Emmvee Photovoltaic IPO Details
The key details of Emmvee Photovoltaic Power’s IPO are outlined below, covering all crucial aspects from price range to investment requirements and regulatory documents.
| IPO Size | ₹2,900.00 Cr |
| Price Range | ₹206 - ₹217 |
| Retail Quota | 10% |
| QIB Quota | 75% |
| NII Quota | 15% |
| Employee Discount | -- |
| Listing at | NSE and BSE |
| Minimum Quantity | 69 |
| Investment (cut-off price) | ₹14,973 |
| Pre IPO Promotor Holding | 100.00% |
| Post IPO Promotor Holding | Update soon |
| DHRP Draft | Click Here |
| RHP Draft | Click Here |
| Anchor Investors List | Click Here |
Emmvee Photovoltaic IPO Timelines
The IPO process for Emmvee Photovoltaic Power includes key dates for participants to know. The timeline allows for strategic planning and participation, helping investors stay informed and engaged throughout the entire process.
11/11/2025
Start Date13/11/2025
End Date17/11/2025
Refund Initiation17/11/2025
Credit of Shares to Demat Ac18/11/2025
Listing DateEmmvee Photovoltaic IPO Lot Size
The Emmvee Photovoltaic Power IPO has a fixed lot size of 69 shares, at an upper price band of ₹217 per share. For retail investors, the minimum application is 69 shares (1 lot) amounting to ₹14,973, while the maximum is 897 shares (13 lots) worth ₹1,94,649. For Small HNI (S-HNI) investors, the minimum application is 966 shares (14 lots) worth ₹2,09,622, while the maximum is 4,554 shares (66 lots) amounting to ₹9,88,218. Big HNI (B-HNI) investors need to apply for at least 4,623 shares (67 lots), totaling ₹10,03,191.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹1,94,649 |
| S-HNI Minimum | 14 | 966 | ₹2,09,622 |
| S-HNI Maximum | 66 | 4554 | ₹9,88,218 |
| B-HNI Minimum | 67 | 4623 | ₹10,03,191 |
Emmvee Photovoltaic IPO Subscription Status
The subscription status for Emmvee Photovoltaic Power IPO shows market demand across different investor categories, providing valuable insights into the offering’s performance. You can track real-time subscription data below.
| QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|
| 0.06x | 0.15x | 0.78x | -- | 0.22x |
IPO Performance on Listing Day
On its listing day (November 18, 2025), Emmvee Photovoltaic IPO delivered a flat debut on the exchanges. The stock opened at ₹217, matching the issue price with no premium or discount. It inched up to an intraday high of ₹227.71 before encountering selling pressure and slipping to a low of ₹207. The stock eventually closed at ₹217. Despite the volatility, it ended the day with a 0% change from the issue price, indicating a neutral market response to the solar energy player’s listing.
| Opening Price | Closing Price | Day High | Day Low |
|---|---|---|---|
| ₹217.00 | ₹217.00 | ₹227.71 | ₹207.00 |
Emmvee Photovoltaic IPO Company Financials
Emmvee Photovoltaic Power reports robust performance in FY2025 with Total Income of ₹2,360.33 crores, managing expenses at ₹1,877.51 crores, and achieving a strong PAT (Profit After Tax) of ₹369.01 crores, demonstrating significant growth potential ahead of its public offering.
| Year | Total Income | Total Expense | PAT |
|---|---|---|---|
| FY 2023 | ₹644.37 | ₹632.70 | ₹8.97 |
| FY 2024 | ₹954.44 | ₹906.82 | ₹28.90 |
| FY 2025 | ₹2,360.33 | ₹1,877.51 | ₹369.01 |
| FY 2026 (3 M) | ₹1,042.22 | ₹802.03 | ₹187.68 |
About Company
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and cell manufacturer based in Karnataka, India. As of May 31, 2025, the company has an annual manufacturing capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells. Its product portfolio includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules, serving a wide range of applications across the solar value chain. Emmvee operates four manufacturing units spread over 22.44 acres across two locations in Karnataka, with its solar cell facility at Dobbaspet, Bengaluru, being one of India’s largest TOPCon solar cell plants by capacity.
The company caters to a diverse customer base including independent power producers (IPPs), commercial and industrial (C&I) clients, and engineering, procurement, and construction (EPC) companies across public and private sectors. Its key clients include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, and Blupine Energy, among others. In FY 2023–2024, Emmvee served 525 customers, demonstrating strong industry presence and market reach. As of March 31, 2025, the company employed 611 full-time employees.
| Incorporation Date | Sector | Managing Director |
|---|---|---|
| 2007 | Energy | Manjunatha Donthi |
Know Before Investing
Emmvee Photovoltaic IPO Strengths
- Emmvee has a 7.8 GW solar module production capacity and a 2.94 GW solar cell manufacturing facility, positioning it as one of India’s largest integrated solar manufacturers.
- Emmvee leverages high-efficiency TOPCon technology for its solar cells and modules, enhancing performance and positioning it well for future growth.
- The company’s products are included in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM), enabling participation in government schemes.
- Serves leading renewable power producers and EPC players, enhancing revenue visibility and business credibility.
Emmvee Photovoltaic IPO Risks
- The solar industry relies heavily on government incentives, mandates, and tariffs, with regulatory changes potentially impacting business.
- Faces competition from established domestic players like Waaree Energies, Tata Power Solar, and Vikram Solar, which can pressure pricing.
- Prices and supply of silicon, raw modules, and other inputs may fluctuate, affecting margins.
- Imports and exports expose the company to foreign exchange risks.
- Large orders from relatively fewer customers could create revenue concentration concerns.
- Rapid advances in solar cell technology may require continuous updating of manufacturing processes.
Swot Analysis for Emmvee Photovoltaic IPO
Strengths
Technology Pioneer, Strong Financial Growth, Quality Recognition
Weaknesses
Export Constraints, Sector Fragmentation, High Capex Dependency
Opportunities
Domestic Policy Boost, Global Entry Potential, Technology Upgradation
Threats
International Trade Barriers, Supply Chain Pressure, Regulatory Risk
Company Details
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
IPO Registar Details
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/
FAQs
The key objectives of Emmvee Photovoltaic IPO are:
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary
- General corporate purposes
JM Financial Ltd. ,IIFL Capital Services Ltd. ,Jefferies India Pvt. Ltd. ,Kotak Mahindra Capital Co. Ltd. are the book-running lead managers for the Emmvee Photovoltaic IPO.
Emmvee Photovoltaic Limited holds strong growth potential driven by its 7.8 GW module and 2.94 GW cell capacity, global market reach, and focus on high-efficiency solar technology. Strategic expansions, rising renewable energy demand, and supportive government policies position the company for sustained long-term growth.
The issue price for the Emmvee Photovoltaic IPO is set between ₹206 to ₹217 per share.
To invest in one lot of Emmvee Photovoltaic IPO, you need ₹14,214 at the lower price band (₹206 per share) or ₹14,973 at the upper price band (₹217 per share) for a lot size of 69 shares.
Emmvee Photovoltaic IPO shares are scheduled to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 18, 2025.
Refund/unblocking of funds for Emmvee Photovoltaic IPO will begin on November 17, 2025. ASBA/UPI blocks will be removed within 1 working day.
You can sell shares your Emmvee Photovoltaic IPO shares on listing day (November 18, 2025) after they are credited to your demat account. If you want to sell in the pre-open market, the timing for that session is from 9:00 AM to 9:15 AM. Otherwise, you can sell after 10:00 AM during regular trading hours.