Emmvee Photovoltaic Power files DRHP with Sebi to raise ₹3,000 cr via IPO

The IPO includes a ₹2,143.86-cr fresh issue and ₹856.14-cr OFS; proceeds will go toward debt repayment, working capital and general corporate purposes

Bengaluru-based Emmvee Photovoltaic Power Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise up to ₹3,000 crore through an initial public offering (IPO).

 

The IPO comprises a fresh issue of equity shares worth ₹2,143.86 crore and an offer-for-sale (OFS) of shares aggregating ₹856.14 crore by promoter shareholders—Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi—who will each offload shares worth ₹428.07 crore.

 

The company may consider a pre-IPO placement of up to ₹428.77 crore. If executed, the fresh issue size will be adjusted accordingly.

 

Emmvee, incorporated in 2007, manufactures solar photovoltaic (PV) modules and solar cells. As of 31 May 2025, it has a solar module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. An additional 2.50 GW module production line is under development and is expected to be operational by financial year 2026. A 6 GW integrated solar cell and module facility is planned to become operational in the first half of financial year 2028. The company had an order book of 4.89 GW as of 31 March 2025, and 5.26 GW as of 31 May 2025.

 

 

For the financial year ended 31 March 2025, Emmvee Photovoltaic Power Ltd reported a total income of ₹2,360.33 crore, a 147.3 per cent increase from ₹954.44 crore in FY24. The company’s profit after tax (PAT) rose to ₹369.01 crore in FY25, marking a 1,177.1 per cent increase from ₹28.90 crore in FY24. 

 

The net proceeds from the fresh issue will primarily be used to repay or prepay certain borrowings and accrued interest of Emmvee Photovoltaic Power and its material subsidiary. An estimated ₹1,607.90 crore—representing over 59 per cent of the group’s total consolidated debt as of 14 June 2025—has been earmarked for the repayment of loans. The remaining funds will be allocated towards general corporate purposes.

 

As of 14 June 2025, Emmvee’s material subsidiary had outstanding term loans of ₹1,755.93 crore from the Indian Renewable Energy Development Agency (IREDA). These loans, sanctioned across three tranches between 2022 and 2025, were availed for setting up and upgrading large-scale solar PV manufacturing facilities using TOPCon technology.

 

As per Sebi regulations, Emmvee can allocate up to 25 per cent of its fresh issue proceeds—around ₹535.96 crore in this case—for general corporate purposes. 

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers (BRLMs) of the issue. KFin Technologies has been appointed as the registrar.