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 opens for subscription on Nov 11, 2025 and closes on Nov 13, 2025. The allotment for the Emmvee Photovoltaic IPO is expected to be finalized on Nov 14, 2025. Emmvee Photovoltaic IPO will list on BSE, NSE with a tentative listing date fixed as Nov 18, 2025.
Emmvee Photovoltaic IPO price band is set at ₹206.00 to ₹217.00 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 Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹206 to ₹217 per share |
| Lot Size | 69 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 13,36,40,552 shares (aggregating up to ₹2,900.00 Cr) |
| Fresh Issue | 9,87,95,483 shares (aggregating up to ₹2,143.86 Cr) |
| Offer for Sale | 3,48,45,069 shares of ₹2 (aggregating up to ₹756.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Emmvee Photovoltaic IPO opens on November 11, 2025, and closes on November 13, 2025.
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
Investors can bid for a minimum of 69 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| 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 |
| Market Capitalization | 15023.89 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 6.22 | 10.84 |
| P/E (x) | 34.9 | 20.01 |
The Company Emmvee Photovoltaic IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 |
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/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/
Emmvee Photovoltaic IPO is a main-board IPO of 13,36,40,552 equity shares of the face value of ₹2 aggregating up to ₹2,900.00 Crores. The issue is priced at . The minimum order quantity is 69.
The IPO opens on November 11, 2025, and closes on November 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 November 11, 2025 and closes on November 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 Monday, November 17, 2025. Check the Emmvee Photovoltaic IPO allotment status.
The Emmvee Photovoltaic IPO listing date is not yet announced. The tentative date of Emmvee Photovoltaic IPO listing is Tuesday, November 18, 2025.
Useful Articles
Free Equity Delivery
Flat ₹10 per Trade in Intraday & F&O
RHP
