IPO

Emmvee Photovoltaic Power Limited IPO

Mainboard Allotment Awaited

Offer Date: Nov 11, 2025 - Nov 13, 2025

₹ 14973 /69 Shares

Check Allotment

11 Nov, 2025

Open Date

13 Nov, 2025

Close Date

14 Nov, 2025

Allotment Date

18 Nov, 2025

Listing Date
Expected Premium
+ ₹2-3 (0.92%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Emmvee Photovoltaic Power IPO Live Subscription Details
View Subscription Details
QIB 1.33x
Retail 1.16x
NIIs 0.32x
BHNI 0.20x
SHNI 0.54x
Retail 1.16x
Total 1.02x
Last updated: 13 Nov 2025, 06:57 PM
Emmvee Photovoltaic Power IPO Issue Details
  • Issue Price ₹206-217 per equity share
  • Face Value ₹2 Per Equity Share
  • Total Issue Size 13,36,40,552 shares(aggregating up to ₹2900 crore)
  • Fresh Share 9,87,95,483 shares(aggregating up to ₹2143.86 crore)
  • Offer For Sale 3,48,45,069 shares(aggregating up to ₹756.14 crore)
  • Listing at BSE, NSE
  • Lead Manager JM Financial Ltd
    IIFL Capital Services Ltd
    Jefferies India Pvt.Ltd
    Kotak Mahindra Capital Co.Ltd.
  • Registrar Kfin Technologies Ltd
Market Lot Size

Investors can bid for a minimum of 69 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min) 169₹14,973
Retail(max)13897₹1,94,649
SHNI(min) 14966₹2,09,622
SHNI(max) 664,554₹9,88,218
BHNI(min) 674,623₹10,03,191
Emmvee Photovoltaic Power IPO Reservation

Emmvee Photovoltaic Power IPO offers total 133640552 shares. Out of which 40092166 (30%) allocated to QIB, 20046083 (15%) allocated to NII,13364055 (10%) allocated to RII, NA (NA%) allocated to employees and 60138249 (45%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered60138249 (45%)
QIB Shares Offered40092166 (30%)
NII (HNI) Shares Offered20046083 (15%)
bNII < ₹10L13364055 (10%)
sNII < ₹10L6682028 (5%)
Retail Shares Offered13364055 (10%)
Total Shares Offered133640552 (100%)
Emmvee Photovoltaic Power IPO Documents
DRHP
RHP
ANCHOR
Emmvee Photovoltaic Power IPO Details


Emmvee Photovoltaic Power IPO is a book-built issue of ₹2900 crores, The total issue size is ₹2900 crores. The IPO of Emmvee Photovoltaic Power is priced at ₹206-217 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Nov 11, 2025 and ends on Nov 13, 2025. The allotment for Emmvee Photovoltaic Power IPO will be finalized on Nov 14, 2025. Emmvee Photovoltaic Power IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 18, 2025. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 69 shares, extendable to 14,973. S-HNIs will be able to bid for 966 shares at ₹2,09,622, while B-HNIs can also apply for a bid of 4,623 shares at ₹10,03,191. The book-running lead manager for the IPO is/are JM Financial Ltd, IIFL Capital Services Ltd, Jefferies India Pvt.Ltd, Kotak Mahindra Capital Co.Ltd..

The total issue ₹2900 crore, comprising a fresh issue of 9,87,95,483 shares ₹2143.86 crore and having Offer for Sale (OFS) of 3,48,45,069 shares to mop up ₹756.14 crore.

The Emmvee Photovoltaic Power IPO sets its price band at 206-217 for each share. A single application for Emmvee Photovoltaic Power Limited IPO must contain at least 69 shares. Sentiment investors need to invest a minimum of 69 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,973 In order to participate in the sNII, investors must purchase at least 14 lots of 966 shares for ₹2,09,622, while the bNII requires 67 lots of 4,623 shares for an investment of ₹10,03,191.

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Emmvee Photovoltaic Power IPO Subscription Analysis And Details
Retail
1.16x
QIB
1.33x
NII
0.32x
bNII
0.20x
sNII
0.54x
Total
1.02x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved4,00,92,1662,00,46,083
1,33,64,055    66,82,028		1,33,64,0557,35,02,304
Day 1 11-11-25 05:00 PM
0.02 x0.06
0.05 x   0.09 x		0.34 x0.09 x
Day 2 12-11-25 05:00 PM
0.06 x0.12
0.09 x   0.18 x		0.65 x0.18 x
Day 3 13-11-25 05:00 PM
1.33 x0.32
0.20 x   0.54 x		1.16 x1.02 x
Total No of Applications
1,78,616
Subscription on the basis of Applications
Retail:0.90x BHNI:0.03x SHNI:0.49x
Emmvee Photovoltaic Power Valuations
EPS Pre IPO ₹6.22/-
EPS Post IPO ₹10.84/-
P/E Pre IPO 34.9
P/E Post IPO 20.01
ROE 104.6%
ROCE 23.33%
Debt/Equity 3.63
RoNW 69.44%
PAT Margin 15.80%
Price to Book Value 24.25
Market Cap. 15023.89 Cr.
Emmvee Photovoltaic Power Company Financials
In Crs.
In Cr.
30-Jun-2531-Mar-2531-Mar-2431-Mar-23
Assets4,347.723,913.942,189.99840.79
Revenue1,042.222,360.33954.44644.37
Profit After Tax187.68369.0128.908.97
Net Worth718.79531.41162.77133.97
Reserves & Surplus608.83529.37160.73131.93
Total Borrowing2,032.111,949.691,441.30519.62
About Emmvee Photovoltaic Power Company

Incorporated on March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturing company.

The company has, as of May 31, 2025, a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The product range of the company consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.



The company operates four production facilities in two locations in Karnataka spanning 22.44 acres.As of May 31, 2025, the Solar cell manufacturing unit of the company at Dobbaspet, Bengaluru, Karnataka is India's largest TOPCon solar cell facility by capacity.

The customers of the company are independent power producers (IPPs), organizations in the commercial and industrial (C&I) sector, and engineering, procurement, and construction (EPC) service providers in public and private sectors. The key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. During 2023- 2023, we had served 525 customers.

As of March 31, 2025, the company employed 611 full-time people.

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Emmvee Photovoltaic Power - Promoter(s)

Manjunatha Donthi Venkatarathnaiah

Shubha Manjunatha Donthi

Suhas Donthi Manjunatha

Sumanth Manjunatha Donthi

Pre Issue Share Holding : 100%

Post Issue Share Holding : 80.70%

Emmvee Photovoltaic Power IPO - Issue Objectives
1

Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary – ₹1621.29 Cr

2

General corporate purposes

Emmvee Photovoltaic Power IPO - Anchor Investors

Emmvee Photovoltaic IPO, anchor investors pick shares worth Rs 1,305 cr.

A number of global names participated in this round, including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup.

It attracted 10 domestic mutual funds-ICICI Prudential MF, Kotak Mahindra AMC, 360 ONE, WhiteOak Capital, Franklin India, Tata MF, Aditya Birla Sun Life AMC, HDFC AMC, Edelweiss, and Motilal Oswal AMC, which subscribed to 2.99 crore equity shares, aggregating 49.81 percent of the anchor portion, through their 26 schemes.

Emmvee Photovoltaic Power IPO - Peers Comparison
P/B RatioP/E RatioRoNWRevenue(in Cr.)
Emmvee PhotovoltaicN/A34.969.4%2335
Websole EnergyN/A33.855.6%575
Waaree EnergiesN/A50.422.6%14444
Premier EnergiesN/A51.355.6%6518
Vikram SolarN/A70.911.2%3423
Saatvik GreenN/A27.463.4%2158
Strength
Integrated and large-scale operations: One of the largest integrated solar PV module and cell pure-play manufacturers in India, with production facilities from cells to modules.
Strong manufacturing and quality track record: Established brand reputation through consistent product quality, reliability, and timely delivery to leading renewable energy players across India.
Technological edge in advanced solar cells: Early adopter of high-efficiency TOPCon technology, enabling improved power output, long-term durability, and competitive positioning in the evolving solar market.
Weakness
High Customer Concentration: Revenue derived from a limited number of customers, top 10 customers account for over 80–90% of total revenues and have fluctuating impacts due to the loss of any one customer.
Limited product diversification: Reliance on a limited number of products, namely TOPCon and Mono PERC modules, will make the company susceptible to shifts in solar technology trends and demand patterns.
Any underutilization or delay in the ramp-up of manufacturing capacity will have adverse impacts on operational efficiency, profitability, and cash flows.
Contact Details

Emmvee Photovoltaic Power

13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157

+91 80 2217 4524

investorrelations@emmvee.in

https://www.emmveepv.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

emmvee.ipo@kfintech.com

https://ipostatus.kfintech.com/