Emmvee Photovoltaic Power Limited – IPO
Emmvee Photovoltaic Power Limited – IPO Details
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹ 2 / Share |
| Price Band | ₹ 206 to ₹ 217 / Share |
| Lot Size | 69 Shares |
| 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) |
| Employee Discount | |
| 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 |
| Market Maker portion |
Emmvee Photovoltaic Power Limited Timeline (Tentative Schedule)
Emmvee Photovoltaic Power Limited IPO opens on November 11, 2025, and closes on November 13, 2025.
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Basis of Allotment | November 14, 2025 |
| Initiation of Refunds | November 17, 2025 |
| Credit of Shares to Demat | November 17, 2025 |
| Listing Date | November 18, 2025 |
| Cut-off time for UPI mandate confirmation | November 13, 2025 |
Emmvee Photovoltaic Power Limited IPO Lot Size
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 | Rs.14,973 |
| Retail (Max) | 13 | 897 | Rs.194,649 |
| S-HNI (Min) | 14 | 966 | Rs.209,622 |
| S-HNI (Max) | 66 | 4,554 | Rs.988,218 |
| B-HNI (Min) | 67 | 4,623 | Rs.1,003,191 |
| HNI (Min) |
Emmvee Photovoltaic Power Limited IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue |
Emmvee Photovoltaic Power Limited IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | |
|
| Market Maker Shares Offered | |
|
| Other Shares Offered | |
|
| QIB Shares Offered | Not less than 75% |
|
| NII (HNI) Shares Offered | Not more than 15% |
|
| bNII > ₹10L | |
|
| sNII < ₹10L | |
|
| Retail Shares Offered | Not more than 10% |
|
| Employee Shares Offered | |
|
| Total Shares Offered | |
Emmvee Photovoltaic Power Limited IPO Anchor Investors Details
| Bid Date | |
| Shares Offered | |
| Anchor Portion Size (In Cr.) | |
| Anchor lock-in period end date for 50% shares (30 Days) | |
| Anchor lock-in period end date for remaining shares (90 Days) |
About Emmvee Photovoltaic Power Limited
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:
- 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.
Key Performance Indicator
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| P/BV | 24.25 |
| PAT Margin (%) | 30.91% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.22 | 10.84 |
| P/E (x) | 34.9 | 20.01 |
Note:
- The Pre IPO EPS is calculated based on Pre-IPO shareholding as on the date of RHP and the latest FY earnings as of March 31, 2025, that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2025, which is available in RHP.
Objects of the Issue (Emmvee Photovoltaic Power Limited IPO Objectives)
Emmvee Photovoltaic Power Limited Contact Details
Emmvee Photovoltaic Power Ltd. 13/1, International Airport Road Bettahalasur Post Bengaluru, Karnataka, 562157 Phone: +91 80 2217 4524 Email: [email protected] Website: https://www.emmveepv.com/ |
Emmvee Photovoltaic Power Limited IPO Registrar
Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: [email protected] Website: https://ipostatus.kfintech.com/ |