The initial public offer of Emmvee Photovoltaic Power received bids for 7,50,44,538 shares as against 7,74,27,183 shares on offer. The issue was subscribed 0.97 times.
The Qualified Institutional Buyers (QIB) category was subscribed 1.26 times, the Retail Individual Investors category was subscribed 1.10 times and the Non-Institutional Investors category was subscribed 0.30 times.
The issue opened for bidding on 11 November 2025 and it closed on 13 November 2025. The price band of the IPO is fixed between Rs 206 and 217 per share.
The offer comprised both a fresh issue and an offer for sale. The fresh issue is made up of issue of new shares of Rs 2 face value worth aggregating to Rs 2143.862 crore and offer for sale is sale of equity share of Rs 2 face value worth aggregating to Rs 756.138 crore by promoters [Rs 378.069 crore worth of shares each by Majunatha Venkatarathnaiah and Shubha Manjunatha Donthi]
Of the net proceeds from the fresh issue, the company proposes to utilize Rs 1621.294 crore towards repayment/prepayment of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary, i.e., EEPL, and the balance towards general corporate purposes.
Emmvee Photovoltaic Power is one of India’s largest integrated solar PV module and cell manufacturers, with a production capacity of 7.8 GW for modules and 2.94 GW for cells. The company manufactures TOPCon and Mono PERC modules and primarily serves B2B clients, with domestic sales accounting for over 99% of its revenue. In FY25, around 69% of its revenue came from TOPCon modules.
The company operates four manufacturing units in Karnataka and plans to expand capacity to 16.3 GW modules and 8.94 GW cells by FY28. Its order book stood at 5.36 GW (
Rs 7,812 crore) as of June 2025. EMMVEE is ALMM-certified, giving it access to domestic content solar projects and government schemes such as PM-KUSUM and rooftop solar programs.
Ahead of the IPO, Emmvee Photovoltaic Power, on 10 November 2025, raised Rs 1,305 crore from anchor investors. The board allotted 6.01 crore shares at Rs 217 each to 55 anchor investors.
The firm reported a consolidated net profit of Rs 187.68 crore and an income from operations of Rs 1,027.82 crore for the six months ended on 31 March 2025.