Emmvee Photovoltaic Power IPO opens on Nov 11; here's all you need to know

Integrated solar PV module and cell manufacturer Emmvee Photovoltaic Power is set to open its initial public offering (IPO) for public subscription on Tuesday, November 11, 2025, targeting ₹2,900 crore through a combination of a fresh issue and an offer for sale (OFS).

 

The bidding for the anchor investors is slated to take place ahead of the public launch, on Monday, November 10, 2025.

As investors await the subscription window to open, here are some key details from the Red Herring Prospectus (RHP):

Emmvee Photovoltaic Power IPO issue structure

The public issue is a book-built offering consisting of a fresh issue of 98.8 million equity shares, aggregating up to ₹2,143.86 crore, and an offer for sale (OFS), with promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi divesting up to 34.8 million equity shares, estimated to be worth approximately ₹756.14 crore.

 

 

Emmvee Photovoltaic Power has reserved not less than 75 per cent of the net offer for qualified institutional buyers (QIBs), not more than 10 per cent for retail investors, and not more than 15 per cent for non-institutional investors (NIIs).

Emmvee Photovoltaic Power IPO lot size, price band

The public offering will be available at a price band of ₹206-217 per equity share, with a lot size of 69 shares. Therefore, investors can bid for a minimum of 69 shares and in multiples thereof.

 

The minimum investment required by a retail investor is ₹14,973. A retail investor may bid for a maximum of 13 lots, or 897 shares, amounting to ₹1,94,649.  ALSO READ | Here's how to check Lenskart IPO allotment status today, latest GMP

Emmvee Photovoltaic Power IPO grey market premium (GMP)

The unlisted shares of Emmvee Photovoltaic Power were trading at ₹237 per share, reflecting a grey market premium (GMP) of ₹20 per share or 9.22 per cent over the upper end of the issue price of ₹217 per share, according to sources tracking unofficial market activities.

Emmvee Photovoltaic Power IPO allotment date, listing date

The public offering will remain open for subscription until Thursday, November 13, 2025. The basis of allotment is likely to be finalised on Friday, November 14, 2025, with shares expected to be credited to demat accounts on Monday, November 17, 2025.

 

Shares of Emmvee Photovoltaic Power are scheduled to be listed on the BSE and NSE on Tuesday, November 18, 2025.

Emmvee Photovoltaic Power IPO objective

The company will not receive any proceeds from the offer for sale component; the funds from this portion will go to the selling shareholders. “Each of the Promoter Selling Shareholders shall be entitled to their respective portion of the proceeds of the Offer for Sale, after deducting their respective proportion of the Offer-related expenses and the relevant taxes thereon, as applicable,” the company said in its RHP.

 

Emmvee Photovoltaic Power proposes to use the proceeds from the fresh issue for repayment/prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary, EEPL. A part of the proceeds from the fresh issue, the company said, will be used for general corporate purposes.  ALSO READ | PhysicsWallah IPO opens Nov 11; sets price band at ₹103-109; Check details

Emmvee Photovoltaic Power IPO registrar, lead managers

KFin Technologies is the registrar for the IPO, while JM Financial, IIFL Capital Services, Jefferies India, and Jefferies India are the book-running lead managers.

Emmvee Photovoltaic Power financial snapshot

 

The company’s profit after tax (PAT) for the three months ended June 30, 2025, grew significantly to ₹187.68 crore, from ₹27.56 crore reported in the same quarter of the previous year.

 

The earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter increased sharply to ₹347.38 crore, from ₹66.68 crore in the corresponding period last year, with the Ebitda Margin improving to 33.80 per cent from 20.01 per cent. The company’s Revenue from operations rose to ₹1,027.82 crore, from ₹333.24 crore reported in the three months ended June 30, 2024. Consequently, the PAT Margin expanded to 18.26 per cent from 8.27 per cent, reflecting a substantial improvement in operational efficiency and overall profitability, according to the RHP. 

About Emmvee Photovoltaic

Emmvee Photovoltaic is primarily a solar module manufacturer and is the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturing company, and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025 (Source: Crisil Report). As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years.

 

In addition, Emmvee Photovoltaic is one of the first companies in India to adopt higher efficiency Tunnel Oxide Passivated Contact (TOPCon) technology to manufacture solar cells and is among a limited number of solar cell manufacturers in India, as of March 2025, to leverage this technology, according to the RHP.