Emmvee Photovoltaic Power IPO is set to open on Tuesday, November 12, 2025. The IPO size is ₹2,900 crore. The price band of the offer has been fixed at ₹206 to ₹217 per equity share of face value ₹2 each.
The offer comprises a fresh issue of equity shares aggregating up to ₹2,143.86 crore and an offer for sale of up to ₹756.14 crore by existing shareholders Manjunatha Donthi Venkatarathnaiah, and Shubha Manjunatha Donthi. Apart from Emmvee, PhysicsWallah is the other IPO opening tomorrow that is set to hit Dalal Street.
As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW.
75 per cent of the offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs), not more than 10 per cent for retail investors, and not over 15 per cent for non-institutional investors (NIIs).
Further, 5 per cent of the net QIB portion shall be available for allocation on a proportionate basis to mutual funds.
A substantial portion of the net proceeds will be utilised for the repayment or prepayment, in part or in full, of certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary, according to the company’s red herring prospectus.
As of September 26, 2025, Emmvee’s consolidated outstanding borrowings stood at ₹2,496.38 crore.
The company plans to add 2.50 GW module production capacity at its upcoming manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, which is expected to be operational in fiscal 2026. It also intends to add 6.00 GW integrated solar cell and solar PV module production capacity at ITIR Phase – II, Bengaluru, Karnataka, which is expected to be operational in the first half of fiscal 2028.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.