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Emmvee Photovoltaic Power Ltd. is a Bengaluru-based integrated solar photovoltaic (PV) module and cell manufacturer, delivering solar solutions across domestic and export markets. It manufactures monocrystalline, polycrystalline, PERC, bifacial and TOPCon modules (alongwith cells) with significant capacity.
Emmvee Photovoltaic is planning to raise around ₹ 2,900 crore via this IPO.
The grey market premium today is ₹ 08 remaining constant for last few days.
Here below are the details about IPO size, price band, grey market premium (GMP), financials, strengths & risks.
The price band is ₹ 206-217 and IPO is open to apply from 11th Nov and closes on 13th Nov.
Revenue, PAT, EBITDA of Emmvee Photovoltaic
| Year | 2025 |
| Networth | ~ ₹ 536.8 Cr |
| Revenue: | ~ ₹ 2,360.3 Cr |
| EBITDA | ~ ₹ 721.9 Cr |
| PAT | ~ ₹ 369 Cr |
| EBITDA Margin: | ~30.91% |
| PAT Margin | ~15.8% |
Emmvee Photovoltaic Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Net Worth (₹ Cr) |
| 2023 | ₹ 618.1 | ₹ 9.0 | ₹ 841 | ₹ 140.5 |
| 2024 | ₹ 951.9 | ₹ 28.9 | ₹ 2,190 | ₹ 168.8 |
| 2025 | ₹ 2,335.6 | ₹ 369.0 | ₹ 3,914 | ₹ 536.8 |
Emmvee Photovoltaic IPO Grey market premium today
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit per lot |
| 12-Nov | ₹ 206-217 | ₹ 08 | Negative | ₹ 225 | ₹ 552 |
| 11-Nov | ₹ 206-217 | ₹ 20 | No Change | ₹ 237 | ₹ 1380 |
| 10-Nov | ₹ 206-217 | ₹ 20 | No Change | ₹ 237 | ₹ 1380 |
| 09-Nov | ₹ 206-217 | ₹ 20 | No Change | ₹ 237 | ₹ 1380 |
| 08-Nov | ₹ 206-217 | ₹ 20 | Positive | ₹ 237 | ₹ 1380 |
| 07-Nov | ₹ 206-217 | ₹ 20 | Positive | ₹ 237 | ₹ 1380 |
Emmvee Photovoltaic IPO Pros & Cons
Strengths:
- Strong growth momentum – the company’s revenue grew ~147% from FY24 to FY25.
- Advanced technology adoption (TOPCon, bifacial, integrated modules/cells) which may give competitive advantage.
- Large manufacturing capacity – as of May 2025, module capacity 7.80 GW and cell capacity 2.94 GW.
- Use of IPO proceeds to reduce debt – a large portion (~₹1,607.9 crore) of fresh issue proceeds earmarked for debt pre-/repayment.
- Solar sector tailwinds – India’s focus on manufacturing, renewable energy may support growth.
Risks:
- It is a first public offering (no prior listed market for the shares) – risk of listing liquidity/market pricing.
- High borrowings and leverage historically – although being addressed, leverage remains a concern.
- Solar manufacturing is a competitive, capital-intensive business with margin pressure and technology risk.
- Execution risk – expansion plans (e.g., new capacities) carry project, timing and cost risk.
- Price band / valuation not yet firm – uncertainty in listing outcome, risk of negative listing or muted gains.
Emmvee Photovoltaic: IPO date & invest detail
| IPO Open Date: | 11 Nov 2025 |
| IPO Close Date: | 13 Nov 2025 |
| Anchor Investor Bidding | 10 Nov 2025 |
| IPO Allotment Date: | 14 Nov 2025 |
| Refunds & Demat Credit | 15 Nov 2025 |
| Tentative Listing Date: | 18-Nov’25 |
| IPO Category | Mainboard |
| Symbol | – |
| Face Value: | Rs. 02 per Equity Share |
| Issue Size: | ~ ₹ 2,900 Crore |
| Lot Size: | 69 |
Emmvee Photovoltaic IPO Composition & Proceeds
| Fresh Issue: | ~ ₹ 2,143.86 Crore |
| Offer for Sale: | ~ ₹ 856.14 Crore |
| Employee reservation | – |
| Price Range | ₹ 206-217 |
| Use of Proceeds: | |
| Repayment of borrowings | ~ ₹ 1,607.9 Cr |
| Subsidiary Investment (Growth) | Nil |
| Marketing & Promotions | Balance |
| General Corporate Use | Balance |
| IPO Listing on: | NSE & BSE |
| Retail Quota: | ≥ 35% |
| QIB Quota: | ≥ 35% |
| NII Quota: | ≥ 15% |
Emmvee Photovoltaic Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 69 | 1 | 69 | ₹ 14,973 |
| Retail (Max) | 69 | 13 | 897 | ₹ 1,94,649 |
| Small HNI (Min) | 69 | 14 | 966 | ₹ 2,09,622 |
| Small HNI (Max) | 69 | 66 | 4,554 | ₹ 9,88,218 |
| Big HNI (Min) | 69 | 67 | 4,623 | ₹ 10,03,191 |
Core Offerings of Emmvee Photovoltaic
Emmvee’s core business comprise solar PV modules and cells (including advanced TOPCon technology) and turnkey EPC solutions for solar power plants.
Emmvee Photovoltaic ‘s customer reach/market share
Emmvee serves international markets as well apart from its strong business network in India. Through its module manufacturing and cell manufacturing operations it has its presence across Europe, Africa, North America.
Emmvee Photovoltaic Promoters – Pre offer equity (Approx)
| Manjunatha Donthi Venkatarathnaiah | ~48.18% |
| Shubha Manjunatha Donthi | ~48.18% |
Lead Managers / Registrars of Emmvee Photovoltaic
| Lead / Book Running Lead Managers | JM Financial Ltd., IIFL Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Ltd. |
| Registrar (RTA) | KFin Technologies Limited |
Founding Year of Emmvee Photovoltaic & Managing Drector
Emmvee Photovoltaicwas incorporated in the year 2007.
Mr. D. V. Manjunatha is the founder/promoter of the company. While Mr. Suhas Donthi is currently the CEO/President of the company.
Emmvee Photovoltaic FAQ
Q1. What does the Emmvee Photovoltaic IPO offer?
The IPO is the first public issue of Emmvee Photovoltaic Power Ltd., involving a fresh equity issue and an offer for sale by promoters.
Q2. What is the company’s business?
Manufacture of solar PV modules and cells, including high-efficiency technologies, and provision of renewable energy solutions in domestic and international markets.
Q3. Why is the company raising funds?
Primarily to reduce debt and interest burden, expand manufacturing infrastructure, and meet general corporate purposes.
Q4. What are the key financials?
For FY 25, revenue ~ ₹ 2,360.33 crore; PAT ~ ₹ 369.01 crore; margins improving significantly. See the detailed table in the blog.
Q5. What are the risks?
As with any IPO: first listing risk, execution risk in manufacturing/technology, competition in solar space, dependence on domestic & export market demand, and timing of listing/market conditions.
Q 6. Who are the promoters?
Top promoters are Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi
Q 7. When is the tentative listing date?
Expected listing date is in 18-Nov’25.
Q8. How to apply?
Once the offer opens, application can be made via ASBA/UPI route through bank/internet broker, subject to final price band, lot size and other details (to be announced).
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Click here to visit official website of Emmvee Photovoltaic