Emmvee Photovoltaic IPO Description – Established in 2007, Emmvee Photovoltaic Power is India’s second-largest pure-play integrated solar photovoltaic (PV) module and cell manufacturer, with production capacities of 7.80 GW for modules and 2.94 GW for cells as of 30 June 2025. The company has over 18 years of operational experience and was among the first in India to adopt TOPCon technology, enhancing efficiency and durability. It plans to expand capacity to 16.30 GW of modules and 8.94 GW of cells by Fiscal 2028.
Emmvee holds a 5.1% share of ALMM-enlisted module capacity (as of May 2025) and serves major clients like Ayana Renewable Power, Aditya Birla Renewables, and Clean Max Energy. The firm operates four manufacturing units in Karnataka over 22.44 acres, featuring advanced facilities such as a 96.8% water recovery system.
The company’s EBITDA margin rose to 30.91%, and its order book stood at 5.36 GW as of June 2025. As of 30 June 2025, the company had 778 full-time employees.
Promoters of Emmvee Photovoltaic Power – Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi
Table of Contents
Emmvee Photovoltaic IPO Details
| Emmvee Photovoltaic IPO Dates | 11 – 13 November 2025 |
| Emmvee Photovoltaic Issue Price | INR 206 – 217 per share |
| Fresh issue | INR 2,143.86 crore |
| Offer For Sale | INR 756.14 crore |
| Total IPO size | INR 2,900 crore |
| Minimum bid (lot size) | 69 shares (INR 14,973) |
| Face Value | INR 2 per share |
| Retail Allocation | 10% |
| Listing On | BSE, NSE |
Emmvee Photovoltaic Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 618.13 | 951.94 | 2,335.61 | 1,027.82 |
| Expenses | 632.70 | 906.82 | 1,877.51 | 802.03 |
| Net income | 8.97 | 28.90 | 369.01 | 187.68 |
| Margin (%) | 1.45 | 3.04 | 15.80 | 18.26 |
Emmvee Photovoltaic Offer News
- Why Should You Choose Emmvee Photovoltaic as a Wealth Compounder in Your Portfolio?
- Emmvee Photovoltaic RHP
- Emmvee Photovoltaic DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Emmvee Photovoltaic Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2025 (Post-Issue) | |
| EPS | 0.15 | 0.49 | 6.22 | 5.33 |
| PE Ratio | – | – | 33.12 – 34.89 | 38.65 – 40.71 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | 6.70 | 17.75 | 69.44 |
| NAV | 2.26 | 2.74 | 8.95 |
| ROCE (%) | 5.90 | 5.03 | 23.33 |
| EBITDA (%) | 9.10 | 12.65 | 30.91 |
| Debt/Equity | 3.26 | 5.46 | 2.55 |
Emmvee Photovoltaic IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 15 November 2025 | 4 | 150 |
| 14 November 2025 | 4 | 150 |
| 13 November 2025 | 4 | 150 |
| 12 November 2025 | 7 | 400 |
| 11 November 2025 | 20 | 1,000 |
| 10 November 2025 | 20 | 1,000 |
| 8 November 2025 | 20 | 1,000 |
| 7 November 2025 | 20 | 1,000 |
| 6 November 2025 | 20 | – |
Emmvee Photovoltaic Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and the material subsidiary – INR 1,621.29 crore
- General corporate purposes
Emmvee Photovoltaic IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Shares Offered | 4,22,33,010 | 2,11,16,504 | 1,40,77,669 | 7,74,27,183 |
| 13 Nov 2025 | 1.26 | 0.30 | 1.10 | 0.97 |
| 12 Nov 2025 | 0.06 | 0.11 | 0.61 | 0.17 |
| 11 Nov 2025 | 0.02 | 0.06 | 0.32 | 0.09 |
6,01,38,249 shares allotted to anchor investors are not included in these calculations.
Emmvee Photovoltaic – Comparison With Listed Peer
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Emmvee Photovoltaic | 40.71 | 5.33 | 69.44 | 8.95 | 2,335.61 |
| Waaree Energies | 50.47 | 67.96 | 20.34 | 329.96 | 14,444.50 |
| Premier Energies | 51.30 | 21.35 | 33.21 | 62.61 | 6,518.75 |
Emmvee Photovoltaic IPO Allotment Status
Emmvee Photovoltaic IPO allotment status is now available on the KFin Technologies website. Click on this link to get the allotment status.
Emmvee Photovoltaic IPO Dates & Listing Performance
| IPO Opening Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Finalization of Basis of Allotment | 14 November 2025 |
| Initiation of refunds | 17 November 2025 |
| Transfer of shares to demat accounts | 17 November 2025 |
| Emmvee Photovoltaic IPO Listing Date | 18 November 2025 |
| Opening Price on NSE | INR 217 per share (no change) |
| Closing Price on NSE | INR 219.40 per share (up 1.11%) |
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Emmvee Photovoltaic IPO Lead Manager
JM FINANCIAL LIMITED
7th Floor, Cnergy Appasaheb Marathe Marg
Prabhadevi, Mumbai 400 025
Phone: +91 22 6630 3030
Email: [email protected]
Website: www.jmfl.com
Emmvee Photovoltaic Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium, Tower-B Plot No. 31 & 32, Financial District
Nanakramguda, Serilingampally, Rangareddi
Hyderabad, Telangana, 500 032
Phone: 91 40 6716 2222/ 1800 309 4001
Email: [email protected]
Website: www.kfintech.com
Emmvee Photovoltaic Contact Details
EMMVEE PHOTOVOLTAIC POWER LIMITED
13/1, International Airport Road, Bettahalasur Post,
Bengaluru, Karnataka, 562 157
Phone: +91 80 2217 4524
Email: www.emmveepv.com
Website: [email protected]
Emmvee Photovoltaic IPO FAQs
How many shares in the Emmvee Photovoltaic IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply in the Emmvee Photovoltaic Public Offer?
The best way to apply for Emmvee Photovoltaic’s public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Emmvee Photovoltaic IPO GMP today?
Emmvee Photovoltaic IPO GMP today is INR 4 per share.
What is the Emmvee Photovoltaic kostak rate today?
Emmvee Photovoltaic kostak rate today is INR NA per application.
What is Emmvee Photovoltaic Subject to Sauda rate today?
Emmvee Photovoltaic Subject to Sauda rate today is INR 150 per application.