IPO Details

Bidding Dates

08 Feb '24 - 12 Feb '24

Minimum Investment

₹138,000 / 1 Lot ( 1200 Shares )

Price Range

₹109 - ₹115

Maximum Investment

₹138,000 / 1 Lot ( 1200 Shares )

Retail Discount

To be announced

Issue Size

₹74.52 Cr

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Anchor Date

Feb 7, 2024

Opening Date

Feb 8, 2024

Closing Date

Feb 12, 2024

Basis of Allotment

Feb 13, 2024

Initiation of Refunds

Feb 14, 2024

Credit of Shares to Demat

Feb 14, 2024

Listing Date

Feb 15, 2024

Cut-off time for UPI mandate confirmation

Feb 12, 2024

About Alpex Solar Limited

Alpex Solar Limited is a leading solar energy company based in North India. They manufacture high-quality solar PV modules using cutting-edge monocrystalline and polycrystalline cell technologies. Their product range includes bifacial, mono-perc, and Halfcut solar PV modules.

In addition to manufacturing, Alpex provides comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) services for AC/DC Solar Pumps. They cater to both B2B and B2C segments, serving as a contract manufacturer for prominent companies like Luminous, Jakson, and Tata Power while also targeting individual consumers with solar water pumps.

Manufacturing Facility:

Operating from a state-of-the-art facility in Greater Noida, with additional offices across various cities, Alpex Solar Limited employs 196 employees with over 15 years of industry experience. Their manufacturing unit boasts a capacity of 450MW, with plans for expansion to 1GW.

Recognised for their quality and reliability, Alpex's plant has been approved by reputable companies like Tata Power and government agencies such as NTPC and HAREDA.

Industry Outlook

  1. Alpex Solar Limited notes India's recent commitment to achieve net zero carbon emissions by 2070 and generate 50% of its electricity from renewables by 2030, marking a significant step in global climate efforts.
  2. Renewable power capacity in India has grown rapidly, with a 15.92% annual growth rate between FY16-22, and is expected to double by 2026.
  3. Government support and improved economics have made the renewable energy sector attractive to investors. With India's energy demand projected to reach 15,820 TWh by 2040, renewable energy will play a crucial role in meeting this demand.

Alpex Solar Limited IPO Details

Alpex Solar Limited IPO Dates

The IPO of Alpex Solar Limited is open for subscription from February 8, 2024, to February 12, 2024.

Alpex Solar Limited IPO's Price Band

Alpex Solar Limited’s IPO is a fresh issue IPO of up to ₹74.52 crore. It is a book-building issue. The price range is set to ₹109 to ₹115 per share.

Alpex Solar Limited IPO's Lot Size

The lot size for Alpex Solar Limited’s IPO is 1,200 shares with a minimum investment of ₹1,38,000.

Alpex Solar Limited IPO's Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding Capital Expenditure for upgrading and expanding our existing solar module manufacturing facility by increasing 750 MW.
  2. Funding Capital Expenditure towards setting up a new manufacturing unit for the Aluminum frame for our solar module.
  3. To Meet the Working Capital requirements of the company.
  4. For general corporate expenses.

Peer Details

As per RHP, Insolation Energy Limited, the only listed peer whose business portfolio is comparable to the company

How To Check the Allotment Status of Alpex Solar Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app.
  • Go to the IPO Section and then to IPO Orders.
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Alpex Solar Limited

Registered office: B-79 Shivalik Enclave Near Malviya Nagar New Delhi -110017 India

Contact Person: Ms. Sakshi Tomar (Company Secretary and Compliance Officer)

Phone: +91 - 9971751589

E-mail: csalpex@alpexonline.com

IPO Financials

Particulars For the period Ended on September 30, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income 20,713.36 18,393.22 15,606.91 13,949.16
EBITDA Margin (%) 6.87% 6.52% 4.18% 6.82%
Profit After Tax (PAT) 1,002.97 374.61 7.05 279.76
PAT Margin (%) 3.57% 1.94% 0.12% 2.13%
Cash & Cash Equivalents 717.88 1,255.01 660.23 1,453.49
Debt to Equity Ratio(x) 0.85 1.14 0.71 0.80
Return on Equity (%) 16.69% 9.55% 0.52% 8.39%
Return on Capital Employed (RoCE) (%) 25.15% 18.81% 2.79% 13.24%
Earning Per Share (EPS) in absolute ₹ 5.57 2.08 0.04 1.55

Know before investing


  1. The company is positioned in a well-developed industrial area with easy access to infrastructure, skilled labour, and transportation networks.

  2. Boasts a seasoned management team with extensive experience in solar power, EPC, finance, and marketing, backed by knowledgeable promoters.

  3. Maintains strong supplier relationships, ensuring timely delivery of quality raw materials and efficient supply chain management.

  4. Benefits from government schemes like the Jawaharlal Nehru National Solar Mission, which promotes solar energy growth, reducing costs and increasing capacity.


  1. The company faces uncertainty regarding its ability to secure bids for solar water pump EPC projects, which could hinder its growth potential.

  2. Unfavorable solar weather conditions could negatively impact the company's sales and financial performance, as demand for solar panels may decrease.

  3. Alpex Solar Limited faces potential delays and cost overruns in setting up its proposed aluminum plant if machinery/equipment orders are not placed promptly or if vendors fail to deliver on time.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Alpex Solar Ltd IPO FAQs

What is Alpex Solar Limited's IPO?

Alpex Solar Limited IPO is a fresh issue of up to ₹74.52 Crore. It is a book-built issue.

When will Alpex Solar Limited's IPO be allotted?

The Alpex Solar Limited’s shares will be allotted on February 13, 2024.

When will Alpex Solar Limited's IPO open for subscription?

The IPO subscription window for Alpex Solar Limited will open on February 8, 2024.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for at least one lot, which is a size of 1,200 shares, with a sum of ₹1,38,000.

When will Alpex Solar Limited list on exchanges?

Alpex Solar Limited will be listed on NSE Emerge. The stock will be listed on February  15, 2024.

How do I check the allotment status of Alpex Solar Limited?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on Alpex Solar Limited's IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for Alpex Solar Limited, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Alpex Solar Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Aplex Solar Limited using one PAN?

You can submit only one application using your PAN card.