India’s Alpex Solar preparing IPO in Mumbai
India’s Alpex Solar has filed a draft prospectus for an initial public offering (IPO) on the NSE Emerge trading platform in Mumbai. It plans to use the net proceeds to expand its PV panel capacity from 450 MW to 1.2 GW and set up an aluminium frame manufacturing unit.
From pv maguzine India
Alpex Solar has filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge, the National Stock Exchange of India’s trading platform for small and medium-sized enterprises and startup companies in India.
It plans to issue 64,80,000 equity shares for INR 10 ($01.2) each. Corporate Capital Ventures will be the lead manager, and Skyline Financial Services will serve as the registrar to the issuance.
Currently, Alpex Solar has a solar panel manufacturing plant in Greater Noida, India, with 450 MW of capacity. The site can be further expanded to 2 GW, it said.
“To meet market demand for large-sized cells with multi-bus bars (MBB) and the latest types of mono PERC, TOPCon, and bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit,” said Ashwani Sehgal, chairman and managing director of Alpex Solar. “We are also planning to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries.”