Alpex Solar extends rally for fourth straight day, surges over 240% from its IPO price

Shares of Alpex Solar Ltd rallied more than 4% on Tuesday Feburary 20, taking its total gains to more than 240% from its IPO price in just four days of trading. Alpex Solar shares have been on a gaining spree since making a strong debut on NSE SME on February 15, following its successful initial public offering (IPO).

The shares of the solar photovoltaic module manufacturer rose by 4.63% to hit a high of ₹398.45 per share on NSE in morning deals. Around 14.02 lakh shares were traded on the NSE, while the trading value was ₹52.49 crore.

Alpex Solar made a stellar debut on stock exchanges on February 15, listing at a premium of 186% at ₹329 per share against the issue price of ₹115 per share. The stock closed at ₹345.45 apiece, reflecting gains of around 5% from the listing price and 200% from the issue price, with around 28,64,400 shares traded on the listing day.

The stock gained 5% each in the next two trading days and settled at ₹380.8 apiece on February 19, taking the overall gains to 15% in the first three days of trade.

Investors have made handsome returns of more than 246% compared to the issue price. The ₹74-crore Alpex Solar IPO was subscribed by more than 301 times.

The solar PV maker had reported a total revenue of ₹194.68 crore in FY 2022-23 as against ₹165.6 crore in FY 2021-22. Its net profit stood at ₹3.78 crore on a consolidated basis in FY23 compared to ₹20 lakh in the previous year.

Alpex Solar started its operation in 1993 and has established itself as a leading solar PV module maker in north India. It has a diverse portfolio of solar energy products that use monocrystalline and polycrystalline cell technologies.

Alpex Solar shares traded 2.94% higher at ₹392 apiece on NSE at 12.18 PM.