing Date 15 Feb 24
BSE Script 86284
NSE Symbol ALPEXSOLAR
Listing In NSE - SME
ISIN INE0R4701017
IPO Price ₹115
Face Value ₹10

Alpex Solar Ltd IPO Registrar

Skyline Financial Services Pvt

Phone: +91- 11-40450193-97;
Email: ipo@skylinerta.com
Website: www.skylinerta.com

Alpex Solar Ltd IPO Lead Manager(s)

  1. Corporate Capitalventures Pvt Ltd

FAQs on Alpex Solar Ltd IPO

Alpex Solar Ltd IPO, which opens for subscription from 08-Feb-2024 to 12-Feb-2024 has an issue size of ₹74.52 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Alpex Solar Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Alpex Solar Ltd IPO Opens for subscription from 08-Feb-2024 to 12-Feb-2024.

The lot size of Alpex Solar Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹138000 and ₹138000 respectively.

Allotment date for Alpex Solar Ltd is 13-Feb-2024 and refund of application amount (in case allotment is not received) will begin from 14-Feb-2024. If your allotment goes through, then shares will be credited in your Demat account by 14-Feb-2024.

The registrar for Alpex Solar Ltd IPO is Skyline Financial Services Pvt. You can check your IPO allotment status on the registrar's website.

The shares of Alpex Solar Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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