Emmvee Photovoltaic share makes muted debut, lists flat at ₹217 on BSE, NSE

Emmvee Photovoltaic IPO listing: Emmvee Photovoltaic made a flat debut on the Indian stock exchanges on Tuesday, November 18, 2025, listing at ₹217 per share on the BSE -- the same as its issue price of ₹217, implying no listing premium.

 

The stock also opened at ₹217 on the NSE, mirroring a zero-premium start.

 

The listing was in line with grey market indications. Ahead of debut, Emmvee Photovoltaic’s shares were quoting at ₹217 in the grey market, suggesting no premium over the issue price, according to market trackers.

Emmvee Photovoltaic IPO details 

 

Emmvee Photovoltaic’s IPO, a book-built issue worth ₹2,900 crore, comprised a fresh issue of 98.8 million shares totalling ₹2,143.86 crore and an offer for sale (OFS) of 34.8 million shares amounting to ₹756.14 crore.

 

The IPO opened for subscription on November 11, 2025, and closed on November 13, 2025. Allotment was finalised on November 14, 2025.

 

The book-running lead managers (BRLM) for the Emmvee Photovoltaic IPO were Jefferies, IIFL Capital, JM Financial, and Kotak Investment Banking. The registrar for the issue was KFin Technologies.

 

The net proceeds from the Emmvee Photovoltaic IPO will be primarily used to strengthen the company’s balance sheet. A major portion (₹1,621.29 crore) has been earmarked for the repayment or prepayment, in full or in part, of outstanding borrowings along with accrued interest for both the company and its material subsidiary. 

 

The remaining ₹438.71 crore will be allocated towards general corporate purposes, supporting overall business growth and operational flexibility.  Catch PhysicsWallah Share Price LIVE 

Emmvee Photovoltaic IPO subscription status

 

The Emmvee Photovoltaic IPO received a muted investor response, with overall subscription at just 0.58 times. The QIB portion was booked 0.70 times, the NII segment 0.21 times, and the retail category 0.78 times, NSE data shows.  CHECK Fujiyama Power IPO Allotment Status

About Emmvee Photovoltaic

 

Emmvee Photovoltaic Power, incorporated in March 2007, is an integrated solar PV module and cell manufacturer with module capacity of 7.80 GW and cell capacity of 2.94 GW as of May 31, 2025. The company operates four manufacturing units across two Karnataka locations spanning 22.44 acres. Its Dobbaspet, Bengaluru facility is among India’s largest TOPCon solar cell units by capacity.