Shares of Emmvee Photovoltaic Power Ltd rose by more than 1% following a muted debut on Tuesday. The Emmvee share price opened at the same level as its issue price of ₹217. The stock debuted at ₹217 on both the BSE and NSE. After a flat start, the Emmvee share price was trading 2.76% lower at ₹211 on the BSE. At the NSE, the stock was priced at ₹211.17, down by 2.71%.
However, the Emmvee share price bounced back, reaching an intraday high of approximately 222 on the exchanges. The company’s market valuation stood at ₹15,394.29 crore, as per BSE data.
Emmvee Photovoltaic IPO subscription status was 97% on the last day of bidding, which was Thursday of the previous week.
Emmvee IPO, valued at ₹2,900 crore, had a price band set between ₹206 and ₹217 per share.
The Emmvee IPO included a fresh issuance of shares amounting to ₹2,143.86 crore and an offer for sale (OFS) of shares worth ₹756.14 crore from promoters, leading to a total issue size of ₹2,900 crore.
The funds raised from the fresh issuance, totaling just over ₹1,621 crore, will be used for settling or prepaying loans and interest owed by the company and its primary subsidiary, as well as for general corporate expenditures.
The company is recognized as a leading manufacturer of solar photovoltaic (PV) systems, specializing in both solar modules and solar cells.
Emmvee share price – Should you buy, sell or hold?
Kalp Jain, Research Analyst, INVasset PMS, believes that the muted listing shows that a meaningful portion of optimism was already factored into the valuation, the company enters the market with strong sectoral momentum.
“Post-listing, investor attention will naturally shift to execution—timely commissioning of new capacities, stabilisation of operating margins, diversification of its customer base, and the ability to navigate price volatility in solar components. These elements will shape Emmvee’s trajectory in the quarters ahead,” said Jain.
According to Kalp Jain, the listing comes at a time when India’s solar manufacturing ecosystem is benefitting from tailwinds such as the PLI scheme, ALMM revival, and the country’s broader target of achieving 500 GW of non-fossil energy capacity by 2030.
“Emmvee’s focus on advanced technologies like Mono PERC and TOPCon strengthens its competitive positioning as global module efficiencies improve,” added Kalp.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
