Emmvee Photovoltaic IPO
Emmvee Photovoltaic IPO
Overview
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.
Total Shares
13,36,40,552
Issue Size
₹2,900.00 Cr
Price Band
₹206 – ₹217
Lot Size
69 shares
Min. Investment
₹14,973
Max. Investment
₹1,94,649
Open Date
11 Nov, 2025
Close Date
13 Nov, 2025
Allotment
14 Nov, 2025
Listing
18 Nov, 2025
Max. Investment
₹1,94,649
Announced
11 Nov, 2025
Opening Date
11 Nov, 2025
Closing Date
13 Nov, 2025
Basis of Allotment
14 Nov, 2025
Initiation of Refunds
17 Nov, 2025
Credit of Shares
17 Nov, 2025
Listing Date
18 Nov, 2025
Live GMP
Est. Listing: ₹220
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About Emmvee Photovoltaic IPO
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
Emmvee Photovoltaic IPO Share Price
Issue Breakdown
Shareholding
Dilution: 16.6% increase in shares
Emmvee Photovoltaic IPO Promoters Holding
Emmvee Photovoltaic IPO Financial Health
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.
Emmvee Photovoltaic 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 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹1,94,649 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622 |
| S-HNI (Max) | 66 | 4554 | ₹9,88,218 |
| B-HNI (Min) | 67 | 4623 | ₹10,03,191 |
(All values in CR)
Emmvee Photovoltaic IPO Valuations
KPI as of Mon, Mar 31, 2025.
| Metric | Value |
|---|---|
| ROE | 104.60 |
| ROCE | 23.33 |
| Debt/Equity | 3.63 |
| RoNW | 67.44 |
| PAT Margin | 15.80 |
| EBITDA Margin | 30.91 |
| Price to Book Value | 24.25 |
| Market Capitalization | 15023.89 |
(All values in CR)
Emmvee Photovoltaic IPO Strength & Risk
Emmvee Photovoltaic IPO Strength:
- Established integrated solar module and cell manufacturer with a strong industry presence.
- Expanding manufacturing capacity using advanced solar technologies such as TOPCon.
- Beneficiary of strong government focus on renewable energy and domestic solar production.
- Growing order book and diversified customer base provide visibility for future revenues.
- Experienced management team with a proven track record in solar manufacturing.
- Rising demand for solar power and clean energy supports long-term business growth.
- Focus on innovation and in-house R&D enhances product quality and efficiency.
Emmvee Photovoltaic IPO Risk:
- High dependence on a limited number of key customers for a major share of revenue.
- Execution challenges in scaling up new production capacity or managing expansions.
- Exposure to supply chain disruptions and dependence on imported raw materials.
- Vulnerable to changes in government policies, tariffs, and subsidy structures.
- Intense competition from domestic and global solar equipment manufacturers.
- Financial risk due to past borrowings, though IPO funds aim to reduce debt levels.
- Fluctuations in raw material prices and foreign exchange rates may affect margins.
Emmvee Photovoltaic IPO Subscriptions Status
Emmvee Photovoltaic IPO subscribed 0.18 times. The public issue subscribed 0.65 times in the retail category, 0.06 times in QIB (Ex Anchor), and 0.12 times in the NII category by November 12, 2025 5:04:34 PM (Day 2).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 6,01,38,249 | 6,01,38,249 | 1 |
| QIB (Ex Anchor) | 0.06 | 4,00,92,166 | 23,66,010 | 51.342 |
| Non-Institutional Buyers | 0.12 | 2,00,46,083 | 23,84,088 | 51.735 |
| bNII (bids above ₹10L) | 0.09 | 1,33,64,055 | 11,60,718 | 25.188 |
| sNII (bids below ₹10L) | 0.18 | 66,82,028 | 12,23,370 | 26.547 |
| Retail | 0.65 | 1,33,64,055 | 86,26,449 | 187.194 |
| Total | 0.18 | 7,35,02,304 | 1,33,76,547 | 290.271 |
Emmvee Photovoltaic IPO GMP
Emmvee Photovoltaic IPO last GMP is ₹3, last updated Nov 12th 2025 05:00 PM. With the price band of 217.00, Emmvee Photovoltaic IPO's estimated listing price is ₹220 (cap price + today's GMP).The expected percentage gain/loss per share is 1.38%. >> Emmvee Photovoltaic IPO Retail Subject to Sauda: ₹200 >> Emmvee Photovoltaic IPO Small HNI Subject to Sauda: ₹2800 The lowest GMP is ₹3.00, while the highest GMP is ₹20.00.
Last updated 12 Nov, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 12 Nov, 2025 | 217 | ₹3▼ | 200/2800 | ₹220 (1.38%) | 207 | 12 Nov, 2025 |
| 11 Nov, 2025 | 217 | ₹5▼ | 300/4200 | ₹222 (2.30%) | 345 | 11 Nov, 2025 |
| 10 Nov, 2025 | 217 | ₹20 | 1000/14000 | ₹237 (9.22%) | 1380 | 10 Nov, 2025 |
| 09 Nov, 2025 | 217 | ₹20 | 1000/14000 | ₹237 (9.22%) | 1380 | 09 Nov, 2025 |
| 08 Nov, 2025 | 217 | ₹20 | 1000/14000 | ₹237 (9.22%) | 1380 | 08 Nov, 2025 |
| 07 Nov, 2025 | 217 | ₹20 | 1000/14000 | ₹237 (9.22%) | 1380 | 07 Nov, 2025 |
| 06 Nov, 2025 | 217 | ₹20 | 1000/14000 | ₹237 (9.22%) | 1380 | 06 Nov, 2025 |
| 05 Nov, 2025 | 0 | ₹20 | - | ₹20 (0.00%) | - | 05 Nov, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Emmvee Photovoltaic IPO
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Go to IPO Section
Find Emmvee Photovoltaic IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
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Provide your UPI ID linked to your bank account and submit the application.
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Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.