Emmvee Photovoltaic IPO

Emmvee Photovoltaic IPO is a book-built issue worth Rs 2,900.00 crores, comprising a fresh issue of Rs 2,143.86 crores and an Offer for Sale of Rs 756.14 crores. The IPO opens on November 11, 2025, and closes on November 13, 2025, with allotment expected on November 14, 2025, and listing on BSE and NSE scheduled for November 18, 2025. The price band is fixed at Rs 206–217 per share. The lot size is 69 shares, requiring a retail investment of Rs 14,973. The sNII investment stands at Rs 2,09,622, while the bNII investment totals Rs 10,03,191. JM Financial Ltd. is the lead manager.

Emmvee Photovoltaic IPO Details

Check out the issue details for Emmvee Photovoltaic IPO as disclosed in SEBI.

IPO Price

₹ 217

Price Band

₹ 206 - 217

Issue Size

2900 Cr.

Issue Type

Book Built

Open

2025-11-11

Close

2025-11-13

Listingprice

₹ 217

ListingGain

0.00%

Listing Date

2025-11-18

CMP

₹ 217.09

Current Return

0.04%

Emmvee Photovoltaic News

Emmvee Photovoltaic Power makes flat debut on the BSE18 Nov 2025, 10:35AM Emmvee Photovoltaic Power coming with an IPO to raise upto Rs 3055 crore8 Nov 2025, 2:35PM Emmvee Photovoltaic Power files preliminary papers with SEBI to raise funds through IPO 7 Jul 2025, 2:51PM

Company Financials

You can get the following financial statements of Emmvee Photovoltaic as of now.

Company Name

Emmvee Photovoltaic

Exchange

NSE: EMMVEE BSE: 544608

  Profit Loss
  Balance Sheet
  Quarterly
  Shareholding
  Cash Flow

Emmvee Photovoltaic IPO Details

The details about the Emmvee Photovoltaic IPO are as follows:

  • The issue size of the IPO is Rs 2,900.00 Cr.
  • The price band for Emmvee Photovoltaic IPO is Rs 206 to Rs 217.
  • The shares of Emmvee Photovoltaic IPO will list on BSE and NSE.
  • The latest tentative GMP of Emmvee Photovoltaic IPO is Rs 2.
  • The shares of Emmvee Photovoltaic IPO are subscribed 1.02 Times.

 

Emmvee Photovoltaic IPO Valuation

The approximate valuation of Emmvee Photovoltaic IPO based on its price band and RHP is:

Particulars Value
Upper Price Band Rs 217
Existing Shares (Qty) 59.35 Cr
Fresh Issue Rs 2,143.86 Cr
Market Cap Rs 15,022.81 Cr
EPS (FY25) Rs 6.22
PE Ratio 34.88x
Industry PE 46.81x

 

Emmvee Photovoltaic IPO Issue Size

Emmvee Photovoltaic IPO issue size is Rs 2,900.00 Cr.

Issue Amount
Fresh Issue Rs 2,143.86 Cr
Offer For Sale Rs 756.14 Cr

 

Emmvee Photovoltaic IPO Market Lot

An individual can apply for a minimum of 1 lot of 69 shares and a maximum of 13 lots (897 shares). Find the details below:

Application Lot Shares Amount
Retail Minimum 1 69 Rs 14,973
Retail Maximum 13 897 Rs 1,94,649

 

Emmvee Photovoltaic IPO Share Offer

The shares of Emmvee Photovoltaic IPO are subscribed 1.02 Times. The category-wise shares offered are as follows:

Category % Offered
Qualified Institutional Not less than 75%
Non-Institutional Not more than 15%
Retail Individual Not more than 10%

 

Emmvee Photovoltaic IPO GMP (Grey Market Premium)

As on GMP (Tentative)
11 November 2025 Rs 20
13 November 2025 Rs 2

Emmvee Photovoltaic IPO GMP is purely for informational purposes. Invest in an IPO after thoroughly researching on your own.

Emmvee Photovoltaic IPO Dates

Find below the dates for Emmvee Photovoltaic IPO

Schedule Date
Basis of Allotment 14 Nov 2025
Refunds 17 Nov 2025
Credit to Demat Account 17 Nov 2025
IPO Listing Date 18 Nov 2025

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar 2023 Mar 2024 Mar 2025
Net Sales 705.38 1231.51 1763.48
Total Expenditure 635.58 1065.51 1502.68
Operating Profit 69.8 165.99 260.81
Other Income 18.7 29.06 30.24
Interest 25.53 31.29 26.58
Depreciation 35.61 37.82 41.24
Exceptional Items 0 0 0
Profit Before Tax 27.35 125.94 223.22
Provision for Tax 4.7 32.33 61.3
Net Profit 22.65 93.62 161.92
Adjusted EPS (Rs.) 0.04 0.16 0.27

Balance Sheet (All Figures are in Crores.)

Particulars Mar 2023 Mar 2024 Mar 2025
Equity and Liabilities
Share Capital 10.79 10.79 10.79
Total Reserves 196 271.16 432.48
Borrowings 167.19 95.67 44.48
Other N/C liabilities 24.92 22.88 14.25
Current liabilities 212.41 686.62 569.71
Total Liabilities 611.31 1087.12 1071.72
Assets
Net Block 220.61 197.61 139.14
Capital WIP 0.41 1.85 0
Intangible WIP 0 0 0
Investments 3.31 53.29 116.29
Loans & Advances 159.68 311.18 394.31
Other N/C Assets 0 3.6 0.79
Current Assets 227.3 519.6 421.2
Total Assets 611.31 1087.12 1071.72
* Other Non-current Liabilities include Net deferred Liabilities

Share Holding Pattern

Promoter Pledging %

Date Promoter % Pledge %
Nov 2025 80.03 0
* Figures given above are % of equity capital

Cash Flows (All Figures are in Crores.)

PARTICULARS Mar 2023 Mar 2024 Mar 2025
Profit from operations 27.35 125.94 223.22
Adjustment 32.85 72.29 74.28
Changes in Assets & Liabilities -26.77 25.26 116.72
Tax Paid -0.75 -14.81 -62.91
Operating Cash Flow 32.68 208.68 351.31
Investing Cash Flow -13.4 -256.2 -94.78
Financing Cash Flow -55.64 47.11 -223.38
Net Cash Flow -36.37 -0.41 33.15

Emmvee Photovoltaic Power IPO: Date, Price Band, & Company Details

Emmvee Photovoltaic Power, one of India's largest and most technologically advanced solar PV module and cell manufacturers, is launching its Initial Public Offering (IPO) on November 11, 2025. The public issue, which will close on November 13, 2025, aims to raise approximately Rs 2,900 crore through a combination of a fresh issue of shares and an Offer for Sale (OFS) by its promoters.?

About Emmvee Photovoltaic Power

Founded in 2007, the Bengaluru-based company is a fully integrated manufacturer of solar PV modules and cells, utilising advanced technologies to cater to a global customer base. The company has a strong reputation for quality and innovation in the rapidly growing renewable energy sector.?

Key Business Highlights

  • Integrated Manufacturing: Emmvee is a fully integrated manufacturer, producing both solar cells and modules. This allows for greater control over the supply chain and quality. As of June 2025, the company had a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW.?

  • Advanced Technology: The company utilises advanced TOPCon (Tunnel Oxide Passivated Contact) technology in its manufacturing process, which enhances the efficiency of its solar cells and modules.?

  • Strong Financial Growth: Emmvee has demonstrated robust financial performance, with its profit soaring nearly 13-fold to Rs 369 crore in fiscal year 2025. Revenue from operations also saw a significant surge, growing 145% to Rs 2,335.6 crore in the same period.?

  • Ambitious Expansion Plans: The company is in the process of a major capacity expansion. It aims to increase its solar PV module production capacity to 16.30 GW and its solar cell capacity to 8.94 GW by the first half of fiscal year 2028, solidifying its position as a key player in the solar manufacturing industry.?

Emmvee Photovoltaic Power IPO Details (2025)

  • IPO Open Date: November 11, 2025?

  • IPO Close Date: November 13, 2025?

  • Listing Date: November 18, 2025 (Tentative).?

  • Price Band: Rs 206 – Rs 217 per share.?

  • Issue Size: Rs 2,900 crore.?

  • Fresh Issue: Rs 2,143.9 crore.?

  • Offer for Sale (OFS): Rs 756.1 crore.?

  • Lot Size: 69 Shares.?

  • Minimum Investment (Retail): Rs 14,973 at the upper price band.?

IPO Structure & Utilisation

  • Offer for Sale: The OFS component will see the company's promoters, Manjunatha Donthi Venkatarathnaiah and Shubha Donthi, offloading a portion of their stake.?

  • Use of Proceeds: The funds raised from the fresh issue will be primarily used for debt reduction and other corporate needs:?

    • Debt Repayment: Over Rs 1,621 crore will be used for the repayment or prepayment of loans and interest of the company and its subsidiary.

    • General Corporate Purposes: The remaining funds will be allocated for general corporate purposes.

Key Dates & Timeline

  • Anchor Investor Bidding: November 10, 2025?

  • IPO Opening: November 11, 2025?

  • IPO Closing: November 13, 2025?

  • Allotment Finalisation: November 14, 2025?

  • Listing on BSE & NSE: November 18, 2025?

Frequently Asked Questions (FAQs) about Emmvee Photovoltaic Power IPO

Q1: When is the Emmvee Photovoltaic IPO scheduled to open?
The IPO will be open for subscription from November 11 to November 13, 2025.?

Q2: What is the issue size and price band for the IPO?
The total issue size is Rs 2,900 crore, and the price band has been set at Rs 206 to Rs 217 per share.?

Q3: Who are the promoters of the company?
The promoters of Emmvee Photovoltaic Power are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.?

Q4: How will the funds raised from the IPO be used?
The majority of the proceeds from the fresh issue will be used to repay the company's existing debt, with the remainder allocated for general corporate purposes.

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