Solar Panel company SME IPO subscribed 324 times: could this be the next Oriana Power? Oriana jumped 169 per cent on listing day!

Specializes in manufacturing solar panels using cutting-edge monocrystalline and polycrystalline cell technologies.

SME IPOs, also known as the fast and furious IPOs, bring a rush of excitement to the investment arena. Let's take a deep dive into the recently concluded IPO of Alpex Solar.

Alpex Solar's IPO was a book-built issue of Rs 74.52 crores, entirely comprising a fresh issue of 64.8 lakh shares. The bidding commenced on February 8, 2024, and wrapped up on February 12, 2024. Allotments for the IPO are expected to be finalized on Tuesday, February 13, 2024, with a tentative listing date set for Thursday, February 15, 2024, on NSE SME.

The price band for Alpex Solar's IPO was set at Rs 109 to Rs 115 per share, with a minimum lot size of 1200 shares. Retail investors needed a minimum investment of Rs 138,000, while HNIs were required to invest in 2 lots (2,400 shares), amounting to Rs 276,000.

The IPO witnessed staggering demand, subscribing a whopping 324.03 times by February 12, 2024, across categories. Corporate Capitalventures Pvt Ltd acted as the book running lead manager, marking its role in another intriguing IPO scenario after Oriana Power Limited's stellar debut last year, which saw a multibagger return of 169 per cent.

Alpex Solar Limited, founded in August 1993, specializes in manufacturing solar panels using cutting-edge monocrystalline and polycrystalline cell technologies. Their product range includes bifacial, mono PERC, and Half-Cut modules, along with solar energy solutions like AC/DC solar pumps and EPC services.

The company boasts an impressive clientele, including Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited.

Excitement surrounding Alpex Solar doesn't stop there—the stock's Grey market premium (GMP) stands at Rs 150, hinting at an estimated listing price surge of 130.43 per cent to Rs 265. It's yet another testament to the dynamism and potential for growth in the SME IPO segment.

Disclaimer: The article is for informational purposes only and not investment advice