[ad_1]

Following the multibagger listing, shares of Alpex Solar hit an upper circuit of 5% at Rs 362.7 in Friday’s trade after BofA Securities picked up a minority stake in the company through the open market on Thursday.

According to exchange data, BofA bought 2.2 lakh shares at the rate of Rs 337 apiece.

The shares of Alpex Solar delivered 215% returns to its investors so far. The stock was listed on the NSE SME platform on Thursday with a premium of 186%, after which it rallied further to close the day at Rs 345 as against an issue price of Rs 115.

The public offer of Alpex Solar was subscribed 300 times at close. The category reserved for retail investors was booked 350 times and that for NII investors was subscribed 500 times.

Alpex is a solar photovoltaic (PV) module manufacturer, predominantly operational in the Northern region of India. Its PV modules are manufactured using both monocrystalline and polycrystalline cell technologies.

The company’s portfolio of solar energy products consists of solar PV modules which include bifacial, mono-perc, and half-cut. It also provides integrated solar energy solutions, including engineering, procurement, and construction (EPC) of DC/AC solar pumps.The development of storage systems such as photovoltaic (PV) is essential to increase the capability of photovoltaic systems and replace the existing conventional sources.With the growth in demand for photovoltaic installations, the adoption of the storage grid is likely to surge in the near future, which will drive the demand for solar energy storage lithium ion-powered batteries and will also drive the growth of the solar energy market.

The company proposes to utilise the net proceeds for funding capex towards the upgradation and expansion of its existing solar module manufacturing facility, setting up a new manufacturing unit for aluminium frame, working capital requirements and general corporate purposes.

For the period ended September 2023, the company has clocked revenues of Rs 213 crore and net profit of Rs 7.6 crore.

Corporate Capital Ventures acted as the sole book-running lead manager to the issue.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

(You can now subscribe to our ETMarkets WhatsApp channel)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

[ad_2]

Source link