Bumper Debut | Alpex Solar stock lists at 186% premium to IPO price on NSE SME

Alpex Solar IPO: Ahead of the listing, Alpex Solar shares were trading at a 128 percent premium in the grey market

The Alpex Solar stock made an impressive debut, listing at a 186 percent premium over the IPO price on February 15. The stock opened at Rs 329 against the issue price of Rs 115 on the NSE SME platform.

Ahead of the listing, Alpex Solar shares were trading at a 128 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

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The offer was subscribed 324 times with the retail portion booked 350 times. The public offer opened for subscription on February 8 and closed on February 12. The price band for the issue was fixed at Rs 109-115 per share. Through the IPO, the company raised Rs 74.52 crore. The offer was entirely a fresh issue of 64.8 lakh shares.

The company's promoters are Ashwani Sehgal, Monica Sehgal and Vipin Sehgal. Corporate Capitalventures was the book-running lead manager, Skyline Financial Services was the registrar and Ss Corporate Securities was the market-maker for the issue.

The company plans to use the fresh issue proceeds to fund capital expenditure for the upgrade and expansion of the existing solar module manufacturing facility by increasing 750 MW and setting up a new manufacturing unit for the aluminium frame for the solar module. The remaining funds will be used to meet the working capital requirements of the company and general corporate expenses.

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Alpex Solar manufactures solar panels using monocrystalline and polycrystalline cell technologies. The company offers a range of solar panel modules, including bifacial, mono PERC, and half-cut modules. The company offers solar energy solutions, including AC/DC solar pumps EPC for surface and submersible categories. The clientele includes Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy and Shakti Pumps India.