Emmvee Photovoltaic IPO: The initial public offering (IPO) season is in full swing on Dalal Street, with many marquee names gracing the Indian primary market. After Lenskart and Groww IPOs, two mainboard offerings will open for bidding on Tuesday, November 11. One of these is solar PV company Emmvee Photovoltaic’s ₹2,900 crore share sale. Meanwhile, PhysicsWallah is the other IPO opening tomorrow.
Ahead of the launch of Emmvee Photovoltaic is enjoying a decent trend in the grey market, signalling investor interest in the IPO.
10 key details about Emmvee Photovoltaic IPO
Here are 10 key things that investors must know before Emmvee Photovoltaic’s IPO opens for bidding tomorrow.
1. Emmvee Photovoltaic IPO dates
Emmvee Photovoltaic IPO will open for bidding on Tuesday, November 11 and close on Thursday, November 13. The allotment for Emmvee Photovoltaic IPO is expected to be finalised on November 14, with the listing expected to take place on November 18.
2. Emmvee Photovoltaic IPO size
Emmvee Photovoltaic IPO is a book-built issue of ₹2,900 crore. The IPO consists of a fresh share sale of ₹2,143.86 crore and an offer for sale of 3.48 crore shares by the promoters of the company.
3. Emmvee Photovoltaic IPO price band
Emmvee Photovoltaic IPO price band is set at ₹206 to ₹217 per share. Investors can apply for the IPO in lots of 69 shares, requiring an investment of ₹14,973 at the upper end of the price band.
4. Emmvee Photovoltaic IPO objective
The company plans to use ₹1,621 crore from the fresh share sale for repayment or prepayment of loans and interest taken by the company and its key subsidiary, and a general corporate purposes. The remaining will be used for general corporate purposes.
5. Emmvee Photovoltaic IPO reservation
Emmvee Photovoltaic IPO has not less than 75% of the offer reserved for the qualified institutional buyers (QIB), not more than 10% for the retail investors and not over 15% for the non-institutional investors (NIIs).
6. Who are selling in Emmvee Photovoltaic IPO?
Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi are the two promoters who are selling a stake in the IPO. They will make a whopping 103,233% return on their investment at the upper end of the price band. The weighted average cost of acquisition per share for promoters is ₹0.21 as per the RHP.
7. Emmvee Photovoltaic IPO GMP
The grey market premium (GMP) for the issue has held steady over the last few days. Emmvee Photovoltaic IPO GMP today is ₹20. This means shares of Emmvee Photovoltaic are trading ₹20 above the issue price of ₹217. At the current GMP and issue price, Emmvee Photovoltaic listing could occur at a 9% premium at ₹237.
8. Industry overview
India’s solar PV module and cell manufacturing capacities have surged from 21 GW and approximately 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW, respectively, by March 2025. This growth has been driven by government policies aimed at reducing import dependence, favourable market dynamics, and a growing commitment to renewable energy. By the end of Fiscal 2030, the domestic module and cell manufacturing industries are expected to reach nameplate capacities of 175–185 GW and 85–95 GW, respectively.
9. About the company
According to a Crisil report, Emmvee Photovoltaic is a solar module manufacturer and the second-largest pure-play integrated solar PV module and solar cell
manufacturing company in India as of FY25. It is also one of the largest solar PV module manufacturers in India in terms of production capacity.
As of June 30, 2025, it had a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW.
10. Emvee Photovoltaic IPO BRLMs
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.
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.
