Bookbuilding IPO | ₹2,900 Cr | Listed at BSE, NSE | Tue, Nov 11, 2025 - Thu, Nov 13, 2025
Emmvee Photovoltaic IPO is a book build issue of ₹2,900.00 crores. The issue is a combination of fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crores and offer for sale of 3.48 crore shares aggregating to ₹756.14 crores.
Emmvee Photovoltaic IPO bidding started from Nov 11, 2025 and ended on Nov 13, 2025. The allotment for Emmvee Photovoltaic IPO was finalized on Nov 14, 2025. The shares got listed on BSE, NSE on Nov 18, 2025.
Emmvee Photovoltaic IPO price band is set at ₹217 per share. The lot size for an application is 69. The minimum amount of investment required by an retail is ₹14,973 (69 shares) (based on upper price). The lot size investment for sNII is 14 lots (966 shares), amounting to ₹2,09,622, and for bNII, it is 67 lots (4,623 shares), amounting to ₹10,03,191.
JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Emmvee Photovoltaic IPO RHP for detailed Information.
IPO Open
Tue, Nov 11, 2025
IPO Close
Thu, Nov 13, 2025
Issue Price
₹217 per share
Market Cap (Pre-IPO)
₹15,023.89 Cr
| IPO Date | 11 to 13 Nov, 2025 |
| Listed on | Tue, Nov 18, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹206 to ₹217 |
| Issue Price | ₹217 per share |
| Lot Size | 69 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 13,36,40,552 shares (agg. up to ₹2,900 Cr) |
| Fresh Issue | 9,87,95,483 shares (agg. up to ₹2,144 Cr) |
| Offer for Sale | 3,48,45,069 shares of ₹2 (agg. up to ₹756 Cr) |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
| BSE Script Code / NSE Symbol | 544608 / EMMVEE |
| ISIN | INE1C6T01020 |
Emmvee Photovoltaic IPO comprises a total issue size of 13,36,40,552 shares. Out of which, 10,02,30,415 (75.00%) are allocated to QIB, 2,00,46,082 (15.00%) allocated to NII 1,33,64,055 (10.00%) allocated to RII.
| Investor Category | Shares Offered | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB Shares Offered | 10,02,30,415 | 75.00% | NA |
| − Anchor Investor Shares Offered | 6,01,38,249 | 45.00% | NA |
| − QIB (Ex. Anchor) Shares Offered | 4,00,92,166 | 30.00% | NA |
| NII (HNI) Shares Offered | 2,00,46,082 | 15.00% | NA |
| − bNII > ₹10L | 1,33,64,054 | 10.00% | 13,834 |
| − sNII < ₹10L | 66,82,028 | 5.00% | 6,917 |
| Retail Shares Offered | 1,33,64,055 | 10.00% | 1,93,681 |
| Total Shares Offered | 13,36,40,552 | 100.00% |
Investors can bid for a minimum of 69 shares and in multiples thereof.
| Application | 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 |
Emmvee Photovoltaic IPO raises ₹1,305.00 crore from anchor investors. Emmvee Photovoltaic IPO Anchor bid date is November 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Nov 10, 2025 |
| Shares Offered | 6,01,38,249 |
| Anchor Portion (₹ Cr.) | 1,305.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Dec 13, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Feb 11, 2026 |
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
The company's product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company has four manufacturing units across two Karnataka locations on 22.44 acres.
As of May 31, 2025, the company's Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India's largest TOPCon solar cell facilities by capacity.
The company's customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Competitive Strength:
Emmvee Photovoltaic Power Ltd.'s revenue increased by 147% and profit after tax (PAT) rose by 1177% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| NET Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary | 1,621.29 |
| 2 | General corporate purposes | 438.71 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
| Price to Book Value | 24.25 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.22 | 10.84 |
| P/E (x) | 34.9 | 20.01 |
| Promoter Holding | 99.22% | 80.03% |
| Market Cap | ₹15,023.89 Cr. |
The Emmvee Photovoltaic IPO is subscribed 0.97 times on November 13, 2025 7:00:34 PM (Day 3). The public issue subscribed 1.10 times in the retail category, 1.26 times in the QIB category, and 0.30 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 1.26 | 4,22,33,010 | 5,31,96,792 |
| NII | 0.30 | 2,11,16,504 | 63,22,194 |
| bNII (> ₹10L) | 0.19 | 1,40,77,670 | 27,05,697 |
| sNII (< ₹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 |
Total Applications: 1,75,754
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Managers’ fees including brokerage and selling commission | 77.00 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.24 |
| 3 | Fees payable to the Registrar to the Offer | 0.03 |
| 4 | Fees payable to the other parties to the Offer including, Statutory Auditors, industry expert, independent chartered engineer, monitoring agency and fees payable to legal counsel | 10.10 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 8.30 |
| 6 | Printing and distribution of issue stationery | 0.95 |
| 7 | Advertising and marketing expenses | 9.91 |
| 8 | Miscellaneous | 3.94 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹217.00 | ₹217.00 |
| Open | ₹217.00 | ₹217.00 |
| Low | ₹206.85 | ₹207.00 |
| High | ₹227.80 | ₹227.71 |
| Last Trade | ₹219.05 | ₹219.40 |
Emmvee Photovoltaic IPO is a main-board IPO of 13,36,40,552 equity shares of the face value of ₹2 aggregating up to ₹2,900 Crores. The issue is priced at ₹217 per share. The minimum order quantity is 69.
The IPO opens on Tue, Nov 11, 2025, and closes on Thu, Nov 13, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Emmvee Photovoltaic IPO using UPI as a payment gateway. Zerodha customers can apply in Emmvee Photovoltaic IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Emmvee Photovoltaic IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Emmvee Photovoltaic IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025.
Emmvee Photovoltaic IPO lot size is 69, and the minimum amount required for application is ₹14,973.
You can apply in Emmvee Photovoltaic IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Emmvee Photovoltaic IPO will be done on Friday, November 14, 2025, and the allotted shares will be credited to your demat account by Mon, Nov 17, 2025. Check the Emmvee Photovoltaic IPO allotment status.
The Emmvee Photovoltaic IPO listing date is on Tue, Nov 18, 2025.
