Emmvee Photovoltaic Power Ltd has announced its initial public offering with a price band of Rs 206 to Rs 217 per share. The solar module and cell manufacturer is targeting a massive Rs 2,900 crore through this public issue. This marks a significant moment for India’s renewable energy sector.
The IPO will open for subscription on November 11 and close on November 13. Investors have a three-day window to participate in this landmark offering. The company will allocate shares to anchor investors a day before the public opening.
At the upper price band, Emmvee Photovoltaic Power could achieve a valuation exceeding Rs 15,000 crore. This reflects strong market confidence in the solar energy company. The valuation demonstrates the growing importance of renewable energy investments.
The offering comprises two components that together create the Rs 2,900 crore issue. A fresh issue of shares worth Rs 2,143.86 crore will bring new capital into the company. Additionally, promoters are offering shares valued at Rs 756.14 crore through an offer for sale.
Proceeds from the fresh issue will be strategically allocated. Over Rs 1,621 crore will go toward repaying loans taken by the company and its key subsidiary. The remaining funds will support general corporate purposes and future growth initiatives.
The company’s debt position stood at nearly Rs 1,950 crore as of March 2025. This debt repayment strategy will significantly strengthen the company’s financial health. It positions Emmvee Photovoltaic Power for more sustainable growth in the competitive solar market.
Mark your calendars for November 18. That’s when Emmvee Photovoltaic Power shares will make their stock market debut. Investors will get their first look at market performance following the IPO process.
The company stands as a leading pure-play integrated solar PV module and solar cell manufacturer. Its production capabilities are substantial and growing. This positions Emmvee Photovoltaic Power strongly within India’s renewable energy landscape.
Current production capacities are impressive. The company operates 7.80 GW of solar PV module production capacity. Additionally, it maintains 2.94 GW of solar cell production capacity as of May 31, 2025.
India’s solar manufacturing sector has experienced remarkable growth. According to Crisil reports, module capacity surged from 21 GW in March 2022 to 82 GW by March 2025. Solar cell capacity expanded even more dramatically from 3.2 GW to 23 GW during the same period.
Government policies have been instrumental in this expansion. Initiatives to reduce import reliance and boost domestic manufacturing have driven this growth. Market dynamics and increasing commitment to renewable energy have further accelerated capacity development.
The future looks even brighter for solar manufacturing. Industry projections suggest module capacity could reach 175-185 GW by FY30. Solar cell manufacturing capacity is expected to expand to 85-95 GW during the same period.
Investment allocation for the IPO follows standard market practices. Qualified institutional buyers get 75% reservation in the Emmvee Photovoltaic Power offering. Non-institutional investors receive 15%, while retail investors get the remaining 10%.
Minimum investment requirements are set at 69 shares. Investors must bid in multiples of this lot size. This structure makes the IPO accessible to different investor categories.
Leading financial institutions are managing the offering. JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company serve as book-running lead managers. Their involvement adds credibility to the Emmvee Photovoltaic Power public offering.