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Emmvee Photovoltaic IPO is a bookbuilt issue of ₹2,900.00 crore. It combines a fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crore and an offer for sale of 3.48 crore shares aggregating to ₹756.14 crore.
The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. The allotment is expected to be finalized on Friday, November 14, 2025. The price band for the IPO is set at ₹206 to ₹217 per share, and the minimum lot size for an application is 69 shares.
Company Summary
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
The company’s product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company has four manufacturing units across two Karnataka locations on 22.44 acres.
As of May 31, 2025, the company’s Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India’s largest TOPCon solar cell facilities by capacity.
The company’s customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Company Strengths
- Second largest pure-play integrated solar PV module and cell manufacturers in India.
- One of the largest solar PV module manufacturers in India, with a track record of delivering quality products.
- Early mover advantage in leveraging higher efficiency TOPCon cell technology.
- Advanced manufacturing units are driving efficient and sustainable operations.
- Valued relationships with a diverse customer base backed by a substantial order book.
- Experienced Promoter-led senior management team.
Company Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.9 | 8.97 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| Net Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.3 | 519.62 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary
- General corporate purposes
Promoters of the company
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
IPO Details
| IPO Date | November 11, 2025, to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹206 to ₹217 per share |
| Lot size | 69 shares |
| Total Issue size | 13,36,40,552 shares (aggregating upto ₹2,900.00 Cr ) |
| Fresh Issue | 9,87,95,483 shares (aggregating upto ₹2,143.86 Cr ) |
| Offer for Sale | 3,48,45,069 shares of ₹2 (aggregating upto ₹756.14 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto Rs 5 Lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto Rs 5 Lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs, and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 69 | ₹14,973.00 |
| Retail (Max) | 13 | 897 | ₹1,94,649.00 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622.00 |
| S-HNI (Max) | 66 | 4,554 | ₹9,88,218.00 |
| B-HNI (Min) | 67 | 4,623 | ₹10,03,191.00 |
Allotment Schedule
| Basis of Allotment | Fri, 14 Nov, 2025 |
| Initiation of Refunds | Mon, 17 Nov, 2025 |
| Credit of Shares to Demat | Mon, 17 Nov, 2025 |
| Tentative Listing Date | Tue, 18 Nov, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 13, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Source – SEBI, Chittorgarh
To check allotment, click here
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