Emmvee Photovoltaic Power Files for ₹3,000 Cr IPO: Key Highlights Explained.

About the Company: Bengaluru-based Emmvee Photovoltaic Power is India’s 2nd largest pure-play solar panel and cell manufacturer. It makes advanced solar cells using TOPCon technology and serves over 500 customers, including Aditya Birla Renewables and Clean Max. Current & Future Capacity • Existing: 7.8 GW module & 2.94 GW solar cell capacity • Expansion Plan: Targeting 16.3 GW module & 8.94 GW solar cell capacity by FY28 IPO Details • Total IPO size: ₹3,000 Cr - ₹2,143.9 Cr as fresh issue - ₹856.1 Cr via Offer for Sale by promoters • Pre-IPO fund raise of ₹428.8 Cr possible (may reduce IPO size accordingly) Use of Funds • Major focus: Reduce debt by ₹1,607.9 Cr • Remaining funds for general corporate use • Total debt (as of June 14, 2025): ₹2,709.7 Cr Financial Performance (FY25) • Profit: ₹369 Cr (vs ₹28.9 Cr in FY24) • Revenue: ₹2,335.6 Cr (up from ₹951.9 Cr in FY24) Order Book • 4.89 GW of confirmed orders • 1.01 GW new orders received in Apr-May 2025 Peer Companies • Competing with listed players: Waaree Energies, Websol, Premier Energies Lead Managers • JM Financial, IIFL, Jefferies, Kotak Mahindra Capital Emmvee’s IPO aims to fuel massive capacity expansion and significantly cut down its debt burden — a bold move in India’s fast-growing renewable energy space.