Emmvee Photovoltaic’s INR 2900 Crore IPO to Open for Subscription on November 11
Solar PV module and cell manufacturer Emmvee Photovoltaic’s INR 2,900 crore IPO will open for subscription on November 11, 2025 at a price range of INR 206-217 per share. The shares will be listed on the BSE and NSE on November 18, 2025.
November 07, 2025. By Mrinmoy Dey
The book-built issue comprises a fresh issue of 98.8 million equity shares worth up to INR 2,143.86 crore, and an OFS of up to 34.8 million shares by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, valued at approximately INR 756.14 crore.
As per the regulatory allocation norms, not less than 75 percent of the net offer will be reserved for qualified institutional buyers (QIBs), up to 15 percent for non-institutional investors (NIIs), and up to 10 percent for retail investors.
The issue will open for anchor investors on November 10. The shares are expected to be listed on the BSE and NSE on November 18, 2025.
The company filed the draft red herring prospectus (DRHP) in July 2025.
As per 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.
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.
As of May 2025, Emmvee 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 posted a total income of INR 2,360.33 crore in FY25, up by 147.3 percent from INR 954.44 crore in FY24. Its profit after tax (PAT) increased to INR 369.01 crore, up over 1,177 percent from INR 28.90 crore the previous year.
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