Bengaluru-based solar energy company Emmvee Energy is planning to raise between INR 2,500 to 3,000 crore through an IPO, joining the IPO race of clean energy companies that are cashing in on the renewed interest in India’s renewable energy space. The company is three decade old and this news comes after aggressive capacity expansion and high profile government aligned projects.
According to some reports, Emmvee is working with investment banks Kotak Mahindra Capital and JM Financial to structure the IPO. The funds will be deployed towards capital expenditure for scaling up its solar module and cell manufacturing capacity and to reduce debt related to past capacity expansion.
Emmvee IPO plan is in line with the company’s vision to deepen its domestic production base and reduce import dependence especially in solar cells – a key component in the solar energy value chain.
Capacity Expansion and New Plant
Emmvee had inaugurated its fifth solar module manufacturing facility in Sulibele, near Kempegowda International Airport, Bengaluru in April. The 4-lakh square foot facility adds 2 GWp to its module capacity taking the total to 6.6 GWp in solar PV modules and 2.5 GWp in solar cells. The company invested INR 250 crore in this plant which employs over 500 people and takes the total employee strength to over 2,500.
“This is yet another step in our commitment to support India’s renewable energy goals and achieve solar manufacturing self-reliance,” said D.V. Manjunatha, Chairman and Managing Director, Emmvee at the plant inauguration. CEO Suhas Donthi added that the facility is designed with high level of automation and multiple layers of quality control to support different module formats.
Strong Order Book and Investor Visibility
As of January 2025, Emmvee had an unexecuted order book of 3.9 GW for solar modules worth INR 5,898 crore, according to Care Ratings. The company has orders from marquee developers like NTPC, CleanMax and Ayana Power giving it strong revenue visibility for the next 12-24 months.
The company has guided revenue of INR 2,500 crore for FY25 backed by strong demand from domestic and international markets.
Karnataka Government Support
Emmvee has got approval from Karnataka’s State High-Level Clearance Committee (SHLCC) for an investment of INR 5,495 crore. This project will generate 2,508 jobs and further solidify the company’s presence in the state’s renewable energy manufacturing ecosystem. This is part of the INR 15,441 crore industrial investment clearance given by the Karnataka government in May 2025.
This is in addition to the company’s larger INR 15,000 crore investment plan to set up a solar manufacturing facility in Karnataka as part of its long term vision to become a solar manufacturing giant.
Strategic Shift and Domestic Manufacturing Focus
Founded in 1992 with a focus on rooftop solar thermal systems, Emmvee shifted to PV module manufacturing in 2006. Initially focused on European markets, the company pivoted to domestic opportunities after the launch of India’s National Solar Mission in 2010.
“Today, over 95% of our business is from solar modules,” said Donthi. “There is growing demand across use cases—from solar pumps and streetlights to satellites—due to power cuts and energy efficiency efforts.”
While Emmvee operates globally with presence in Europe, Africa and North America—including a solar power plant in Germany—it continues to focus on domestic production. The company is already achieving over 50% localisation in its products and plans to match its cell manufacturing capacity to its module output soon.
IPO Riding a Clean Energy Wave
Emmvee IPO comes after Waaree Energies and Premier Energies’ blockbuster IPOs in 2024. Waaree raised INR 4,321 crore and is now trading 86% above its IPO price while Premier INR 2,830 crore offering is up 130%. Both were oversubscribed by over 70 times, reflecting the investor appetite for the sector.
India’s target of 500 GW of renewable energy by 2030—solar is currently at 105.65 GW—along with government support through production-linked incentives (PLI) and mandatory domestic sourcing has created a conducive environment for solar manufacturing companies to grow.
Conclusion
With a strong order book, government backing, strategic expansion and a proven track record, Emmvee IPO is expected to see significant investor interest. The IPO will not only support the company’s growth plans but also India’s self-reliance in renewable energy.
As India chases its 2047 net-zero target, companies like Emmvee are at the forefront—bridging policy, manufacturing and energy innovation in a rapidly changing energy landscape. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.