Emmvee Photovoltaic Power IPO Listing: Emmvee Photovoltaic Power IPO shares made a flat debut on Tuesday, November 18. on NSE, Emmvee Photovoltaic Power share price listed at ₹217 on NSE and BSE, same as issue price.
The Emmvee Photovoltaic Power IPO grey market premium (GMP) also stood at ₹0 per share, which indicated same listing price as the issue price.
Emmvee Photovoltaic Power IPO Details
Emmvee Photovoltaic Power made a strong debut on the BSE and NSE on November 18, 2025, after completing its public issue. The IPO opened on November 11 and closed on November 13, with allotments finalised on November 14. The IPO consisted of a fresh share issuance amounting to ₹2,143.86 crore, along with an offer for sale (OFS) by promoters worth ₹756.14 crore, bringing the total size of the issue to ₹2,900 crore.
From the overall proceeds, over ₹1,621 crore from the fresh issue has been allocated for repaying or prepaying outstanding borrowings and associated interest for the company and its primary subsidiary, while the balance will be used for general corporate purposes. As per its draft filings, Emmvee’s total borrowings were approximately ₹1,950 crore as of March 2025.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are serving as the book-running lead managers for the IPO.
The issue received a muted response from investors and did not achieve full subscription during the three-day window. Emmvee Photovoltaic Power was subscribed 97 percent, with bids for 7,50,44,538 shares against the 7,74,27,183 shares on offer, as per NSE data.
The qualified institutional buyers’ (QIB) category recorded 1.26 times subscription, while the retail individual investor (RII) segment was subscribed 1.10 times. The non-institutional investor (NII) portion saw 30% subscription.
Prior to the launch, the company raised ₹1,305 crore from anchor investors on November 10.
About Emmvee Photovoltaic
Founded in March 2007, Emmvee Photovoltaic Power Limited is among India’s largest integrated solar PV module and solar cell manufacturers. By May 31, 2025, the company’s production capacity stood at 7.80 GW for solar PV modules and 2.94 GW for solar cells. Its portfolio features bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules. Emmvee runs four manufacturing facilities located across two sites in Karnataka, covering a total area of 22.44 acres. As of the same date, its Dobbaspet, Bengaluru solar cell facility ranked among India’s largest TOPCon cell manufacturing plants in terms of capacity.
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