Solar solutions provider Alpex Solar Ltd on Monday said its Rs 75-crore initial public offering (IPO) has been priced in a range of Rs 109-115 per share.

The issue will open for public subscription on February 8 and close on February 12, the Greater Noida-based company said in a statement. Bidding for anchor investors will begin one day on February 7.

The initial public offering included the issuance of 6.48 million new shares. At the upper end of the price band, the company is targeting to raise Rs 7,452 crore.

Alpex plans to use Rs 19.55 million of the proceeds from the IPO to upgrade and expand its solar module manufacturing facilities and increase capacity from 450 MW to 1.2 GW.

Additionally, Rs 12.94 million will be used to set up a new aluminum frame manufacturing facility for solar modules; Rs 20.49 million will be used to meet its working capital requirements and the rest will be used for general corporate expenses.

After the issuance is completed, the company’s shares will be listed on NSE Emerge, the NSE small and medium-sized enterprise platform.

The company manufactures photovoltaic modules, commonly known as solar panels. In addition, it provides comprehensive solar solutions including engineering, procurement and construction (EPC) of AC/DC solar pumps.

The company forayed into solar panel manufacturing in 2007 and built a state-of-the-art facility spread over 7,700 square meters in Greater Noida with a capacity of 450 MW, scalable to 2 GW within the same infrastructure.

The company reported operating income of Rs 204.59 million and profit after tax (PAT) of Rs 100.3 million for April-September FY24.

Corporate Capital Ventures is the book-running lead manager for the offering.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)