EMMVEE PHOTOVOLTAIC POWER LIMITED
₹ 206 - ₹ 217
11-Nov-2025 - 13-Nov-2025
₹ 14973.00

/ 69 Shares

EMMVEE PHOTOVOLTAIC POWER LIMITED

11-Nov-2025 - 13-Nov-2025

₹ 206 - ₹ 217

Price Band

₹ 14973.00

Minimum Investment

69

Bid Lot

133,640,552

Shares

  • Face Value - ₹ 2/- Per Share

  • Listing at BSE, NSE

  • 193,681 Application Required in Retail for 1 Time.

  • Registrar : KFin Technologies Limited

IPO Details

Category % Shares/Amount
QIB 75% 100,230,415 Shares RS.2175.00 CR
HNI 1 5% 6,682,028 Shares RS.145.00 CR @ 6917 FORM 1X
HNI 2 10% 13,364,055 Shares RS.290.00 CR @ 13834 FORM 1X
Retail 10% 13,364,055 Shares RS.290.00 CR @ 193682 FORM 1X

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
193682 FORM 1X 6917 FORM 1X 13834 FORM 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 69 ₹ 14,973
Retail (Upto 2 Lakh) 13 897 ₹ 194,649
S-HNI (2 Lakh to 10 Lakh) 14 966 ₹ 209,622
S-HNI (2 Lakh to 10 Lakh) 66 4554 ₹ 988,218
B-HNI (Above 10 Lakh) 67 4623 ₹ 1,003,191

IPO Timeline

  • Open Date

    11-Nov-2025

  • Close Date

    13-Nov-2025

  • Basis of Allotment Date

    14-Nov-2025

  • Initiation of Refunds

    17-Nov-2025

  • Credit Shares to Demat A/c

    17-Nov-2025

  • IPO Listing Date

    18-Nov-2025

Subscription as on
13-Nov-2025 17:39

Category Book Size Subscription No. of Times
QIB 40,092,166 ₹ 870.00 Cr. 53,196,792 ₹ 1154.37 Cr. 1.33x
HNI (<10 LAKH) 6,682,028 ₹ 145.00 Cr. 3,616,497 ₹ 78.48 Cr. 0.54x
HNI2 (>10 LAKH) 13,364,055 ₹ 290.00 Cr. 2,705,697 ₹ 58.71 Cr. 0.20x
RETAIL 13,364,055 ₹ 290.00 Cr. 15,525,483 ₹ 336.90 Cr. 1.16x
Total 73,502,304 75,044,469 1.02x
Category Book Size Subscription No. of Times
QIB 40,092,166 ₹ 870.00 Cr. 53,196,792 ₹ 1154.37 Cr. 1.33x
HNI (<10 LAKH) 6,682,028 ₹ 145.00 Cr. 3,616,497 ₹ 78.48 Cr. 0.54x
HNI2 (>10 LAKH) 13,364,055 ₹ 290.00 Cr. 2,705,697 ₹ 58.71 Cr. 0.20x
RETAIL 13,364,055 ₹ 290.00 Cr. 15,525,483 ₹ 336.90 Cr. 1.16x
Total 73,502,304 75,044,469 1.02x

*Excluding Anchor

Total No. of Application Approx : ~173170 (0.89 Appwise)

Appwise Subscription
Category Total App App wise
HNIBT 3360.67 6917 (For 1x) 0.49x
HNIAT 400.53 13834 (For 1x) 0.03x
RETAIL 165339.00 193682 (For 1x) 0.85x

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

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.

Read More

Strengths

  • Second largest pure-play integrated solar PV module and cell manufacturers in India.
  • One of the largest solar PV module manufacturers in India with a track record of delivering quality products.
  • Early mover advantage in leveraging higher efficiency TOPCon cell technology.
  • Advanced manufacturing units are driving efficient and sustainable operations.
  • Valued relationships with a diverse customer base backed by a substantial order book.
  • Experienced Promoter-led senior management team.

Company Promoters

Company Financials

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

Objects of the Issue

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

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