Emmvee Photovoltaic Power IPO Price: ₹206 to ₹217 per share
IPO Dates: 11th November 2025 – 13th November 2025
Company Overview
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer based in India.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
Product Portfolio
Emmvee’s product range includes:
- Bifacial and Mono-facial TOPCon modules and cells
- Mono PERC modules
The company operates four manufacturing units across two locations in Karnataka, spread over 22.44 acres.
Its solar cell manufacturing unit in Dobbaspet, Bengaluru is among India’s largest TOPCon solar cell facilities by capacity.
Customer Base
Emmvee serves a wide range of clients including Independent Power Producers (IPPs), Commercial & Industrial (C&I) entities, and 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 2023–24, Emmvee served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Competitive Strengths
- Second largest pure-play integrated solar PV module and cell manufacturer in India
- One of India’s largest solar PV module producers with a proven quality track record
- Early mover advantage in TOPCon cell technology
- Advanced manufacturing units ensuring efficiency and sustainability
- Strong relationships with a diverse customer base and robust order book
- Experienced promoter-led senior management team
Bidding Starts In
Emmvee Photovoltaic Power IPO Specifics:
| IPO Date | November 11, 2025 to November 13, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹206 to ₹217 per share |
| Lot Size | 69 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 13,36,40,552 shares (aggregating up to ₹2,900.00 Cr) |
| Fresh Issue | 9,87,95,483 shares (aggregating up to ₹2,143.86 Cr) |
| Offer for Sale | 3,48,45,069 shares of ₹2 (aggregating up to ₹756.14 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
Emmvee Photovoltaic Power IPO Timetable (Important Dates)
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
Emmvee Photovoltaic Power IPO Lot Size
Bidders have the opportunity to bid for a minimum of 69 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹1,94,649 |
| S-HNI (Min) | 14 | 938 | ₹2,09,622 |
| S-HNI (Max) | 66 | 4,554 | ₹9,88,218 |
| B-HNI (Min) | 67 | 4,623 | ₹10,03,191 |
Emmvee Photovoltaic Power IPO Reservation
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
Emmvee Photovoltaic Power IPO Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| NET Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
Key Performance Indicator – Emmvee Photovoltaic Power IPO
| KPI | Values |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
| Price to Book Value | 24.25 |
| Market Capitalization | ₹15023.89 Cr. |
| EPS (Rs) | 6.22 |
| P/E (x) | 34.9 |
Objects of the Issue:
The Emmvee Photovoltaic Power Limited IPO proposes to utilize the net proceeds for:
- Repayment / prepayment (in full or part) of borrowings and accrued interest by the company and its material subsidiary – ₹1,621.29 crores
- General corporate purposes
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Emmvee Photovoltaic Power Limited IPO DRHP.
Emmvee Photovoltaic Power Limited IPO RHP
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