Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Emmvee Photovoltaic Launches Rs 2,900 Crore IPO; Subscription Opens November 11

Bengaluru-based solar PV module and cell manufacturer Emmvee Photovoltaic Ltd is set to open its Rs2,900 crore initial public offering (IPO) for subscription on November 11, 2025, with a price band of Rs206–217 per share. The shares are scheduled to be listed on the BSE and NSE on November 18, 2025.

The book-built issue comprises a fresh issue of 98.8 million equity shares worth Rs2,143.86 crore and an offer for sale (OFS) of 34.8 million shares by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, valued at approximately Rs756.14 crore.

According to the regulatory allocation norms, 75% of the net offer will be reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. The anchor investor portion will open on November 10.

Emmvee, which filed its draft red herring prospectus (DRHP) in July 2025, plans to utilize the IPO proceeds primarily to repay borrowings—with Rs1,607.90 crore earmarked to clear over 59% of its consolidated debt, much of which was raised through loans from the Indian Renewable Energy Development Agency (IREDA) for large-scale TOPCon solar PV manufacturing projects. Remaining funds will support working capital and general corporate purposes.

JM Financial, Jefferies India, IIFL Capital Services, and Kotak Mahindra Capital are the book-running lead managers, while KFin Technologies serves as the registrar to the issue.

As of May 2025, Emmvee’s manufacturing capacity stood at 7.80 GW for modules and 2.94 GW for cells, with expansion plans including a 2.5 GW module line by FY26 and a 6 GW integrated solar cell and module plant expected to commence operations in H1 FY28.

The company has reported strong financial performance, with FY25 total income rising to Rs2,360.33 crore, a 147.3% increase from Rs954.44 crore in FY24. Its profit after tax (PAT) surged over 1,177%, reaching Rs369.01 crore compared to Rs28.90 crore the previous year.

Emmvee’s order book has also expanded, growing from 4.89 GW in March 2025 to 5.26 GW by May 2025, reflecting robust demand for its high-efficiency solar modules.