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Alpex Solar IPO
Price Band
₹109.0–115.0
Issue Size
₹74.52 Cr
Lot Size
1,200 shares
Min Investment
₹138,000
GMP
+₹148.0 (128.7%)
Issue Price
₹115.0
Subject to Sauda
₹135000
Paid only if allotted
Alpex Solar IPO AI Summary
- Alpex Solar IPO is listed on NSE SME in the Other Electrical Equipment sector.
- Price band: ₹109.0–₹115.0 per share, lot size 1,200 shares (min. investment ₹138,000).
- Subscription window: 08 Feb–12 Feb 2024, listing on 15 Feb 2024.
- Current GMP is +₹148.0 (128.7%), an estimated listing price of ₹263 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Alpex Solar IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 12 Feb 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Alpex Solar IPO Grey Market Premium (GMP) Today
GMP
+₹148.0
GMP %
+128.7%
Est. Listing
₹263.0
Updated: 25 Jul 2026 14:07
About the Company
Incorporated in August 1993, Alpex Solar Limited is a manufacturer of Solar panels. The company uses monocrystalline and polycrystalline cell technologies. The company offers a range of solar panel modules including bifacial, mono PERC, and Half-Cut module. The company offers solar energy solutions, including AC/DC solar pumps EPC for surface and submersible categories. The company's clients include Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited. The Company has received several quality certifications, including ISO 14001:2015, ISO 45001: 2018, and ISO 9001: 2015, all certified by KVQA Assessment Pvt Ltd. The manufacturing facility is situated in Greater Noida while other offices are located in Delhi, Mumbai, Himachal Pradesh, Chittorgarh, Jaipur, Tirupur, and Ludhiana. As of November 2023, the company has a total of 196 employees working across various departments.
Company Financials (₹ Cr)
As of 2023-09-30
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 141.88 | 125.60 | 100.04 | 99.35 |
| Total Income | 213.11 | 195.92 | 168.54 | 149.73 |
| Profit After Tax | 7.61 | 3.79 | 0.19 | 3.15 |
| NET Worth | 49.07 | 41.46 | 37.68 | 37.48 |
| Reserves and Surplus | 43.07 | 35.47 | 31.68 | 31.49 |
| Total Borrowing | 41.75 | 47.36 | 26.70 | 29.93 |
Key Ratios
EPS
₹2.10
NAV
₹69.13
ROE
9.55%
ROCE
18.81%
RoNW
9.55%
P/B Value
1.66
P/E Ratio
54.66
Market Cap
₹281.44 Cr
PAT Margin
1.94%
Debt/Equity
1.14
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Insolation Energy Ltd | 25.39 | 28.48% | 20.95 | 6.01 | 6.01 |
| Alpex Solar Limited This IPO | 69.13 | 9.55% | — | 2.1 | 2.1 |
Promoters
Ashwani Sehgal, Monica Sehgal and Vipin Sehgal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure for upgradation and expansion of our existing solar module manufacturing facility by increasing 750 MW 19.56 2 Funding Capital Expenditure towards setting up of a new manufacturing unit for Aluminum frame for our solar module 12.95 3 To Meet Working Capital requirements of the Company 20.50 4 General Corporate Expenses 21.52
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹168.54 Cr in the year ending 31 Mar 2022, rising to ₹195.92 Cr by 31 Mar 2023, and further increasing to ₹213.11 Cr by 30 Sep 2023.
Profit Trend
Profit after tax was ₹0.19 Cr in the year ending 31 Mar 2022, increasing to ₹3.79 Cr by 31 Mar 2023, and further rising to ₹7.61 Cr by 30 Sep 2023.
Valuation
At the issue price of ₹115.0, Alpex Solar Limited has an implied P/E ratio of 54.66, compared to peers trading at a P/E of 20.95.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of how much higher or lower the stock might list compared to its issue price. A positive GMP indicates that the stock is expected to list at a premium, while a negative GMP suggests it may list at a discount.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It is important to consider the company's growth prospects and market conditions before making a decision.
Who May Want to Wait
Investors with a low risk appetite or those seeking stable, dividend-paying stocks may want to avoid IPOs like this, which can be more volatile and carry higher risks.
IPO Timeline, Explained
The IPO opens for subscription on 8 February 2024 and closes on 12 February 2024. Allotment of shares will be done on 13 February 2024, with the listing expected on 15 February 2024.
Listing Gains — The Risk
Listing gains refer to the profit made when an IPO stock lists at a price higher than its issue price. However, there is no guarantee of listing gains, and investors should be aware of the risks involved, including market volatility and changes in investor sentiment.
This evaluation is generated from Alpex Solar's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Alpex Solar IPO GMP today?
Alpex Solar IPO GMP today is +₹148.0 (128.7%), indicating an estimated listing price of ₹263. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Alpex Solar IPO?
The price band of Alpex Solar IPO is ₹109.0–₹115.0 per share.
When does Alpex Solar IPO open and close?
Alpex Solar IPO opens on 08 February 2024 and closes on 12 February 2024.
When does Alpex Solar IPO list on the stock exchange?
Alpex Solar IPO listed on 15 February 2024 at ₹263.0.
What is the lot size for Alpex Solar IPO?
The lot size for Alpex Solar IPO is 1200 shares, requiring a minimum investment of ₹138,000.
What is the lot size for Alpex Solar's IPO?
The lot size for Alpex Solar's IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹138,000.
What is the price band for the IPO?
The price band for the IPO is between ₹109.0 and ₹115.0.
When is the listing date for Alpex Solar?
The listing date for Alpex Solar is 15 February 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the stock compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
08 Feb 2024
Close
12 Feb 2024
Allotment
13 Feb 2024
Listing
15 Feb 2024
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