Emmvee Photovoltaic Secures SEBI Nod for INR 3,000 Crore IPO

Bengaluru-based solar module and cell manufacturer Emmvee Photovoltaic has received approval from the Securities and Exchange Board of India (SEBI) to raise up to INR 3,000 crore through an Initial Public Offering (IPO).

The IPO comprises 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.

The company 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.

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.