Emmvee Photovoltaic Power Limited is launching a ₹2,900.00 crore mainboard IPO comprising a fresh issue of ₹2,143.86 crore and an offer for sale of ₹756.14 crore. The offer opens on November 11, 2025 and closes on November 13, 2025, with allotment expected on November 14 and a proposed listing on BSE and NSE on November 18, 2025. The price band and lot size will be announced; the minimum retail application and total number of shares will be updated once declared.
Emmvee Photovoltaic IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOEmmvee Photovoltaic Power Limited is launching a ₹2,900.00 crore mainboard IPO comprising a fresh issue of 9,87,95,483 shares aggregating to ₹2,143.86 crore and an offer for sale of 3,48,45,069 shares aggregating to ₹756.14 crore. The offer opens on November 11, 2025 and closes on November 13, 2025, with allotment expected on November 14 and a proposed listing on BSE and NSE on November 18, 2025. The price band is fixed at ₹206 to ₹217 per share; the minimum retail application is 1 lot of 69 shares (₹14,973 at upper band).
| Face Value | ₹2 per share |
|---|---|
| Issue Price Band | ₹206 to ₹217 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 13,36,40,552 shares (aggregating up to ₹2,900.00 crore) |
| Fresh Issue | 9,87,95,483 shares (aggregating up to ₹2,143.86 crore) |
| Offer for Sale | 3,48,45,069 shares of face value ₹2 (aggregating up to ₹756.14 crore) |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 59,35,49,550 / 69,23,45,033 shares |
| Lead Manager | JM Financial Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not less than 75% of the Net Issue |
| NII (HNI) | Not more than 15% of the Net Issue |
| Retail (RII) | Not more than 10% of the Net Issue |
| Application Category | Maximum Bidding Limits | Bidding at Cut‑off Price Allowed |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee limit: Up to ₹5 Lakhs; If applying as RII: up to ₹2 Lakhs; If applying as NII: sNII > ₹2 Lakhs and upto ₹10 Lakhs and bNII > ₹10 Lakhs | Yes for Employee and RII/NII |
| IPO Open | Tue, Nov 11, 2025 |
|---|---|
| IPO Close | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Refunds Initiation | Mon, Nov 17, 2025 |
| Credit to Demat | Mon, Nov 17, 2025 |
| Listing (Tentative) | Tue, Nov 18, 2025 |
| UPI Mandate Cut‑off | 5 PM on Thu, Nov 13, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹1,94,649 |
| S‑HNI (Min) | 14 | 966 | ₹2,09,622 |
| S‑HNI (Max) | 66 | 4,554 | ₹9,88,218 |
| B‑HNI (Min) | 67 | 4,623 | ₹10,03,191 |
Amounts calculated at upper price band (₹217 per share).
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer. As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The company’s product portfolio includes bifacial and mono‑facial TOPCon modules and cells, and Mono PERC modules. The company has four manufacturing units across two Karnataka locations on 22.44 acres. As of May 31, 2025, the company’s Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India’s largest TOPCon solar cell facilities by capacity. The company’s customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers. As of March 31, 2025, the company had 611 full-time employees.
Promoters
Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi.
Promoter Holding
| Pre‑Issue | 100.00% |
|---|---|
| Post‑Issue | TBA |
Post‑issue shareholding will be updated based on the final equity dilution in the RHP.
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 4,347.72 | 1,042.22 | 187.68 | 347.38 | 718.79 | 608.83 | 2,032.11 |
| FY2025 (31 Mar 2025) | 3,913.94 | 2,360.33 | 369.01 | 721.94 | 531.41 | 529.37 | 1,949.69 |
| FY2024 (31 Mar 2024) | 2,189.99 | 954.44 | 28.90 | 120.44 | 162.77 | 160.73 | 1,441.30 |
| FY2023 (31 Mar 2023) | 840.79 | 644.37 | 8.97 | 56.27 | 133.97 | 131.93 | 519.62 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~147% and PAT ~1177% from FY2024 to FY2025 (restated consolidated).
Price band, lot size, and detailed share counts for the fresh issue and OFS are set as above. Refer to the Emmvee Photovoltaic IPO RHP for detailed information.
It’s interesting to see another renewable energy company hitting the IPO market. With Emmvee’s large issue size, this could draw some attention from investors looking to capitalize on the solar power boom. I’m curious to see how the price band and lot size shape up!