The Emmvee Photovoltaic Power IPO price band has been fixed in the range of ₹206 to ₹217 per equity share of the face value of ₹2. The Emmvee Photovoltaic Power IPO date of subscription is scheduled for Tuesday, November 11, and will close on Thursday, November 13. The allocation to anchor investors for the Emmvee Photovoltaic Power IPO is scheduled to take place on Monday, November 10.
The floor price is 103 times the face value of the equity shares and the cap price is 108.50 times the face value of the equity shares. The price to earnings ratio based on diluted EPS for fiscal 2025 for the company at the upper end of the price band is 34.89 times and at lower end of the price band is 33.12 times.
Emmvee Photovoltaic Power IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.
Tentatively, Emmvee Photovoltaic Power IPO basis of allotment of shares will be finalised on Friday, November 14 and the company will initiate refunds on Monday, November 17, while the shares will be credited to the demat account of allottees on the same day following refund. Emmvee Photovoltaic Power share price is likely to be listed on BSE and NSE on Tuesday, November 18.
Emmvee Photovoltaic Power IPO details
Emmvee Photovoltaic Power IPO includes a fresh issue of shares amounting to ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore from promoters, bringing the total issue size to ₹2,900 crore.
The funds from the fresh issue, exceeding ₹1,621 crore, will be used for repaying or prepaying loans and interest incurred by the company and its main subsidiary, as well as for general corporate purposes.
The book-running lead managers for the IPO are JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company, while Kfin Technologies Ltd. serves as the registrar for the issue.
Company details
The company stands as a prominent manufacturer of solar PV (photovoltaic) systems, specializing exclusively in solar module and cell production. As of May 31, 2025, its capacity for solar PV module production is 7.80 GW, while its capacity for solar cell production is 2.94 GW.
A report by Crisil indicates that India’s manufacturing capacities for solar PV modules and cells have increased from 21 GW and around 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW, respectively, by March 2025. This growth is fueled by government initiatives aimed at decreasing dependency on imports, market trends, and an increasing emphasis on renewable energy.
The report further projects that by the end of FY30, the nameplate capacities of the domestic module and cell manufacturing sectors will likely reach between 175-185 GW and 85-95 GW, respectively.
As per the red herring prospectus (RHP), the company’s listed peers are (with a P/E of 50.47), (with a P/E of 51.30), (with a P/E of 70.97), (with a P/E of 27.49), and (with a P/E of 33.83).
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.