Emmvee Photovoltaic IPO
GMP, Subscription, Price, Dates & Financial Details
Power and Energy
Emmvee Photovoltaic Power Limited – Company OverviewIncorporation: March 2007 Headquarters: Bengaluru, Karnataka, IndiaEmmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and cell manufacturer. The company specializes in the production of high-efficiency solar products…
Open Date
Tue, 11 Nov 2025
Close Date
Thu, 13 Nov 2025
Price Band
₹ 206 – 217
Lot Size
69
Issue Size
₹ 2,900.00 Cr
Minimum Investment
₹ 14,973 (69 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Emmvee Photovoltaic IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹2,900.00 Crore, comprising a fresh issue of 9.88 Crore equity shares aggregating to ₹2,144.00 Crore and an offer for sale (OFS) of 3.48 Crore equity shares aggregating to ₹756.00 Crore by the existing shareholders.
The Emmvee Photovoltaic IPO remained open for subscription from November 11, 2025, to November 13, 2025. The basis of allotment was finalized on November 14, 2025, and the company's shares were listed on the NSE and BSE on November 18, 2025.
The company had fixed the price band at ₹206 to ₹217 per share, with a lot size of 69 shares. Retail investors were required to make a minimum investment of ₹14,973 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Emmvee Photovoltaic Power Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Emmvee Photovoltaic IPO Timeline (Tentative)
- IPO Open Date
- Tue, 11 Nov 25
- IPO Close Date
- Thu, 13 Nov 25
- Basis of Allotment
- Fri, 14 Nov 25
- Initiation of Refunds
- Mon, 17 Nov 25
- Credit of Shares to Demat
- Mon, 17 Nov 25
- Listing Date
- Tue, 18 Nov 25 — NSE & BSE
Open Date
11 November 2025
Close Date
13 November 2025
Basis Of Allotment
14 November 2025
Listing Date
18 November 2025
IPO Subscription
Check Live Subscription →The Emmvee Photovoltaic IPO has received bids for 7,50,44,538 shares against 7,74,27,183 shares offered, resulting in an overall subscription of 0.97x. the NII category is subscribed 0.3x, Retail Investors 1.1x, and QIBs 1.26x. Within the NII category, BNII is subscribed 0.19x, while SNII is subscribed 0.51x.
QIB
1.26x
NII
0.3x
BNII
0.19x
SNII
0.51x
RII
1.1x
Total
0.97x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 1,40,77,669 shares, representing 14.11% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 4,22,33,010 shares (42.34%), while Non-Institutional Investors (NIIs) receive 2,11,16,504 shares (21.17%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 42,233,010 | 42.34% |
| Non-Institutional | 21,116,504 | 21.17% |
| BNII | 14,077,670 | 14.11% |
| SNII | 7,038,834 | 7.06% |
| Retail Investors | 14,077,669 | 14.11% |
| Total | 77,427,183 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 4347.72 | 3913.94 | 2189.99 | 840.79 |
| Revenue | 1042.22 | 2360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.9 | 8.97 |
| Net Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserve & Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowings | 2032.11 | 1949.69 | 1441.3 | 519.62 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Emmvee Photovoltaic Power Limited KPI Information
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 104.6 | 18.69 | 6.41 |
| ROCE % | 23.33 | 5.03 | 5.9 |
| Debt / Equity | 3.63 | 8.54 | 3.7 |
| RoNW % | 69.44 | 17.75 | 6.7 |
| Pat Margin % | 15.8 | 3.04 | 1.45 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Emmvee Photovoltai c Power Ltd | 2 | 0.00 | 6.22 | 6.22 | 69.44 | 5314.08 |
| Waaree Energies Ltd | 10 | 50.47 | 68.24 | 67.96 | 20.34 | 94792.00 |
| Premier Energies Ltd | 1 | 51.30 | 21.35 | 21.35 | 33.21 | 28221.06 |
| Vikram Solar Limited | 10 | 70.97 | 4.61 | 4.60 | 11.26 | 12419.89 |
| Saatvik Green Energy Ltd | 2 | 27.49 | 19.09 | 19.07 | 63.41 | 3376.59 |
About Emmvee Photovoltaic Power Limited
Emmvee Photovoltaic Power Limited – Company Overview
Incorporation: March 2007
Headquarters: Bengaluru, Karnataka, India
Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and cell manufacturer. The company specializes in the production of high-efficiency solar products and has established a strong presence across India’s renewable energy sector.
Manufacturing Capacity (as of May 31, 2025)
- Solar PV Module Capacity: 7.80 GW
- Solar Cell Capacity: 2.94 GW
Emmvee’s product portfolio includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules, catering to diverse energy generation needs and applications.
Manufacturing Infrastructure
The company operates four state-of-the-art manufacturing facilities located across two sites in Karnataka, spanning a total area of 22.44 acres.
Notably, Emmvee’s solar cell manufacturing unit at Dobbaspet, Bengaluru is among India’s largest TOPCon solar cell facilities by capacity as of May 31, 2025.
Customer Base
Emmvee serves a broad range of clients, including Independent Power Producers (IPPs), Commercial and Industrial (C&I) entities, and Engineering, Procurement, and Construction (EPC) service providers in both the public and private sectors.
Key customers include:
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.
In FY 2023–2024, the company served 525 customers across its business segments.
Human Resources
As of March 31, 2025, Emmvee Photovoltaic Power Limited employed 611 full-time employees, encompassing technical, engineering, operations, and management professionals.
Emmvee Photovoltaic IPO Promoters
- Manjunatha Donthi Venkatarathnaiah
- Shubha Manjunatha Donthi
- Suhas Donthi Manjunatha
- Sumanth Manjunatha Donthi
Promoters Holding
Holding Pre Issue
100.00%
Holding Post Issue
0.00%
Emmvee Photovoltaic IPO Objective
The Company Emmvee Photovoltaic IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary
- General corporate purposes
Emmvee Photovoltaic Power Limited Address / Contact Details
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
IPO Snapshot
Emmvee Photovoltaic IPO Lot Size
The Emmvee Photovoltaic IPO has a lot size of 69 shares. Retail investors require a minimum investment of ₹14,973 by applying for 1 lot (69 shares). The maximum application allowed for the retail category is 13 lots (897 shares), requiring an investment of ₹1,94,649.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 69 | 14,973.00 |
| Retail (Max) | 13 | 897 | 194,649.00 |
| S-HNI (Min) | 14 | 966 | 209,622.00 |
| S-HNI (Max) | 66 | 4,554 | 988,218.00 |
| B-HNI (Min) | 67 | 4,623 | 1,003,191.00 |
Issue Reservation
- QIB — 42.34%
- NII — 21.17%
- RII — 14.11%
Book Running Lead Managers
- IIFL Capital Services Limited
- Jefferies India Private Limited
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Emmvee Photovoltaic IPO?
Emmvee Photovoltaic IPO is a Book-building IPO with a total issue size of ₹2900 crore. The Emmvee Photovoltaic IPO price band is ₹206 to 217 per share. The Emmvee Photovoltaic IPO subscription opens on Tue, Nov 11, 2025, and closes on Thu, Nov 13, 2025. The Emmvee Photovoltaic IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Emmvee Photovoltaic IPO.
When will the Emmvee Photovoltaic IPO open for subscription?
The Emmvee Photovoltaic IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025
What is Emmvee Photovoltaic IPO Price Band?
Emmvee Photovoltaic IPO Price Band is ₹206 to 217 per share.
What is Emmvee Photovoltaic IPO Lot Size?
Emmvee Photovoltaic IPO lot size is 69 shares, Retail investors need a minimum investment of ₹14973 based on the upper price band
What is the minimum investment for Emmvee Photovoltaic IPO?
The minimum investment for Emmvee Photovoltaic IPO is ₹14973, based on one lot of 69 shares at the upper price band of ₹217 per share.
How to apply for Emmvee Photovoltaic IPO?
Investors can apply for the Emmvee Photovoltaic IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Nov 13, 2025. The application amount remains blocked until the Emmvee Photovoltaic IPO allotment is finalized.
What is Emmvee Photovoltaic IPO Issue Size?
Emmvee Photovoltaic IPO issue size is ₹2900 crores.
What is the Emmvee Photovoltaic IPO Allotment Date?
Emmvee Photovoltaic IPO allotment date is Fri, Nov 14, 2025.
Who is the Emmvee Photovoltaic IPO Registrar?
The registrar for Emmvee Photovoltaic IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Emmvee Photovoltaic IPO allotment status, refund processing, and other IPO-related information.
What is the Emmvee Photovoltaic IPO GMP?
The Emmvee Photovoltaic IPO GMP (Grey Market Premium) is ₹3 as of Thu, Nov 13, 2025. Based on the upper price band of ₹217 per share, the estimated Emmvee Photovoltaic IPO listing price is ₹220, indicating a potential listing gain of approximately 1.38% over the issue price.
Who is the Emmvee Photovoltaic IPO Lead Manager?
The book-running lead managers (BRLMs) for the Emmvee Photovoltaic IPO are IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Emmvee Photovoltaic IPO Red Herring Prospectus (RHP).