Emmvee Photovoltaic Power will be opening its IPO for subscription on November 11 to raise Rs 2,900 crore. A fully book-built issue, it is a combination of a fresh issue and OFS. Here is a detailed look at the IPO details of the solar PV module and cell manufacturing.
Emmvee Photovoltaic IPO: Key details
The issue is a combination of 9.88 crore fresh shares amounting to Rs 2,143.86 crores and an offer for sale of 3.48 crore shares totalling Rs 756.14 crores. The company set the IPO price band in a range of Rs 206 to Rs 217 per equity share.
Emmvee Photovoltaic IPO: Objectives
The company will be using Rs 1,621.29 crore to pay the outstanding borrowings and accrued interest.
Emmvee Photovoltaic IPO: GMP
The company’s shares were fetching a grey market premium of 9% or Rs 20. This translates into a likely profit of Rs 1,380 on a single lot. However, investors should be aware that grey markets are an unofficial place to trade shares.
Emmvee Photovoltaic IPO: Allotment and listing
The IPO will close on November 13. The share allotment for the IPO is likely to be finalised on November 14 by the registrar, while the listing on the exchanges, BSE and NSE, is expected to be on November 18, as per the tentative schedule.
Emmvee Photovoltaic IPO: Key financials
In Q1 FY26, the company recorded a net profit of Rs 187.68 crore, which is 51% of what the company reported in the whole FY25. The company’s net profit increased substantially in FY25 as well to Rs 369.01 crore from Rs 28.90 crore in FY24, while the company posted a net profit of Rs 8.97 crore in FY23. This is a CAGR growth of 245% in the last three financial years.
Emmvee Photovoltaic IPO: Lot size
The retail application needs to apply for as few as 69 shares in one lot, amounting to Rs 14,973. The lot size investment for a small Non-Institutional Investor is 14 lots of 966 shares, aggregating to Rs 2 lakh, and for a big NII, it is 67 lots of 4,623 shares, equalling Rs 10 lakh.
Emmvee Photovoltaic IPO: BRLM and registrar
JM Financial is the book-running lead manager of the issue, and Kfin Technologies is the registrar for the IPO.
About Emmvee Photovoltaic Power
Emmvee Photovoltaic is in the business of integrated solar PV module and cell manufacturing. The company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW as of May 2025. Its product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company has four manufacturing units across two locations in Karnataka on 22.44 acres.