Emmvee Photovoltaic Power Limited IPO
Emmvee is a leading solar module manufacturer and the second-largest pure-play integrated solar PV module and cell producer in India by production capacity as of March 31, 2025 (Source: CRISIL Report). As of June 30, 2025, it has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. Its portfolio includes bifacial and mono-facial TOPCon modules and cells, along with Mono PERC modules. An ALMM-enlisted manufacturer, it operates four facilities across two locations in Karnataka and primarily serves B2G and B2B segments, with selective B2C operations.
Price Band₹206 - ₹217 |
Dates11 Nov - 13 Nov |
GMP₹0 (0.00%) |
Subscriptions0.97 times |
Issue Size₹2,900.00 Crs |
Emmvee Photovoltaic IPO Key Dates
Opening Date
11 Nov 25
Closing Date
13 Nov 25
Basis Of Allotment
14 Nov 25
Initiations Of Refund
17 Nov 25
Credit Of Shares
17 Nov 25
Listing Date
18 Nov 25
Emmvee Photovoltaic IPO Objects
- Repayment/ prepayment of borrowings by the Company and its Material Subsidiary, EEPL
- General corporate purposes
Emmvee Photovoltaic IPO Details
Price Band₹206 - ₹217 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹2,143.86 Cr (9.88 Cr Shares) |
Offer For Sale₹756.14 Cr (3.48 Cr Shares) |
Total Issue₹2,900.00 Cr (13.36 Cr Shares) |
Face Value₹2 per equity share |
Emmvee Photovoltaic IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
69
14,973
Maximum
13
897
1,94,649
|
|||
| Small HNI |
Minimum
14
966
2,09,622
Maximum
66
4,554
9,88,218
|
|||
| Big HNI |
Minimum
67
4,623
10,03,191
|
|||
Emmvee Photovoltaic IPO Subscription
Updated as on 13-Nov-2025 19:00:00
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 1.26 | 4,22,33,010 | 5,31,96,792 |
| NII | 0.30 | 2,11,16,504 | 63,22,194 |
| bNII (bids above ₹10L) | 0.19 | 1,40,77,670 | 27,05,697 |
| sNII (bids between ₹2L to ₹10L) | 0.51 | 70,38,834 | 36,16,497 |
| Retail | 1.10 | 1,40,77,669 | 1,55,25,552 |
| Total | 0.97 | 7,74,27,183 | 7,50,44,538 |
Emmvee Photovoltaic IPO GMP
The estimated Grey Market Premium of Emmvee Photovoltaic IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not less than 75% of Net Offer |
| Big HNIs (NII) | Not more than 10% of Net Offer |
| Small HNIs (NII) | Not more than 5% of Net Offer |
| Retail | Not more than 10% of Net Offer |
Emmvee Photovoltaic IPO Financials
| Particulars | June-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue from Operations | 1,027.82 | 2,335.61 | 951.94 | 618.13 |
| Profit after Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| Net Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
| Total Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| NAV per share (in ₹) | 12.11 | 8.95 | 2.74 | 2.26 |
| EPS - Basic (in ₹) | 3.16 | 6.22 | 0.49 | 0.15 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | Values |
|---|---|
| EBITDA | 30.91% |
| PAT | 15.80% |
| ROE | 104.60% |
| ROCE | 23.33% |
| Net Debt to Equity | 2.55 |
| PE Ratio | 34.89 |
| PB Ratio | 24.25 |
| Mkt Cap (in Crs.) | 15,023.89 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Emmvee Photovoltaic IPO Peer Comparision
Emmvee Photovoltaic IPO Peer Comparision
Promoter Details
| Name | Shareholding |
|---|---|
| Manjunatha Venkatarathnaiah | 48.18% |
| Shubha Donthi | 48.18% |
| Others | 3.64% |
| Total | 100.00% |
Management Details
| Name | Designation |
|---|---|
| Manjunatha Venkatarathnaiah | Chairman & MD |
| Suhas Manjunatha | CEO |
| Pawan Jain | CFO |
Company Details
Name: Emmvee Photovoltaic Power Limited
Address: 13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562 157, India
Number: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
Book Running Lead Managers (BRLMs)
RTAs
KFin Technologies
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Find answers to common questions that come in your mind related to IPO.
Emmvee Photovoltaic IPO is a Mainboard IPO having an issue size of Rs. ₹2,900.00 Crs. Emmvee Photovoltaic IPO is priced at ₹206 - ₹217 per share. The issue opens on 11 Nov 25 and closes on 13 Nov 25.
Emmvee Photovoltaic IPO opens on 11 Nov 25 and closes on 13 Nov 25.
The estimated Grey Market Premium of Emmvee Photovoltaic IPO is ₹0 per share (0.00%).
The minimum lot size of Emmvee Photovoltaic IPO is 69 shares & the minimum application amount is Rs. 14973.
The allotment date of Emmvee Photovoltaic IPO is 14 Nov 25.
The listing date of Emmvee Photovoltaic IPO is 18 Nov 25.
Emmvee Photovoltaic IPO is subscribed 0.97 times.
Emmvee Photovoltaic IPO is priced at ₹206 - ₹217 per share.
Click the allotment link on Emmvee Photovoltaic IPO page of IPO360.
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