Emmvee Photovoltaic Files DRHP with SEBI for INR 3,000 Crore IPO

The Bengaluru-based solar firm Emmvee Photovoltaic Power Ltd. has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to INR 3,000 crore through an Initial Public Offering (IPO).

The public issue consists of a fresh issue of shares worth INR 2,143.86 crore and an offer-for-sale (OFS) component of  INR 856.14 crore by the company’s promoters, Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, who will each divest shares worth INR 428.07 crore.

It may also consider a pre-IPO placement of up to INR 428.77 crore, in which case the size of the fresh issue would be adjusted accordingly.

As of May 2025, it had a module manufacturing capacity of 7.80 GW and a cell capacity of 2.94 GW, with additional facilities in the pipeline. A 2.50 GW module line is expected to come online by FY26, and a 6 GW integrated solar cell and module plant is slated to begin operations in the first half of FY28.

The company has seen strong growth in orders, with its order book rising from 4.89 GW in March 2025 to 5.26 GW by May 2025.

Emmvee also posted impressive financials for FY25, clocking a total income of INR 2,360.33 crore, a sharp rise of 147.3 percent from  INR 954.44 crore in FY24. Its profit after tax (PAT) skyrocketed to INR 369.01 crore, up over 1,177 percent from INR 28.90 crore the previous year.

According to the DRHP, the IPO proceeds will primarily be used to repay borrowings, with INR 1,607.90 crore allocated to clear over 59 percent of its consolidated debt. A significant portion of this debt stems from loans sanctioned by the Indian Renewable Energy Development Agency (IREDA) for Emmvee’s large-scale TOPCon solar PV manufacturing projects.

The remaining funds will be used for working capital and general corporate purposes, in line with Sebi’s guidelines that allow up to 25 percent  of the proceeds to be deployed for broad corporate needs.

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