Emmvee Photovoltaic Power IPO Details
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Emmvee Photovoltaic Power IPO opens for subscription on 11 Nov 2025 and closes on 13 Nov 2025. The IPO will be listed on NSE, BSE with the tentative listing date set for 18 Nov 2025.
Emmvee Photovoltaic Power IPO price band has been fixed at ₹206 – ₹217 per share.The face value is ₹2 per share with a lot size of 69.
Emmvee Photovoltaic Power IPO total issue size comprises 13,36,40,553 shares (aggregating up to ₹2900.00 Cr.). This includes a fresh issue of 9,87,95,484 shares (aggregating up to ₹2143.86 Cr.). Offer for Sale consists of 3,48,45,069 shares (aggregating up to ₹756.14 Cr.). Pre-issue shareholding stands at 59,35,49,550, which will increase to 69,23,45,033 post-issue.
Emmvee Photovoltaic Power IPO Lot Size : Retail Minimum is 1 lot (69 shares) amounting to ₹14,973. Retail Maximum is 13 lots (897 shares) amounting to ₹194,649. SHNI Minimum is 14 lots (966 shares) amounting to ₹209,622. SHNI Maximum is 66 lots (4,554 shares) amounting to ₹988,218. BHNI Minimum is 67 lots (4,623 shares) amounting to ₹1,003,191.
The Lead Managers for Emmvee Photovoltaic Power IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Jm Financial Ltd, Jefferies India Pvt Ltd, IIFL Capital Services Ltd, Kotak Mahindra Capital Company Ltd. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the Emmvee Photovoltaic Power Limited RHP.
Emmvee Photovoltaic Power IPO Details
Emmvee Photovoltaic Power IPO Subscription
Emmvee Photovoltaic Power IPO Application Wise Breakup (Approx)
Emmvee Photovoltaic Power IPO Dates
- 11 Nov 2025Opening dateOpen
- 13 Nov 2025Closing dateClose
- 14 Nov 2025Allotment Date Allotment
- 17 Nov 2025Initiation of RefundsRefund
- 17 Nov 2025Credit of SharesCredit
- 18 Nov 2025Listing dateListing
Emmvee Photovoltaic Power IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹194,649 |
| SHNI Minimum | 14 | 966 | ₹209,622 |
| SHNI Maximum | 66 | 4554 | ₹988,218 |
| BHNI Minimum | 67 | 4623 | ₹1,003,191 |
Emmvee Photovoltaic Power IPO Reservation
Promoter Holding
Emmvee Photovoltaic Power IPO Valuations
Emmvee Photovoltaic Power Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| NET Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
| Amount in ₹ Crore | ||||
About Emmvee Photovoltaic Power IPO
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
The company's product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company has four manufacturing units across two Karnataka locations on 22.44 acres.
As of May 31, 2025, the company's Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India's largest TOPCon solar cell facilities by capacity.
The company's customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Strength Of Emmvee Photovoltaic Power IPO
- Second largest pure-play integrated solar PV module and cell manufacturers in India.
- One of the largest solar PV module manufacturers in India with a track record of delivering quality products.
- Early mover advantage in leveraging higher efficiency TOPCon cell technology.
- Advanced manufacturing units driving efficient and sustainable operations.
- Valued relationships with a diverse customer base backed by a substantial order book.
- Experienced Promoter-led senior management team.
Risk Of Emmvee Photovoltaic Power IPO
- Our business is dependent on certain key customers, with our top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of our revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Our business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect our revenues, financial condition and cash flows.
- Under-utilization of our manufacturing capabilities and an inability to effectively utilize our current and proposed production capacities could have an adverse effect on our business, results of operations and cash flows.
- We are dependent on Indian and foreign third party suppliers for certain raw materials required for our manufacturing operations. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on our business operations, cash flows and financial performance.
- We are subject to import duties and restrictions on certain raw materials imported by us for our manufacturing operations from other countries. Any disruptions in the supply of these imported raw materials may adversely affect our operations.
- The outstanding orders in our order book may be subject to delays, modifications or cancellations, which may have adversely affect our business, cash flows and results of operations.
- All of our manufacturing units are located in the state of Karnataka, India, which exposes us to risks arising from local and regional factors.
- We have pledged 51.00% of our shareholding in our Material Subsidiary, EEPL as one of the securities for loans availed by EEPL. In the event of a default and invocation of the pledge by the lenders, we may lose control over EEPL, which could adversely affect our business, results of operations and financial condition.
- We have entered into certain transactions with related parties in the past and may continue to do so in the future. These transactions or any future transactions with our related parties could potentially involve conflicts of interest.
- Certain of our corporate records and filings have inadvertent errors or inaccuracies. We cannot assure you that regulatory proceedings or actions will not be initiated against us in the future, and we will not be subject to any penalty imposed by the competent authority in this regard.
Objectives Emmvee Photovoltaic Power IPO
1. Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary
2. General corporate purposes
Company Contact Details
Emmvee Photovoltaic Power Limited
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/