Emmvee Photovoltaic Day 1 LIVE: The initial public offering (IPO) of Emmvee Photovoltaic Power Ltd, a leading manufacturer of solar photovoltaic (PV) modules and cells, has opened for bidding today, November 11. The issue will remain open for subscription till November 13.
The company has announced a price band of ₹206– ₹217 per share, looking to raise ₹2,900 crore at the upper end of the range. The company is eyeing a valuation of over ₹15,000 crore.
The IPO includes a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by promoters, taking the total issue size to ₹2,900 crore.
Of the total proceeds, over ₹1,621 crore from the fresh issue will be used to repay or prepay loans and related interest for the company and its key subsidiary, while the remainder will be allocated for general corporate purposes. As of March 2025, Emmvee’s total borrowings stood at around ₹1,950 crore, according to its draft filings.
Emmvee Photovoltaic Power is set to debut on the stock exchanges on November 18.
About the company
The company is among India’s largest integrated solar PV module and solar cell manufacturers, with production capacities of 7.80 GW for modules and 2.94 GW for cells as of May 31, 2025.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are acting as the book-running lead managers for the issue.
