PV solar panel manufacturer Alpex Solar plans to raise approximately Rs. 75 crore through its initial public offering (IPO).

The company has filed its Draft Red Herring Prospectus (DRHP) and will be listed on NSE Emerge. The offering comprises a fresh issuance of 64. 80 lakh equity shares with a face value of Rs. 10 each.

The company intends to utilize the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility from 450 MW to 1.2 GW under the Aatmanirbhar Bharat initiative.

Additionally, the company plans to set up a new manufacturing unit for its solar module's aluminium frame. The purpose of the issue also includes funds to meet working capital requirements, with the remaining capital allocated for general corporate expenses.

Founded in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, Alpex Solar manufactures PV modules using both monocrystalline and polycrystalline cell technologies.

In H1FY2024, the company registered a revenue of Rs. 207.13 crore, compared to Rs. 183.93 crore in FY2023. The company's profit after tax (PAT) stood at Rs. 10.02 crore in H1FY2024, up from Rs. 3.74 crore in FY2023.