The initial public offering of makers of solar photovoltaic modules and solar cells Emmvee Photovoltaic Power Ltd will be open for public subscription on Tuesday, November 11 and conclude on Thursday, November 13. The Bengaluru-based company secured ₹1,305 crore from 55 anchor investors on November 10, just a day prior to the IPO launch.
A number of prominent global investors, such as the Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup, have invested in the firm.
Emmvee Photovoltaic price band has been fixed in the range of ₹206 to ₹217 per equity share of the face value of ₹2. As stated by the company, 75% of the total issue size is allocated for qualified institutional buyers, 15% for non-institutional investors, and the last 10% for retail investors. Investors may place bids for a minimum of 69 shares and in multiples of that amount.
The firm specialises in manufacturing solar PV (photovoltaic system) modules and cells, establishing itself as a leading player in the industry. As of May 31, 2025, it boasts a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells.
Emmvee Photovoltaic IPO GMP today
Emmvee IPO GMP today is ₹20. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Emmvee Photovoltaic share price was indicated at ₹237 apiece, which is 9.22% higher than the IPO price of ₹217.
Based on the grey market activities over the last seven sessions, there has been no significant change in the IPO GMP trend today. Experts predict that this trend is likely to continue until the listing day.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Emmvee Photovoltaic IPO Review
As per SBICAP Securities, the offering appears to be reasonably valued in comparison to its competitors. The brokerage anticipates that profitability will keep enhancing due to the debt repayment funded by the proceeds from the issue. SBICAP Securities advises investors to SUBSCRIBE to the IPO at the cut-off price for a long-term investment perspective.
Swastika Investmart noted that at a P/E of 34.9x, the valuation seems fair to somewhat on the expensive side compared to competitors like Websol and Saatvik. Considering its steady growth, enhancing profit margins, and favorable industry trends due to India’s solar expansion, Emmvee holds strong long-term prospects. According to the brokerage, this company presents an attractive opportunity in the renewable energy sector, making it appropriate for medium- to long-term investment.
Emmvee Photovoltaic IPO details
Emmvee Photovoltaic Power IPO comprises a fresh share issuance worth ₹2,143.86 crore and an offer for sale (OFS) of shares amounting to ₹756.14 crore from its promoters, resulting in a total issue value of ₹2,900 crore.
The proceeds from the fresh share issuance, which exceed ₹1,621 crore, will be allocated towards repaying or prepaying loans and interest accrued by the company and its primary subsidiary, as well as for general corporate uses.
The book-running lead managers managing the IPO are JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company, with Ltd. acting as the registrar for the offering.
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.