Alpex Solar plans to launch IPO

New Delhi: Alpex Solar on Tuesday announced plans to launch an Initial Public Offering (IPO) to fund its capacity expansion projects. The company has filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge, it said in a statement. The company intends to use the proceeds to fund its ambitious capacity expansion plan, besides meeting working capital expenses, it said.

The company did not disclose the entire amount it aims to raise through the IPO route but said it intends to utilise Rs19.55 crore of the net proceeds to upgrade and expand its capacity by 750 MW, Rs12.94 crore to set up a new manufacturing unit for its solar module’s aluminium frame, and another Rs20.49 crore to meet its working capital requirements, besides general corporate expenses.