Aplex Solar LTD IPO

Alpex Solar Limited, established in 1993, has evolved into a prominent solar panel manufacturer, specializing in various types such as monocrystalline and polycrystalline cells, including bifacial, mono-PERC, and Half-Cut solar PV modules. The company engages in both B2B and B2C activities, serving as a business contract manufacturer and participating in projects like installing solar water pumps.

Operating primarily from Greater Noida, Alpex Solar plays a vital role in the solar energy sector, offering end-to-end services from design to installation. Notable clients include SolarWorld Energy Solutions Pvt Ltd, Tata Power, and others. By November 2023, the company had 196 employees and a production capacity of 450 MW, with expansion plans.

The Alpex Solar Limited IPO is scheduled from February 8 to February 12, 2024, with a price range of Rs. 109-115 per share. The issue size is Rs. 74.52 CR, with allocations for institutional, non-institutional, and retail investors. The company aims to utilise the funds for capital expenditure, including expanding manufacturing facilities and meeting working capital requirements.

Financially, Alpex Solar has shown growth, with increased revenue and net worth compared to previous years. Geographically, revenue is primarily generated from Uttar Pradesh, with contributions from other regions. Segment-wise, revenue is driven mainly by the Solar Module segment.

Promoted by Mr Ashwani Sehgal, Mrs Monica Sehgal, and Mr Vipin Sehgal, Alpex Solar Limited IPO's lead manager is Corporate Capital Ventures Pvt Ltd. Compared to its peers, the IPO's P/E ratio indicates potential undervaluation, making it an attractive investment opportunity.

Strengths of the IPO include integrated EPC services, strong client relationships, and a robust supplier base. However, weaknesses such as government policies and market volatility should be considered.

The latest Grey Market Premium (GMP) for the IPO stands at Rs. 190. Overall, the Alpex Solar IPO presents a promising opportunity for investors interested in clean energy, with careful consideration of associated risks.

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