Emmvee Photovoltaic Power Limited IPO

Emmvee Photovoltaic Power Limited IPO

Mainboard NSE & BSE 100% Book Built Offer
Closed

Price Band

₹206 - ₹217

Total Issue

₹2,900.00 Cr

Bid Dates

11 Nov - 13 Nov

Subscription

0.97x

Est. GMP

₹0 (0.00%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

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.

Lot Info

Lot Information for Emmvee Photovoltaic IPO
Category Lots Shares Amount
Retail (Min) 1 69 ₹14,973
Retail (Max) 13 897 ₹1,94,649
S-HNI (Min) 14 966 ₹2,09,622
S-HNI (Max) 66 4,554 ₹9,88,218
B-HNI (Min) 67 4,623 ₹10,03,191

Category Reservation

QIB 75%
NII 15%
Ret 10%
Employee
₹0.00
Shareholder
₹0.00

Issue Size

Total ₹2,900.00 Cr
Fresh Issue
₹2,143.86 Cr (9.88 Cr Shares)
Offer For Sale
₹756.14 Cr (3.48 Cr Shares)

Objects of Issue

  1. Repayment/ prepayment of borrowings by the Company and its Material Subsidiary, EEPL
  2. General corporate purposes

Grey Market Premium

GMP ₹0
Est. Price ₹217
Est. Gain 0.00%

Emmvee Photovoltaic IPO Peer Comparison

There are no comparable listed peers in India as per the company

Financial Performance

(Rs. in crores)

Financial Performance Metrics for Emmvee Photovoltaic IPO
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

KPIs

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.

Shareholding

Promoter

100.00%

Public

0.00%

Manjunatha Venkatarathnaiah 48.18%
Shubha Donthi 48.18%
Others 3.64%

Management

Manjunatha Venkatarathnaiah Chairman & MD
Suhas Manjunatha CEO
Pawan Jain CFO

Registrar & Lead Managers

Registrar

KFin Technologies

KFin Technologies

Subscription Status

Updated as on 13-Nov-2025 19:00:00

Mainboard Subscription Status for Emmvee Photovoltaic IPO
Category Sub (x) Offered Bids
QIB 1.33 4,00,92,166 5,31,96,792
NII 0.32 2,00,46,083 63,22,194
bHNI 0.20 1,33,64,055 27,05,697
sHNI 0.54 66,82,028 36,16,497
Retail 1.16 1,33,64,055 1,55,25,552
Total 1.02 7,35,02,304 7,50,44,538

Frequently Asked Questions

What is Emmvee Photovoltaic IPO?
Emmvee Photovoltaic IPO is a Mainboard IPO having an issue size of ₹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.
When will Emmvee Photovoltaic IPO open?
Emmvee Photovoltaic IPO opens on 11 Nov 25 and closes on 13 Nov 25.
What is the GMP of Emmvee Photovoltaic IPO?
The estimated Grey Market Premium of Emmvee Photovoltaic IPO is ₹0 per share (0.00%).
What is the lot size of Emmvee Photovoltaic IPO?
The minimum lot size of Emmvee Photovoltaic IPO is 69 shares & the minimum application amount is Rs. 14973.
When is the allotment of Emmvee Photovoltaic IPO?
The allotment date of Emmvee Photovoltaic IPO is 14 Nov 25.
What is the listing date of Emmvee Photovoltaic IPO?
The listing date of Emmvee Photovoltaic IPO is 18 Nov 25.
What is the subscription of Emmvee Photovoltaic IPO?
Emmvee Photovoltaic IPO is subscribed 0.97 times.
What is the price band of Emmvee Photovoltaic IPO?
Emmvee Photovoltaic IPO is priced at ₹206 - ₹217 per share.
How to check allotment status of Emmvee Photovoltaic IPO?
Click the allotment link on Emmvee Photovoltaic IPO page of IPO360.
How to apply Emmvee Photovoltaic IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Emmvee Photovoltaic IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Emmvee Photovoltaic IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Emmvee Photovoltaic IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date