Emmvee Photovoltaic Limited Link 
Allotment
The Emmvee Photovoltaic IPO will open for subscription on November 11, 2025, and close on November 13, 2025. This IPO is a book-built issue, through which the company aims to raise approximately ₹2,900 crore. The issue comprises a fresh issue of ₹2,143.86 crore along with an offer for sale of up to 3,48,45,069 equity shares, each with a face value of ₹2.
The price band for the Emmvee Photovoltaic IPO is set at ₹206 to ₹217 per share. The allocation is structured with 75% for QIBs, 15% for HNIs, and 10% for retail investors. The shares are scheduled to be listed on both BSE and NSE on November 18, 2025, with allotment expected on November 14, 2025.
On the financial front, Emmvee Photovoltaic reported a revenue of ₹2,360.33 crore in FY2025, up from ₹954.44 crore in FY2024. Net profit rose significantly to ₹369.01 crore in FY2025, compared to ₹28.90 crore in FY2024.
Given the company’s strong growth and profitability, the IPO appears suitable for long-term investors
₹217
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Open
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HIgh - Low
₹217
Previous Close
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Total Traded Value
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52 Weeks High
₹217
52 Weeks Low
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Updates On
Nov 5, 2025
IPO. Open
Nov 11, 2026
IPO. Close
Nov 13, 2026
IPO. Price
₹217.00
IPO Market price
₹15,023.89 Cr
IPO Details
| IPO Date | 18 Nov |
| IPO Listing Date | 18 Nov |
| IPO Face Value | ₹2.00 per share |
| IPO Price Range | ₹217.00 |
| IPO Issue Size | 13,36,40,552 shares |
| IPO Sale Type | Fresh Capital-cum-Offer for Sale |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 59,35,49,550 shares |
IPO Timeline
| IPO Open Date | 11 Nov |
| IPO Close Date | 13 Nov |
| IPO Allotment (Tentative) | 14 Nov |
| Refunds | 17 Nov |
| Credit to Demat Account | 17 Nov |
| IPO Listing Date | 18 Nov |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 4,22,33,010 |
| NII (HNI) Shares Offered | 2,00,46,082 |
| Retail Shares Offered | 1,33,64,055 |
IPO Lot Size
Investors can bid for a minimum of 69 shares, with additional shares in multiples of 69.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 879 | ₹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 |
Emmvee Photovoltaic Power Limited, incorporated in March 2007, is a leading integrated solar PV module and cell manufacturer in India. The company specialises in manufacturing high-efficiency solar products for utility-scale, commercial, and industrial applications.
Manufacturing Capacity and Facilities
As of May 31, 2025, Emmvee Photovoltaic has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. Its manufacturing operations are spread across four facilities on 22.44 acres at two locations in Karnataka. Notably, the Dobbaspet, Bengaluru unit is among India’s largest TOPCon solar cell facilities by capacity.
Product Portfolio:
The company produces a wide range of solar products, including:
Bifacial and Mono-facial TOPCon modules and cells
Mono PERC modules
These products are designed for high efficiency, durability, and international quality standards.
Customers and Market Presence :
Emmvee serves a diverse customer base including independent power producers (IPPs), commercial and industrial (C&I) entities, and EPC service providers across public and private sectors. Some key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Aditya Birla Renewables, Lineage Power, Mars Energy Group, and many others. In FY2023-24, the company served 525 customers.
Workforce :
As of March 31, 2025, the company had 611 full-time employees, including teams dedicated to R&D, manufacturing, and operations.
Competitive Strengths :
* Second-largest pure-play integrated solar PV module and cell manufacturer in India
* One of the largest solar PV module manufacturers with a proven track record of quality products
* Early mover advantage in adopting higher-efficiency TOPCon cell technology
* Advanced and sustainable manufacturing units driving operational efficiency
* Strong customer relationships supported by a substantial order book
* Experienced promoter-led senior management team contributing to growth and strategic direction
Emmvee Photovoltaic’s combination of scale, technology, and operational expertise positions it as a leading player in India’s solar PV industry, capable of meeting growing domestic and international demand.
Company Financials (Consolidated)
| Assets | 4,347.72 | 3,913.94 | 2,189.99 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 |
| Profit After Tax | 187.68 | 369.01 | 28.9 |
| EBITDA | 347.38 | 721.94 | 120.44 |
| NET Worth | 718.79 | 531.41 | 162.77 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 |
Key Performance Indicator (KPI)
| 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 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | 438.71 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
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/
Detail Registrar
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/
The Emmvee Photovoltaic IPO opened on November 11, 2025, closed on November 13, 2025, with allotment finalized on November 14 and listing on November 18, 2025.
The IPO was priced at ₹217 per share. Retail investors were required to apply for a minimum of one lot of 69 shares, involving an investment of ₹14,973.
The IPO aimed to raise approximately ₹2,900 crore, comprising a fresh issue of ₹2,143.86 crore and an offer for sale of 3.48 crore equity shares.
The company reported strong growth, with revenue rising to ₹2,360.33 crore and profit after tax surging to ₹369.01 crore in FY2025 from ₹28.90 crore in FY2024.
With strong profitability, high ROE, advanced TOPCon technology, and a leading position in solar PV manufacturing, the IPO appeared suitable for long-term investors with growth focus.
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