Alpex Solar, India’s leading manufacturer of solar systems, has submitted its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The offering comprises a fresh issuance of 64,80,000 equity shares with a face value of Rs 10 apiece. The company has appointed Corporate Capital Ventures as the Book Running Lead Manager, and Skyline Financial Services as the Registrar to the issue.
The company intends to utilise Rs 19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity by 750 MW; Rs. 12.94 crore to set up a new manufacturing unit for its solar module’s aluminum frame; Rs 20.49 crore to meet its working capital requirements; and the remaining capital to be used for general corporate expenses.
