Solar photovoltaic module and cell manufacturer Emmvee Photovoltaic Power has received capital markets regulator Securities and Exchange Board of India (SEBI’s) nod to proceed with their plan for an initial public offering (IPO). Emmvee Photovoltaic IPO aims to mobilize INR 3,000 crore through a mix of fresh share sale and an offer for sale (OFS).
According to an update on SEBI website, Emmvee received the observations from the markets regulator on September 9, 2025. In SEBI parlance, receiving observations is equivalent to getting the go-ahead to proceed with a public issue.
Emmvee Photovoltaic IPO comprises fresh issue of shares worth INR 2,143.86 crore and an offer for sale (OFS) of shares valued INR 856.14 crore by promoters.
Proceeds from the fresh issue will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a portion will be used for a general corporate purposes.
The Bengaluru-based company may mobilise up to INR 428.77 crore through a pre-IPO placement. If this is done, the raised amount will be deducted from the total fresh issue.
Emmvee Photovoltaic IPO – Deleveraging and Growth
Founded in 2007 and headquartered in Bengaluru, Emmvee Photovoltaic Power is the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.
According to the DRHP, the proceeds from Emmvee Photovoltaic IPO will be used as follows:
- INR 1,607.90 crore to repay or prepay certain outstanding borrowings and interest accrued by Emmvee and its material subsidiary.
- The remaining proceeds will be used for general corporate purposes.
This capital infusion is aimed at reducing the company’s net debt-to-equity ratio, which already improved from 5.46x in FY24 to 2.55x in FY25, a clear indication of financial discipline.
Emmvee Photovoltaic IPO: Big Player in a Big Market
According to a Crisil report, India’s solar PV module and cell manufacturing capacities have surged from 21 GW and about 3.2 GW, respectively in March 2022 to 82 GW and 23 GW, respectively, by March 2025, driven by government policies to reduce reliance on imports, market dynamics and a growing commitment to renewable energy.
By the end of FY30, domestic module and cell manufacturing industries’ nameplate capacities are expected to reach 175-185 GW and 85-95 GW, respectively, the report added.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company have been appointed as merchant bankers to manage Emmvee Photovoltaic IPO.