The NSE-Emerge IPO of Alpex Solar has received an overwhelming response from the investors with the issue being subscribed 301.45 times. The ₹74.52-crore IPO, that was open between February 8–12, came out with a price band of ₹109-115.
The Greater Noida-based company plans to use ₹19.55 crore of the net proceeds to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW; ₹12.94 crore to set up a new manufacturing unit; ₹20.49 crore to meet its working capital requirements; and the remaining for general corporate expenses..
Corporate Capital Ventures Private is the Book Running Lead Manager and Skyline Financial Services Private Ltd is the Registrar to the Issue.