Emmvee Photovoltaic IPO Day 3: The initial public offering (IPO) of Emmvee Photovoltaic, which kicked off for bidding on Tuesday, November 11, will close for subscription today, November 13.
So far, the response to the offer has been muted, with the issue garnering just 17% bids on the second day of the book-building process on Wednesday. Today is the last day to apply for the Emmvee Photovoltaic IPO.
Ahead of the issue opening, Emmvee Photovoltaic Power has mobilised ₹1,305 crore from anchor investors.
Emmvee Photovoltaic Power IPO Details
Emmvee Photovoltaic Power IPO, worth ₹2,900 crore, is priced in the range of ₹206-217 per share. At the upper end of the price band, the company is targeting a valuation of ₹15,000 crore.
Emmvee Photovoltaic’s IPO is a mix of a fresh share sale of ₹2,144 crore and an offer for sale of ₹756 crore by the company’s promoters.
Out of the fresh proceeds, the company plans to use ₹1,621 crore for repayment or prepayment of certain loans and borrowings availed by it and its subsidiary. The remaining will be used for general corporate purposes. As of March 2025, the company’s borrowings stood at close to ₹1,950 crore, the draft papers showed.
Investors can apply for Emmvee Photovoltaic IPO in lots of 69 shares and multiples thereof. Retail investors need to shell out ₹14,973 at the upper end of the price band to apply for one lot.
In the IPO, 75% of the offer is reserved for qualified institutional buyers (QIB), 15% for non-institutional investors (NII) and 10% for retail investors.
According to the IPO schedule, Emmvee Photovoltaic’s IPO allotment is expected to be finalised on November 14, and the listing could occur on Tuesday, November 18.
Emmvee Photovoltaic Power IPO review
Analysts largely have an apply rating for the IPO, with some suggesting a neutral stance.
SBI Securities, in a note, said that at the upper price band of ₹217, the IPO is valued at a P/E multiple of 40.7x based on its FY25 earnings on post-issue capital and 20.0x considering the annualised earnings for 1QFY26.
“The company has shown strong financial performance over the past two years, supported by a solid order book of 5.4 GW as of June 2025. The issue seems fairly priced compared to its peers,” it added.
The brokerage expects that profitability will continue to improve following the repayment of debt from the issue proceeds. Against this backdrop, it recommended investors to SUBSCRIBE to the IPO at the cut-off price for a long-term investment horizon.
Meanwhile, Reliance Securities said that the company combines strong execution visibility, a 5 GW+ active order book, robust customer base, and early adoption of advanced technologies like TOPCon—with a clear expansion roadmap toward over 16 GW module and 8 GW cell capacity by FY28.
“It’s a fully integrated manufacturing chain, from cells to modules, positioning it to capture margin across the value chain and participate directly in India’s localisation and import-substitution push. Owing to strong developments, we recommend SUBSCRIBE,” it added.
Emmvee Photovoltaic IPO Subscription Status
As of 10.33 am on the final day of bidding, Emmvee Photovoltaic was booked 20% so far. The QIB segment received bids for 6%, and the NII portion was subscribed 14%. Lastly, the retail quota garnered 70% bids.
Emmvee Photovoltaic IPO GMP
There has been a significant decline in Emmvee Photovoltaic’s grey market premium (GMP). Emmvee Photovoltaic IPO GMP today slipped to ₹3, its lowest so far. This means shares of Emmvee Photovoltaic are trading ₹3 above the issue price.
At the current GMP, Emmvee Photovoltaic IPO listing price could be ₹220, a premium of 1.38% over the issue price.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
