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Emmvee Photovoltaic Power IPO

  • Status: Closed
  • RHP:
  • ₹ 14,214 / 69 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    18 Nov 2025

  • Listing Price

    ₹217.00

  • Listing Change

    0.00%

  • Last Traded Price

    ₹212.66

Emmvee Photovoltaic Power IPO Details

  • Open Date

    11 Nov 2025

  • Close Date

    13 Nov 2025

  • Listing Date

    18 Nov 2025

  • IPO Price Range

    ₹ 206 to ₹217

  • IPO Size

    ₹ 2,900 Cr

  • Listing Exchange

    BSE NSE

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Timeline Financials SWOT FAQ Contacts

Emmvee Photovoltaic Power IPO Timeline

Emmvee Photovoltaic Power IPO Subscription Status

Last Updated: 13 November 2025 5:12 PM by 5paisa

Emmvee Photovoltaic Power Limited, launching a ₹2,900.00 Cr IPO, is an integrated solar PV module and cell manufacturer with capacities of 7.80 GW and 2.94 GW respectively as of 31 May 2025. Its portfolio includes bifacial and monofacial TOPCon modules and cells, and Mono PERC modules. Operating four units across two Karnataka sites spanning 22.44 acres, Emmvee serves over 500 clients including Ayana Renewable Power, Aditya Birla Renewables, Hero Rooftop Energy, and KPI Green Energy. Established in 2007, the company is led by Managing Director Manjunatha Donthi Venkatarathnaiah.

Peers:

Details Emmvee Photovoltaic Waaree Energies Premier Energies Vikram Solar Saatvik Green Energy Websol Energy Systems
Revenue (₹ Cr) 2335.61 14444.50 6718.75 3423.45 2158.39 575.46
Face Value (₹) 2.00 10.00 1.00 10.00 2.00 10.00
P/E Will be included upon finalization 50.47 51.30 70.97 27.49 33.83
Closing Price (₹) NA 3429.65 1095.15 326.45 524.15 1223.80
EPS Basic (₹) 6.22 68.24 21.35 4.61 19.09 36.66
EPS Diluted (₹) 6.22 67.96 21.35 4.60 19.07 36.17
RoNW (%) 69.44 20.34 33.21 11.26 63.41 55.65
NAV (₹ Cr) 531.41 9479.20 2822.11 1241.99 337.66 278.05
NAV per Share (₹) 8.95 329.96 62.61 39.24 30.14 65.88

Emmvee Photovoltaic Power Objectives

1. The company will repay or prepay borrowings and interest amounting to ₹1,621.29 crore. 
2. Funds will also be used for general corporate purposes. 

Emmvee Photovoltaic IPO Size

Types Size
Total IPO Size ₹2,900.00 Cr 
Offer For Sale ₹756.14 Cr 
Fresh Issue ₹2,143.86 Cr 

Emmvee Photovoltaic IPO Reservation

Application Lots Shares Amount (₹)
Retail (Min) 1 69 14,214
Retail (Max) 13 897 1,94,649
S - HNI (Min) 14 966 1,98,996
S - HNI (Max) 66 4554 9,88,218
B - HNI (Min) 67 4623 9,52,338

 

 

Emmvee Photovoltaic Reservation

Investors Category Subscription (times) Shares Offered* Shares bid for Total Amount (Cr.)*
QIB (Ex Anchor) 1.33     4,00,92,166 5,31,96,792     1,154.370
Non-Institutional Buyers 0.32     2,00,46,083 63,22,194     137.192
bNII (bids above ₹10L) 0.20     1,33,64,055 27,05,697     58.714
sNII (bids below ₹10L) 0.54     66,82,028     36,16,497     78.478
Retail Investors 1.16     1,33,64,055     1,55,25,069     336.894
Total** 1.02     7,35,02,304     7,50,44,055     1,628.456

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (₹ Crores) FY23 FY24 FY25
Revenue 618.13 951.94 2335.61
EBITDA 56.27 120.44 721.94
PAT 8.97 28.90 369.01
Particulars (₹ Crores) FY23 FY24 FY25
Total Assets 840.79 2189.99 3913.94
Share Capital 10.79 10.79 10.79
Total Liabilities 700.29 2021.23 3377.14
Cash Flows (₹ Crores) FY23 FY24 FY25
Net Cash Generated From / (used in) Operating Activities 59.48 234.46 613.75
Net Cash Generated From / (used in) Investing Activities -130.68 -1000.05 -985.67
Net Cash Generated From / (used in) Financing Activities 79.83 894.45 408.13
Net Increase (Decrease) in Cash and Cash Equivalents 8.63 128.86 36.22


Strengths

1. Integrated solar cell and module manufacturing operations. 
2. Large 7.80 GW module production capacity. 
3. Strong customer base across diverse sectors. 
4. Advanced TOPCon technology enhances efficiency and output. 

Weaknesses

1. High capital requirement for technology upgrades. 
2. Dependence on limited geographic manufacturing locations. 
3. Relatively lower solar cell capacity than modules. 
4. Exposure to fluctuations in raw material prices. 

Opportunities

1. Rising demand for renewable energy in India. 
2. Government incentives promoting solar manufacturing expansion. 
3. Growing export potential for high-efficiency modules. 
4. Increasing corporate adoption of sustainable energy solutions. 

Threats

1. Intense competition from domestic and global manufacturers. 
2. Rapid technological changes may impact current products. 
3. Supply chain disruptions could affect production timelines. 
4. Policy or regulatory shifts may influence market growth. 

1. Strong presence in India’s fast-growing solar industry. 
2. Advanced TOPCon technology enhances product efficiency. 
3. Expanding production capacity supports revenue growth. 
4. Diverse client base ensures steady business performance. 

Emmvee Photovoltaic Power Limited operates in India’s rapidly expanding solar energy sector, driven by government support and growing renewable adoption. With advanced manufacturing facilities, robust production capacity, and a strong client base, the company is well-positioned to capitalise on rising demand for efficient solar solutions. Its focus on technology-driven growth and sustainable energy solutions strengthens its long-term potential and market competitiveness.

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FAQs

 Emmvee Photovoltaic IPO opens from November 11, 2025 to November 13, 2025. 

The size of  Emmvee Photovoltaic IPO is ₹2,900.00 Cr. 

The price band of  Emmvee Photovoltaic IPO is fixed at ₹206 to ₹217 per share.  

To apply for  Emmvee Photovoltaic IPO, follow the steps given below: 

●    Login to your 5paisa demat account and select the issue in the current IPO section     

●    Enter the number of lots and the price at which you wish to apply for the Emmvee Photovoltaic. IPO.     

●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.     

You will receive a mandate notification to block funds in your UPI app. 

The minimum lot size of  Emmvee Photovoltaic IPO is of 69 shares and the investment required is ₹14,214. 

The share allotment date of  Emmvee Photovoltaic IPO is November 14, 2025 

The  Emmvee Photovoltaic IPO will likely be listed on November 18, 2025. 

JM Financial Ltd is the book running lead managers for  Emmvee Photovoltaic IPO. 

Emmvee Photovoltaic IPO plans to utilise the raised capital from the IPO for: 

  • The company will repay or prepay borrowings and interest amounting to ₹1,621.29 crore. 

  • Funds will also be used for general corporate purposes.