Alpex Solar jumps threefold on NSE-Emerge listing

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Shares of Alpex Solar made a stellar listing at NSE-Emerge platform. As against the IPO price of ₹115, the stock was listed at with a huge premium of ₹345.45 and surged further to ₹362.70 — a gain of 215 per cent.

The IPO, which opened between February 8–12, saw an overwhelming response from the investors with the issue being subscribed 301.45 times.

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 Pvt Ltd is the Registrar to the Issue.