The Emmvee Photovoltaic Power Ltd. IPO has a total issue size of ₹ 2900 crore, with a face value of ₹2 per share. The bidding will start on Nov 11, 2025, and end on Nov 13, 2025. The expected allotment date for the IPO is November 14, 2025, and November 18, 2025 is the tentative listing date. The IPO will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The price band is set between ₹206 to ₹217 per share. The minimum lot size for a retail investor is 69 shares, making his investment ₹14,973 (at the upper price band). For sNII, the minimum number of lots is 14, making their investment ₹2,09,622 (966 shares), and for bNII, the number of lots is 67 (4,623 shares), amounting to ₹10,03,191.
Emmvee Photovoltaic Power Ltd. IPO Details
The details for the IPO are as following:
| Particulars | Details |
| IPO Date | From 11 November, 2025, to 13 November, 2025 |
| Face Value | ₹2 per share |
| Listing Date | |
| Price Band | ₹206 per share to ₹217 per share |
| Sale Type | Fresh Issue-cum-Offer for Sale (OFS) |
| Total Issue Size | 13,36,40,552 shares (₹2,900.00 crore) |
| Fresh Issue | 9,87,95,483 shares (₹2,143.86 crore) |
| Offer for Sale | 3,48,45,069 shares (₹756.14 crore) |
| IPO Lot Size | 69 |
| Issue Type | Bookbuilding Issue |
| Listing At | NSE and BSE |
| Pre-Issue Shareholding | 59,35,49,550 shares |
| Post-Issue Shareholding | 69,23,45,033 shares |
Timeline For Emmvee Photovoltaic Power Ltd. IPO
The important dates for the IPO are:
| Particulars | Details |
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit Of Shares To Demat Account | Mon, Nov 17, 2025 |
| Tentative Date For Listing | Tue, Nov 18, 2025 |
| UPI Mandate Cut-off time | 5 PM on Thu, Nov 13, 2025 |
Emmvee Photovoltaic Power Ltd. IPO Grey Market Premium (GMP Today)
The Emmvee Photovoltaic Power Ltd IPO GMP today stands at ₹20, indicating a steady interest among the investors in the grey market. A stable premium for the last two days shows the market has an optimistic view of the IPO.
| Date | GMP (₹) | Estimated Listing Price (₹) | Trend | Estimated Listing Gain (%) |
| 07-11-2025 | ₹20 | ₹237 | Neutral | 9.22% |
| 06-11-2025 | ₹20 | ₹237 | Neutral | 9.22% |
| 05-11-2025 | ₹20 | Increasing |
Note: The GMP values are sourced from the grey market and are susceptible to change in the demand.
What is the Emmvee Photovoltaic Power Ltd. IPO’s GMP Percentage?
For the Emmvee Photovoltaic Power Ltd. IPO, the GMP is 9.22%, at a premium of ₹20. The expected listing price is ₹237.
Emmvee Photovoltaic Power Ltd. IPO Reservation
The reservation by investor category is given below:
| Category Of Investor | Offered Shares |
| QIB Portion | Up to 75% of the Net Issue |
| Retail Portion | Up to 10% of the Net Issue |
| NII Portion | Up to 15% of the Net Issue |
Emmvee Photovoltaic Power Ltd. KPIs
Following are the key performance indicators (KPIs) for Emmvee Photovoltaic Power Ltd.:
| KPI | FY 2023 | FY 2024 | FY 2025 |
| Return on Equity (ROE) | 6.41 % | 18.69 % | 104.60 % |
| Return on Capital Employed (ROCE) | 5.90 % | 5.03 % | 23.33 % |
| Debt-Equity Ratio | 3.70 x | 8.54 x | 3.63 x |
| Return on Net Worth (RoNW) | 6.70% | 17.75% | 69.44% |
| PAT Margin | 1.45% | 3.04% | 15.80% |
| EBITDA Margin | 9.10% | 12.65% | 30.91% |
| Price to Book Value |
Emmvee Photovoltaic Power Ltd. Financials
The Emmvee Photovoltaic Power Ltd financials are given below:
| Particulars(in ₹ million) | 2023 | 2024 | 2025 |
| Revenue | 6,443.70 | 9,544.44 | 23,603.25 |
| Total Asset | 8,407.89 | 21,899.88 | 39,139.35 |
| Profit | 89.71 | 288.99 | 3,690.14 |
Emmvee Photovoltaic Power Ltd. IPO Lot Size
The lot sizes for Emmvee Photovoltaic Power Ltd IPO are as following:
| Application | Number of Lots | Number of Shares | Amount |
| Retail (Minimum) | 1 | 69 shares | ₹14,973 |
| Retail (Maximum) | 13 | 897 shares | ₹1,94,649 |
| S-HNI (Minimum) | 14 | 966 shares | ₹2,09,622 |
| S-HNI (Maximum) | 66 | 4,554 shares | ₹9,88,218 |
| B-HNI (Minimum) | 67 | 4,623 shares | ₹10,03,191 |
Emmvee Photovoltaic Power Ltd. IPO Promoter Holding
The promoters’s shareholding is as follows:
| Pre-Issue Promoter Holding | 100.00% |
| Post-Issue Promoter Holding |
Emmvee Photovoltaic Power Ltd. IPO Anchor Investors Details
The details for the Anchor Investors of Emmvee Photovoltaic Power Ltd are given below:
| Particulars | Details |
| Anchor Bidding Date | November 10, 2025 |
| Shares Offered | Not disclosed |
| Anchor Portion Size | Not disclosed |
| Lock-in period for 50% shares (30 days) | December 14, 2025 |
| Lock-in period for remaining shares (90 days) | February 12, 2026 |
Emmvee Photovoltaic Power Ltd. IPO IPO Prospectus
For more details on the company and its IPO, you can check the following documents:
About Emmvee Photovoltaic Power Ltd.
The company was founded in 2007 by Mr. Manjunatha D.V., who serves as the chairman of the EmmVee Group, the parent company. EmmVee Photovoltaic Power Ltd. is one of the leading manufacturers in the solar industry of India, producing photovoltaic (PV) modules and cells.
The company’s product portfolio includes solar cells and modules, solar water heating systems, solar pumps, etc. It also provides operation and maintenance services for large-scale solar power plants.
| Book-running lead manager(s) | JM Financial Ltd.IIFL Capital Services Ltd.Jefferies India Pvt.Ltd.Kotak Mahindra Capital Co.Ltd. |
| Registrar of the issue | Kfin Technologies Limited |
Emmvee Photovoltaic Power Ltd. IPO Objectives
The following objectives will be met from the raised funds:
| S.No. | Objectives | Amount (in ₹ crores) |
| 1 | Repayment of loans and its accrued interest | 1,621.29 |
| 2 | General corporate use |
Strength Of Emmvee Photovoltaic Power Ltd. IPO
1. Integrated Manufacturing
Emmvee Photovoltaic has fully integrated manufacturing plants for making solar PV cells and modules. They handle every stage of the production process, which results in better efficiency and lower dependence on external factors.
2. Strong Market Presence
The company’s high production capacity has helped it in establishing a strong foothold in the market. It is one of the largest solar PV manufacturers with a capacity of 7.80 Gigawatt (GW).
3. Technological Edge
It is one of the early adopters of Tunnel Oxide Passivated Contact (TOPCon) cell technology, which is emerging as the preferred method of implementation for solar technology. The solar cells produced through this technology are more efficient, giving the company an early mover advantage.
4. Diverse Customer Base
The company’s customer network includes a variety of clientele, such as independent power producers (IPPs), Engineering, Procurement, and Construction (EPC) service providers, and major renewable energy names like KPI Green Energy and Aditya Birla Renewables. This diversity in the customer base has strengthened the company’s name in the market .
5. Experienced Management
Mr. Manjunatha D.V. brings over thirty years of experience in the solar industry to the team. Under his vision, the company is growing towards a sustainable future.
Risk of Emmvee Photovoltaic Power Ltd. IPO
1. Client Concentration
Only a few clients generate most of the revenue. If the company were to lose any one of them, it can affect the profitability and financial stability.
2. Dependence On Suppliers
Emmvee uses certain raw materials for manufacturing which are supplied by third-party vendors. Any disturbances in the supply or availability of raw materials can hamper the business operations.
3. Regulatory Challenges
The solar industry is still in its evolutionary phase, and the policies for it are changing. Any new law or regulation that slows down the solar industry will also have a negative impact on the company.
4. Workforce
The solar industry is labour-intensive in nature, and appropriate workforce management is required. Any unrest among the workers or payment defaults can lower productivity.
Emmvee Photovoltaic Power Ltd. IPO IPO Review
Emmvee Photovoltaic Power Ltd. is one of the leading solar module and cell manufacturing companies in India. The company has strong financials and has gained an early advantage by adopting the TOPCon cell technology. Backed by its strong leadership and diverse customer base, the company has become a reliable name in the market.
However, the solar industry is still evolving and faces regulatory challenges. The company’s income is also highly dependent on a few clients, and losing them will hit the profitability.
In a crux, this IPO can be a good option for long-term investors looking to enter the renewable energy sector. Speculators are advised to take caution before applying for this IPO.
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Emmvee Photovoltaic Power Ltd. IPO FAQs
It’s a mainboard IPO of Emmvee Photovoltaic Power Ltd. with a total issue size of ₹2,900 crore.
You can use the ASBA facility in your bank or UPI platforms like Zerodha or Grow to apply for the Emmvee Photovoltaic Power Ltd. IPO.
The IPO shows long-term growth potential, but investors should consider the risks before making an investment.
The expected returns on the Emmvee Photovoltaic Power Ltd. are moderate, around 9% according to the grey market.
The Emmvee Photovoltaic Power Ltd. IPO will open on November 11, 2025.
The lot size of the Emmvee Photovoltaic Power Ltd. IPO is 69 shares.
The tentative allotment date for the Emmvee Photovoltaic Power Ltd. IPO is on November 14, 2025.
The Emmvee Photovoltaic Power Ltd. IPO will be listed on November 18, 2025.
