Greater Noida-based solar module manufacturer Alpex Solar’s ₹745 million (~$8.9 million) maiden initial public offering (IPO) of 6.48 million equity shares was subscribed 303 times with significant interest received from qualified institutional buyers (QIB), high net worth individuals (HNI) and retail investors.

The QIB portion of the issue was subscribed 133 times, the HNI quota was subscribed 471 times, and the retail investors’ quota was subscribed 329 times, bringing the overall subscription to 303 times.

The price band of the issue was set at ₹109-₹115 (~$1.31- $1.39) per equity share with a face value of ₹10 (~$0.12).

Corporate Capital Ventures is the Book Running Lead Manager, and Skyline Financial Services is the Registrar to the Issue. The shares will be listed on NSE (National Stock Exchange) Emerge.

Alpex Solar intends to utilize ₹195.5 million (~$2.34 million of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW.

It plans to use ₹129.4 million (~$1.55 million) to set up a new manufacturing unit for its solar modules aluminum frames for its solar module, ₹204.9 million (~$2.4 million) to meet its working capital requirements, and the remaining capital to be used for general corporate expenses.

Alpex Solar manufactures solar photovoltaic modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, Mono PERC, and half-cut modules. It also offers solar energy solutions, including engineering, procurement, and construction of AC/DC solar pumps.

The company’s modules find a place in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.

The company has a manufacturing facility spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.

Last December, Waaree Energies filed draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.